Riverbridge Partners LLC Lowers Stake in Neogen Co. (NASDAQ:NEOG)

Riverbridge Partners LLC trimmed its stake in Neogen Co. (NASDAQ:NEOG - Free Report) by 11.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,667,025 shares of the company's stock after selling 207,743 shares during the period. Riverbridge Partners LLC owned approximately 0.77% of Neogen worth $20,238,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of NEOG. Select Equity Group L.P. grew its position in shares of Neogen by 23.1% in the 2nd quarter. Select Equity Group L.P. now owns 15,530,439 shares of the company's stock valued at $242,741,000 after buying an additional 2,914,893 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Neogen by 148.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,109,180 shares of the company's stock valued at $64,229,000 after buying an additional 2,454,566 shares during the last quarter. Fred Alger Management LLC boosted its stake in Neogen by 86.5% during the 3rd 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. Conestoga Capital Advisors LLC boosted its stake in Neogen by 24.5% during the 3rd quarter. Conestoga Capital Advisors LLC now owns 8,706,224 shares of the company's stock worth $146,352,000 after purchasing an additional 1,711,238 shares during the period. Finally, Millennium Management LLC acquired a new stake in Neogen during the 2nd quarter worth $19,338,000. 96.73% of the stock is owned by hedge funds and other institutional investors.

Neogen Stock Performance

Shares of NEOG stock traded down $0.32 during mid-day trading on Thursday, hitting $11.64. The stock had a trading volume of 1,539,203 shares, compared to its average volume of 3,323,529. Neogen Co. has a fifty-two week low of $10.72 and a fifty-two week high of $18.58. The firm has a market cap of $2.52 billion, a PE ratio of -5.29 and a beta of 1.23. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.77 and a quick ratio of 2.46. The company's 50-day simple moving average is $12.91 and its 200-day simple moving average is $14.87.

Neogen (NASDAQ:NEOG - Get Free Report) last released its earnings results on Friday, January 10th. The company reported $0.11 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.12. The company had revenue of $231.30 million during the quarter, compared to analysts' expectations of $227.16 million. Neogen had a negative net margin of 52.12% and a positive return on equity of 2.89%. The business's revenue was up .7% on a year-over-year basis. During the same quarter last year, the business earned $0.11 EPS. Sell-side analysts anticipate that Neogen Co. will post 0.41 earnings per share for the current year.

Insider Activity

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

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Piper Sandler reiterated a "neutral" rating and set a $13.00 price target (down previously from $16.50) on shares of Neogen in a research note on Tuesday. StockNews.com upgraded shares of Neogen to a "sell" rating in a research note on Monday, September 30th. Finally, 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 target for the company.

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.