JPMorgan Chase & Co. Trims Stake in Neogen Co. (NASDAQ:NEOG)

JPMorgan Chase & Co. lessened its stake in shares of Neogen Co. (NASDAQ:NEOG) by 2.1% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,197,514 shares of the company’s stock after selling 68,069 shares during the quarter. JPMorgan Chase & Co.’s holdings in Neogen were worth $53,750,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in NEOG. William Blair Investment Management LLC raised its holdings in Neogen by 64.7% in 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. Select Equity Group L.P. increased its stake in Neogen by 23.1% in the second quarter. Select Equity Group L.P. now owns 15,530,439 shares of the company’s stock valued at $242,741,000 after purchasing an additional 2,914,893 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Neogen by 148.3% in the second quarter. Dimensional Fund Advisors LP now owns 4,109,180 shares of the company’s stock valued at $64,229,000 after purchasing an additional 2,454,566 shares during the last quarter. Shapiro Capital Management LLC acquired a new stake in Neogen in the 2nd quarter worth about $31,087,000. Finally, Fred Alger Management LLC grew its holdings in Neogen by 86.5% in the 3rd quarter. Fred Alger Management LLC now owns 3,986,744 shares of the company’s stock valued at $67,017,000 after buying an additional 1,849,427 shares during the period. Hedge funds and other institutional investors own 96.73% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on NEOG. StockNews.com raised shares of Neogen to a “sell” rating in a research note on Monday, September 30th. Guggenheim started coverage on Neogen in a report on Thursday, December 19th. They issued a “buy” rating and a $15.00 price target for the company.

Neogen Trading Up 2.6 %

NASDAQ NEOG opened at $12.25 on Friday. The company’s fifty day simple moving average is $13.65 and its 200-day simple moving average is $15.20. The stock has a market cap of $2.65 billion, a P/E ratio of -111.36 and a beta of 1.21. Neogen Co. has a 52 week low of $11.46 and a 52 week high of $19.88. The company has a current ratio of 4.41, a quick ratio of 2.79 and a debt-to-equity ratio of 0.28.

Neogen (NASDAQ:NEOG) last announced its earnings results on Thursday, October 10th. The company reported $0.07 earnings per share for the quarter, missing the consensus estimate 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 business 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 business earned $0.11 earnings per share. The firm’s revenue was down 5.2% on a year-over-year basis. Equities research analysts predict that Neogen Co. will post 0.5 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO John Edward Adent purchased 14,500 shares of the firm’s stock in a transaction dated Friday, October 11th. The stock was acquired at an average price of $13.80 per share, with a total value of $200,100.00. Following the completion of the transaction, the chief executive officer now owns 216,477 shares of the company’s stock, valued at $2,987,382.60. This represents a 7.18 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.13% of the stock is owned by company insiders.

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.