Cibc World Markets Corp Takes Position in Neogen Co. (NASDAQ:NEOG)

Cibc World Markets Corp bought a new position in shares of Neogen Co. (NASDAQ:NEOG) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 20,419 shares of the company’s stock, valued at approximately $248,000.

Other institutional investors have also added to or reduced their stakes in the company. Connable Office Inc. lifted its position in shares of Neogen by 5.6% in the 4th quarter. Connable Office Inc. now owns 18,793 shares of the company’s stock worth $228,000 after acquiring an additional 1,000 shares during the period. Inspire Advisors LLC raised its stake in shares of Neogen by 10.1% in the fourth quarter. Inspire Advisors LLC now owns 14,226 shares of the company’s stock valued at $173,000 after purchasing an additional 1,304 shares in the last quarter. Blue Trust Inc. lifted its position in Neogen by 196.7% in the fourth quarter. Blue Trust Inc. now owns 3,368 shares of the company’s stock worth $41,000 after purchasing an additional 2,233 shares during the period. Harbour Investments Inc. acquired a new stake in Neogen during the fourth quarter worth $27,000. Finally, Commonwealth Equity Services LLC increased its holdings in Neogen by 6.1% in the 4th quarter. Commonwealth Equity Services LLC now owns 39,263 shares of the company’s stock valued at $477,000 after buying an additional 2,267 shares during the period. 96.73% of the stock is owned by institutional investors and hedge funds.

Neogen Stock Performance

Neogen stock opened at $8.45 on Wednesday. The firm has a market capitalization of $1.83 billion, a P/E ratio of -3.86 and a beta of 1.27. The stock has a fifty day moving average price of $10.31 and a two-hundred day moving average price of $12.86. Neogen Co. has a 52-week low of $8.44 and a 52-week high of $18.58. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.77 and a quick ratio of 2.46.

Neogen (NASDAQ:NEOG) last announced its earnings results on Friday, January 10th. The company reported $0.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.12. Neogen had a negative net margin of 52.12% and a positive return on equity of 2.89%. The business had revenue of $231.30 million during the quarter, compared to analysts’ expectations of $227.16 million. During the same quarter last year, the company posted $0.11 EPS. The firm’s revenue for the quarter was up .7% on a year-over-year basis. As a group, analysts anticipate that Neogen Co. will post 0.38 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on NEOG shares. Piper Sandler reaffirmed a “neutral” rating and set a $13.00 price objective (down from $16.50) on shares of Neogen in a report on Tuesday, January 21st. Guggenheim began coverage on Neogen in a report on Thursday, December 19th. They set a “buy” rating and a $15.00 price objective on the stock.

Insider Activity

In other Neogen news, CFO David H. Naemura purchased 14,800 shares of the company’s stock in a transaction that occurred on Thursday, January 16th. The stock was purchased at an average cost of $11.11 per share, with a total value of $164,428.00. Following the acquisition, the chief financial officer now directly owns 61,434 shares of the company’s stock, valued at approximately $682,531.74. This trade represents a 31.74 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, CEO John Edward Adent acquired 23,035 shares of the business’s stock in a transaction on Thursday, January 16th. The stock was acquired 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 approximately $2,968,878.92. The trade was 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 corporate insiders.

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.