Victory Capital Management Inc. Sells 22,199 Shares of Neogen Co. (NASDAQ:NEOG)

Victory Capital Management Inc. reduced its stake in Neogen Co. (NASDAQ:NEOG) by 4.5% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 472,829 shares of the company’s stock after selling 22,199 shares during the period. Victory Capital Management Inc.’s holdings in Neogen were worth $7,948,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Russell Investments Group Ltd. grew its stake in shares of Neogen by 23.8% during the first quarter. Russell Investments Group Ltd. now owns 135,397 shares of the company’s stock worth $2,110,000 after buying an additional 26,012 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Neogen by 0.9% in the first quarter. Vanguard Group Inc. now owns 19,715,974 shares of the company’s stock valued at $311,118,000 after buying an additional 169,237 shares during the period. Covestor Ltd raised its holdings in Neogen by 173.2% in the 1st quarter. Covestor Ltd now owns 1,970 shares of the company’s stock valued at $31,000 after buying an additional 1,249 shares during the last quarter. Bessemer Group Inc. raised its holdings in Neogen by 1.2% in the 1st quarter. Bessemer Group Inc. now owns 73,920 shares of the company’s stock valued at $1,166,000 after buying an additional 851 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its holdings in Neogen by 6.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 126,095 shares of the company’s stock worth $1,990,000 after acquiring an additional 7,946 shares during the last quarter. 96.73% of the stock is owned by institutional investors.

Insider Activity

In other news, CEO John Edward Adent acquired 14,500 shares of Neogen stock in a transaction that occurred on Friday, October 11th. The stock was bought at an average price of $13.80 per share, with a total value of $200,100.00. Following the completion of the purchase, the chief executive officer now owns 216,477 shares in the company, valued at approximately $2,987,382.60. The trade was a 7.18 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. 1.13% of the stock is owned by company insiders.

Neogen Price Performance

Shares of NASDAQ:NEOG opened at $14.58 on Friday. The company has a current ratio of 4.41, a quick ratio of 2.79 and a debt-to-equity ratio of 0.28. The stock’s fifty day simple moving average is $15.25 and its two-hundred day simple moving average is $15.50. Neogen Co. has a 1-year low of $11.46 and a 1-year high of $20.89. The stock has a market cap of $3.16 billion, a PE ratio of -132.55 and a beta of 1.23.

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 the consensus estimate 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 for the quarter, compared to analysts’ expectations of $215.05 million. During the same quarter in the previous year, the business earned $0.11 EPS. The company’s revenue for the quarter was down 5.2% on a year-over-year basis. As a group, analysts forecast that Neogen Co. will post 0.5 EPS for the current fiscal year.

Analyst Ratings Changes

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

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.