Neogen Co. (NASDAQ:NEOG) Position Reduced by Principal Financial Group Inc.

Principal Financial Group Inc. cut its position in shares of Neogen Co. (NASDAQ:NEOG - Free Report) by 26.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 580,073 shares of the company's stock after selling 208,759 shares during the quarter. Principal Financial Group Inc. owned approximately 0.27% of Neogen worth $9,751,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. William Blair Investment Management LLC boosted its stake in Neogen by 64.7% in the 2nd quarter. William Blair Investment Management LLC now owns 12,013,072 shares of the company's stock worth $187,764,000 after buying an additional 4,717,696 shares during the last quarter. Select Equity Group L.P. boosted its position in shares of Neogen by 23.1% in the second quarter. Select Equity Group L.P. now owns 15,530,439 shares of the company's stock worth $242,741,000 after acquiring an additional 2,914,893 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Neogen by 148.3% in the second quarter. Dimensional Fund Advisors LP now owns 4,109,180 shares of the company's stock valued at $64,229,000 after purchasing an additional 2,454,566 shares during the period. Shapiro Capital Management LLC acquired a new position in Neogen during the second quarter worth approximately $31,087,000. Finally, Fred Alger Management LLC raised its stake in Neogen by 86.5% during the third quarter. Fred Alger Management LLC now owns 3,986,744 shares of the company's stock worth $67,017,000 after purchasing an additional 1,849,427 shares during the period. Institutional investors and hedge funds own 96.73% of the company's stock.

Wall Street Analyst Weigh In

NEOG has been the subject of several research reports. Guggenheim assumed coverage on shares of Neogen in a research note on Thursday, December 19th. They set a "buy" rating and a $15.00 price objective for the company. StockNews.com raised Neogen to a "sell" rating in a research report on Monday, September 30th.

Insiders Place Their Bets

In other news, CEO John Edward Adent acquired 14,500 shares of the company's stock in a transaction dated Friday, October 11th. The shares were bought at an average price of $13.80 per share, for a total transaction of $200,100.00. Following the completion of the purchase, the chief executive officer now directly owns 216,477 shares of the company's stock, valued at approximately $2,987,382.60. This trade represents a 7.18 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.13% of the stock is currently owned by insiders.

Neogen Trading Down 1.5 %

NEOG stock traded down $0.19 during midday trading on Tuesday, reaching $12.14. 1,770,866 shares of the company's stock traded hands, compared to its average volume of 1,913,659. The company has a debt-to-equity ratio of 0.28, a current ratio of 4.41 and a quick ratio of 2.79. Neogen Co. has a fifty-two week low of $11.46 and a fifty-two week high of $20.72. The business has a 50-day moving average price of $13.78 and a two-hundred day moving average price of $15.32. The company has a market capitalization of $2.63 billion, a P/E ratio of -110.36 and a beta of 1.21.

Neogen (NASDAQ:NEOG - Get Free Report) last posted its earnings results on Thursday, October 10th. The company reported $0.07 earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.03). Neogen had a negative net margin of 2.58% and a positive return on equity of 2.80%. The business had revenue of $217.00 million for the quarter, compared to analyst estimates of $215.05 million. During the same quarter in the previous year, the firm posted $0.11 EPS. The business's revenue was down 5.2% compared to the same quarter last year. Equities research analysts forecast that Neogen Co. will post 0.5 EPS for the current fiscal year.

About Neogen

Neogen Corporation, together with its subsidiaries, engages in the development, manufacture, and marketing of various products and services dedicated to food and animal safety worldwide. It operates through two segments, Food Safety and Animal Safety. The Food Safety segment offers diagnostic test kits and related products to detect dangerous and unintended substances in food and animal feed, including foodborne pathogens, spoilage organisms, natural toxins, food allergens, genetic modifications, ruminant by-products, meat speciation, drug residues, pesticide residues, and general sanitation concerns; and AccuPoint Advanced rapid sanitation test to detect the presence of adenosine triphosphate, a chemical found in living cells, as well as provides genomics-based diagnostic technology and software systems that help testers to objectively analyze and store their results and perform analysis on the results from multiple locations over extended periods.