Neogen Co. (NASDAQ:NEOG) Shares Sold by Covestor Ltd

Covestor Ltd cut its holdings in shares of Neogen Co. (NASDAQ:NEOG) by 50.3% in the 3rd quarter, Holdings Channel reports. The fund owned 2,901 shares of the company’s stock after selling 2,932 shares during the period. Covestor Ltd’s holdings in Neogen were worth $49,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Inspire Investing LLC grew its stake in Neogen by 2.7% during the 2nd quarter. Inspire Investing LLC now owns 26,074 shares of the company’s stock valued at $408,000 after purchasing an additional 685 shares in the last quarter. Bessemer Group Inc. grew its position in shares of Neogen by 1.2% during the first quarter. Bessemer Group Inc. now owns 73,920 shares of the company’s stock worth $1,166,000 after buying an additional 851 shares in the last quarter. Stephens Inc. AR increased its stake in shares of Neogen by 2.6% in the third quarter. Stephens Inc. AR now owns 35,930 shares of the company’s stock worth $604,000 after buying an additional 909 shares during the last quarter. Arizona State Retirement System raised its holdings in Neogen by 1.9% in the second quarter. Arizona State Retirement System now owns 57,609 shares of the company’s stock valued at $900,000 after acquiring an additional 1,079 shares in the last quarter. Finally, Swiss National Bank boosted its stake in Neogen by 0.3% during the 1st quarter. Swiss National Bank now owns 406,137 shares of the company’s stock valued at $6,409,000 after acquiring an additional 1,100 shares during the last quarter. 96.73% of the stock is owned by hedge funds and other institutional investors.

Neogen Stock Performance

Shares of NASDAQ NEOG opened at $14.64 on Friday. The stock has a market capitalization of $3.17 billion, a P/E ratio of -133.09 and a beta of 1.23. The firm’s 50-day moving average price is $15.31 and its two-hundred day moving average price is $15.41. Neogen Co. has a 52-week low of $11.46 and a 52-week high of $20.89. The company has a quick ratio of 2.79, a current ratio of 4.41 and a debt-to-equity ratio of 0.28.

Neogen (NASDAQ:NEOG) last released its quarterly earnings data on Thursday, October 10th. The company reported $0.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 company had revenue of $217.00 million for the quarter, compared to analyst estimates of $215.05 million. During the same quarter in the prior year, the firm earned $0.11 EPS. The company’s revenue for the quarter was down 5.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Neogen Co. will post 0.5 earnings per share for the current year.

Insider Transactions at Neogen

In other Neogen news, CEO John Edward Adent acquired 14,500 shares of Neogen stock in a transaction dated Friday, October 11th. The stock was acquired at an average cost of $13.80 per share, for a total transaction of $200,100.00. Following the completion of the transaction, the chief executive officer now owns 216,477 shares in the company, valued at approximately $2,987,382.60. This represents a 7.18 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 1.13% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on NEOG. Piper Sandler upped their target price on shares of Neogen from $17.00 to $17.50 and gave the company a “neutral” rating in a research note on Tuesday, August 6th. StockNews.com upgraded Neogen to a “sell” rating in a research note on Monday, September 30th.

Neogen Company 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.