Northern Trust Corp Decreases Position in Neogen Co. (NASDAQ:NEOG)

Northern Trust Corp trimmed its holdings in Neogen Co. (NASDAQ:NEOG) by 1.3% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,585,346 shares of the company’s stock after selling 48,658 shares during the quarter. Northern Trust Corp’s holdings in Neogen were worth $43,526,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in NEOG. Vanguard Group Inc. raised its stake in Neogen by 9.8% during the 4th quarter. Vanguard Group Inc. now owns 21,637,251 shares of the company’s stock worth $262,676,000 after acquiring an additional 1,928,491 shares in the last quarter. Norges Bank purchased a new position in shares of Neogen during the fourth quarter worth about $212,171,000. William Blair Investment Management LLC increased its position in shares of Neogen by 8.1% during the fourth quarter. William Blair Investment Management LLC now owns 14,346,759 shares of the company’s stock worth $174,170,000 after purchasing an additional 1,074,825 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its holdings in shares of Neogen by 27.2% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 7,114,702 shares of the company’s stock valued at $86,373,000 after purchasing an additional 1,521,560 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in Neogen by 24.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 6,939,984 shares of the company’s stock worth $84,254,000 after buying an additional 1,345,056 shares during the last quarter. 96.73% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on NEOG. Piper Sandler reduced their price objective on Neogen from $6.40 to $5.00 and set a “neutral” rating for the company in a research note on Tuesday, April 22nd. 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.

Neogen Stock Up 0.9 %

NEOG opened at $5.99 on Friday. Neogen Co. has a 52 week low of $3.87 and a 52 week high of $18.58. The business has a 50 day moving average price of $7.17 and a two-hundred day moving average price of $10.69. 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 company has a market cap of $1.30 billion, a PE ratio of -2.73 and a beta of 1.83.

Neogen (NASDAQ:NEOG) last released its quarterly earnings results on Wednesday, April 9th. The company reported $0.10 EPS for the quarter, missing the consensus estimate 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 company had revenue of $221.00 million for the quarter, compared to analysts’ expectations of $225.27 million. During the same quarter last year, the company earned $0.12 EPS. Neogen’s revenue for the quarter was down 3.4% compared to the same quarter last year. As a group, research analysts anticipate that Neogen Co. will post 0.38 EPS for the current year.

Insider Activity

In related news, insider Amy M. Rocklin purchased 12,500 shares of the business’s stock in a transaction dated Wednesday, April 23rd. The stock was acquired at an average price of $4.99 per share, for a total transaction of $62,375.00. Following the acquisition, the insider now directly owns 36,287 shares of the company’s stock, valued at $181,072.13. This trade represents a 52.55 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO John Patrick Moylan acquired 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 10th. The shares were bought at an average cost of $5.07 per share, for a total transaction of $50,700.00. Following the acquisition, the chief accounting officer now owns 10,000 shares of the company’s stock, valued at $50,700. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders have bought a total of 67,500 shares of company stock valued at $331,525 over the last quarter. Corporate insiders own 1.13% of the company’s stock.

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.