Neogen Co. (NASDAQ:NEOG) Position Cut by Carnegie Investment Counsel

Carnegie Investment Counsel lowered its holdings in shares of Neogen Co. (NASDAQ:NEOG) by 12.3% during the 4th quarter, Holdings Channel reports. The fund owned 59,620 shares of the company’s stock after selling 8,348 shares during the period. Carnegie Investment Counsel’s holdings in Neogen were worth $724,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in NEOG. Allspring Global Investments Holdings LLC increased its holdings in shares of Neogen by 142.6% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,982 shares of the company’s stock valued at $33,000 after purchasing an additional 1,165 shares during the period. Neo Ivy Capital Management acquired a new position in Neogen during the 3rd quarter valued at about $66,000. Marco Investment Management LLC bought a new stake in shares of Neogen during the 3rd quarter worth about $169,000. Raymond James Trust N.A. acquired a new stake in shares of Neogen in the 3rd quarter worth approximately $182,000. Finally, International Assets Investment Management LLC boosted its holdings in shares of Neogen by 1,581.0% in the third quarter. International Assets Investment Management LLC now owns 11,666 shares of the company’s stock valued at $196,000 after acquiring an additional 10,972 shares in the last quarter. Institutional investors and hedge funds own 96.73% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently commented on NEOG. StockNews.com raised Neogen to a “sell” rating in a report on Monday, September 30th. Guggenheim began coverage on Neogen in a research note on Thursday, December 19th. They issued a “buy” rating and a $15.00 price objective on the stock.

Insider Activity

In other news, CFO David H. Naemura bought 14,800 shares of the company’s stock in a transaction dated Thursday, January 16th. The shares were acquired at an average cost of $11.11 per share, with a total value of $164,428.00. Following the completion of the transaction, the chief financial officer now directly owns 61,434 shares in the company, valued at approximately $682,531.74. The trade was a 31.74 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO John Edward Adent purchased 23,035 shares of Neogen stock in a transaction that occurred on Thursday, January 16th. The stock was purchased at an average price of $11.03 per share, with a total value of $254,076.05. Following the transaction, the chief executive officer now owns 269,164 shares in the company, valued at $2,968,878.92. This represents a 9.36 % increase in their position. The disclosure for this purchase can be found here. 1.13% of the stock is currently owned by company insiders.

Neogen Stock Performance

Shares of NEOG opened at $11.56 on Friday. 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 firm’s 50 day moving average is $13.14 and its 200-day moving average is $14.94. Neogen Co. has a 12-month low of $10.72 and a 12-month high of $18.58. The stock has a market capitalization of $2.51 billion, a P/E ratio of -5.28 and a beta of 1.23.

Neogen (NASDAQ:NEOG) last posted its quarterly earnings results on Friday, January 10th. The company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.01) by $0.12. Neogen had a negative net margin of 2.58% and a positive return on equity of 2.80%. The firm had revenue of $231.30 million for the quarter, compared to analyst estimates of $227.16 million. During the same quarter in the previous year, the business posted $0.11 earnings per share. The firm’s quarterly revenue was up .7% compared to the same quarter last year. Equities research analysts anticipate that Neogen Co. will post 0.5 EPS for the current fiscal year.

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.