Russell Investments Group Ltd. Buys 274,395 Shares of Neogen Co. (NASDAQ:NEOG)

Russell Investments Group Ltd. lifted its stake in Neogen Co. (NASDAQ:NEOG - Free Report) by 366.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 349,258 shares of the company's stock after acquiring an additional 274,395 shares during the period. Russell Investments Group Ltd. owned 0.16% of Neogen worth $4,254,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in the stock. Harbour Investments Inc. bought a new position in shares of Neogen in the fourth quarter valued at $27,000. Blue Trust Inc. raised its position in shares of Neogen by 196.7% during the fourth 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 period. KBC Group NV lifted its holdings in shares of Neogen by 39.1% during the fourth quarter. KBC Group NV now owns 8,464 shares of the company's stock valued at $103,000 after purchasing an additional 2,379 shares during the last quarter. Brown Brothers Harriman & Co. increased its stake in Neogen by 4,955.8% in the 4th quarter. Brown Brothers Harriman & Co. now owns 10,415 shares of the company's stock worth $126,000 after purchasing an additional 10,209 shares in the last quarter. Finally, Hardy Reed LLC acquired a new stake in Neogen during the 4th quarter worth about $133,000. Institutional investors and hedge funds own 96.73% of the company's stock.

Neogen Stock Down 4.6 %

Shares of NASDAQ:NEOG traded down $0.21 during trading on Friday, reaching $4.39. 12,563,404 shares of the company traded hands, compared to its average volume of 2,636,796. The firm has a market cap of $952.80 million, a P/E ratio of -2.00 and a beta of 1.57. Neogen Co. has a 1-year low of $3.87 and a 1-year high of $18.58. The company has a quick ratio of 2.46, a current ratio of 3.77 and a debt-to-equity ratio of 0.33. The firm has a fifty day simple moving average of $8.51 and a 200 day simple moving average of $11.60.

Neogen (NASDAQ:NEOG - Get Free Report) last posted its quarterly earnings results on Wednesday, April 9th. The company reported $0.10 earnings per share for the quarter, missing analysts' consensus estimates of $0.12 by ($0.02). Neogen had a positive return on equity of 2.89% and a negative net margin of 52.12%. The firm had revenue of $221.00 million for the quarter, compared to analysts' expectations of $225.27 million. During the same period last year, the business earned $0.12 earnings per share. The firm's revenue for the quarter was down 3.4% on a year-over-year basis. Analysts anticipate that Neogen Co. will post 0.38 earnings per share for the current fiscal year.

Analyst Ratings Changes

NEOG has been the subject of several research analyst reports. Guggenheim reduced their price target on shares of Neogen from $15.00 to $13.00 and set a "buy" rating for the company in a research report on Thursday, April 10th. Piper Sandler decreased their target price on Neogen from $13.00 to $6.50 and set a "neutral" rating for the company in a research report on Monday, April 14th.

Insider Buying and Selling

In other news, CAO John Patrick Moylan purchased 10,000 shares of the company's stock in a transaction dated Thursday, April 10th. The shares were bought at an average price of $5.07 per share, with a total value of $50,700.00. Following the completion of the transaction, the chief accounting officer now directly owns 10,000 shares in the company, valued at $50,700. This trade represents a ∞ increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.13% of the stock is currently owned by corporate insiders.

Neogen Profile

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.