Sumitomo Mitsui Trust Group Inc. Sells 4,195 Shares of Neogen Co. (NASDAQ:NEOG)

Sumitomo Mitsui Trust Group Inc. reduced its stake in Neogen Co. (NASDAQ:NEOG) by 6.8% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 57,921 shares of the company’s stock after selling 4,195 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Neogen were worth $974,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Mitsubishi UFJ Trust & Banking Corp increased its holdings in shares of Neogen by 67.5% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 616,190 shares of the company’s stock worth $9,723,000 after purchasing an additional 248,340 shares during the last quarter. Susquehanna Fundamental Investments LLC bought a new stake in Neogen in the 2nd quarter worth approximately $5,714,000. Oppenheimer Asset Management Inc. raised its holdings in shares of Neogen by 39.8% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 103,611 shares of the company’s stock worth $1,619,000 after acquiring an additional 29,489 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Neogen by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 19,715,974 shares of the company’s stock worth $311,118,000 after acquiring an additional 169,237 shares in the last quarter. Finally, William Blair Investment Management LLC boosted its position in shares of Neogen by 64.7% during the 2nd quarter. William Blair Investment Management LLC now owns 12,013,072 shares of the company’s stock valued at $187,764,000 after acquiring an additional 4,717,696 shares during the last quarter. Hedge funds and other institutional investors own 96.73% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. StockNews.com upgraded shares of Neogen to a “sell” rating in a research report on Monday, September 30th. Piper Sandler boosted their target price on shares of Neogen from $17.00 to $17.50 and gave the stock a “neutral” rating in a report on Tuesday, August 6th.

Neogen Price Performance

NASDAQ:NEOG opened at $15.09 on Wednesday. The firm has a market capitalization of $3.27 billion, a price-to-earnings ratio of -137.18 and a beta of 1.23. The company has a debt-to-equity ratio of 0.28, a current ratio of 4.41 and a quick ratio of 2.79. The business has a 50 day simple moving average of $15.28 and a 200-day simple moving average of $15.51. Neogen Co. has a 1 year low of $11.46 and a 1 year high of $20.89.

Neogen (NASDAQ:NEOG) last issued its quarterly earnings results 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 positive return on equity of 2.80% and a negative net margin of 2.58%. The company had revenue of $217.00 million during the quarter, compared to the consensus estimate of $215.05 million. During the same quarter in the prior year, the business earned $0.11 earnings per share. The firm’s quarterly revenue was down 5.2% compared to the same quarter last year. Equities analysts forecast that Neogen Co. will post 0.5 EPS for the current year.

Insider Transactions at Neogen

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

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.