Raymond James Financial Inc. Invests $2.74 Million in Neogen Co. (NASDAQ:NEOG)

Raymond James Financial Inc. purchased a new stake in shares of Neogen Co. (NASDAQ:NEOG - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 226,030 shares of the company's stock, valued at approximately $2,744,000. Raymond James Financial Inc. owned about 0.10% of Neogen at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Blue Trust Inc. raised its holdings in Neogen by 196.7% during the 4th quarter. Blue Trust Inc. now owns 3,368 shares of the company's stock worth $41,000 after purchasing an additional 2,233 shares during the last quarter. Neo Ivy Capital Management acquired a new stake in shares of Neogen during the 3rd quarter worth approximately $66,000. KBC Group NV raised its stake in shares of Neogen by 39.1% during the fourth quarter. KBC Group NV now owns 8,464 shares of the company's stock worth $103,000 after buying an additional 2,379 shares during the last quarter. Hardy Reed LLC acquired a new position in Neogen in the fourth quarter valued at approximately $133,000. Finally, Avanza Fonder AB acquired a new position in Neogen in the fourth quarter valued at approximately $169,000. Institutional investors and hedge funds own 96.73% of the company's stock.

Insiders Place Their Bets

In related news, CFO David H. Naemura purchased 14,800 shares of the business's stock in a transaction on Thursday, January 16th. The shares were purchased at an average price of $11.11 per share, with a total value of $164,428.00. Following the completion of the purchase, the chief financial officer now owns 61,434 shares in the company, valued at $682,531.74. This represents a 31.74 % increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO John Edward Adent purchased 23,035 shares of Neogen stock in a transaction dated Thursday, January 16th. The stock was bought at an average price of $11.03 per share, with a total value of $254,076.05. Following the acquisition, the chief executive officer now directly owns 269,164 shares of the company's stock, valued at approximately $2,968,878.92. This trade represents a 9.36 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 1.13% of the company's stock.

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Wall Street Analyst Weigh In

Several brokerages have commented on NEOG. Guggenheim began coverage on shares of Neogen in a research report on Thursday, December 19th. They set a "buy" rating and a $15.00 target price for the company. Piper Sandler reaffirmed a "neutral" rating and set a $13.00 price objective (down from $16.50) on shares of Neogen in a research note on Tuesday, January 21st.

Neogen Trading Up 2.4 %

Shares of NASDAQ:NEOG traded up $0.20 during mid-day trading on Wednesday, reaching $8.59. The stock had a trading volume of 4,137,698 shares, compared to its average volume of 2,273,285. The firm has a 50 day simple moving average of $9.95 and a two-hundred day simple moving average of $12.59. Neogen Co. has a twelve month low of $8.04 and a twelve month high of $18.58. The firm has a market cap of $1.86 billion, a PE ratio of -3.92 and a beta of 1.27. The company has a current ratio of 3.77, a quick ratio of 2.46 and a debt-to-equity ratio of 0.33.

Neogen (NASDAQ:NEOG - Get Free Report) last posted its earnings results on Friday, January 10th. The company reported $0.11 earnings per share for the quarter, topping the consensus estimate of ($0.01) by $0.12. Neogen had a negative net margin of 52.12% and a positive return on equity of 2.89%. The company had revenue of $231.30 million for the quarter, compared to analyst estimates of $227.16 million. During the same period last year, the business posted $0.11 earnings per share. The business's revenue for the quarter was up .7% compared to the same quarter last year. On average, research analysts predict that Neogen Co. will post 0.38 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.