Corebridge Financial Inc. Lowers Holdings in Neogen Co. (NASDAQ:NEOG)

Corebridge Financial Inc. reduced its stake in shares of Neogen Co. (NASDAQ:NEOG) by 5.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 330,236 shares of the company’s stock after selling 18,146 shares during the period. Corebridge Financial Inc.’s holdings in Neogen were worth $4,009,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Vanguard Group Inc. raised its stake in Neogen by 9.8% during the fourth quarter. Vanguard Group Inc. now owns 21,637,251 shares of the company’s stock worth $262,676,000 after purchasing an additional 1,928,491 shares during the period. William Blair Investment Management LLC grew its stake in shares of Neogen by 8.1% during the 4th quarter. William Blair Investment Management LLC now owns 14,346,759 shares of the company’s stock valued at $174,170,000 after buying an additional 1,074,825 shares during the period. American Century Companies Inc. increased its holdings in shares of Neogen by 55.0% during the 4th quarter. American Century Companies Inc. now owns 2,606,043 shares of the company’s stock worth $31,637,000 after buying an additional 924,571 shares during the last quarter. American Capital Management Inc. raised its position in shares of Neogen by 36.5% in the 3rd quarter. American Capital Management Inc. now owns 3,414,700 shares of the company’s stock worth $57,401,000 after buying an additional 913,604 shares during the period. Finally, Harbor Capital Advisors Inc. boosted its holdings in Neogen by 32.1% in the fourth quarter. Harbor Capital Advisors Inc. now owns 1,303,465 shares of the company’s stock valued at $15,824,000 after acquiring an additional 316,457 shares during the last quarter. 96.73% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have commented on NEOG shares. Guggenheim assumed coverage on Neogen in a research note on Thursday, December 19th. They set a “buy” rating and a $15.00 price target for the company. Piper Sandler restated a “neutral” rating and issued a $13.00 price target (down previously from $16.50) on shares of Neogen in a report on Tuesday, January 21st.

Insiders Place Their Bets

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

Neogen Stock Down 3.6 %

Shares of Neogen stock opened at $8.64 on Monday. The company has a fifty day moving average price of $10.14 and a 200 day moving average price of $12.72. The company has a current ratio of 3.77, a quick ratio of 2.46 and a debt-to-equity ratio of 0.33. Neogen Co. has a twelve month low of $8.31 and a twelve month high of $18.58. The stock has a market cap of $1.87 billion, a price-to-earnings ratio of -3.95 and a beta of 1.27.

Neogen (NASDAQ:NEOG) last issued its earnings results on Friday, January 10th. The company reported $0.11 earnings per share for the quarter, topping the consensus estimate of ($0.01) by $0.12. The company had revenue of $231.30 million during the quarter, compared to the consensus estimate of $227.16 million. Neogen had a positive return on equity of 2.89% and a negative net margin of 52.12%. The company’s revenue was up .7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.11 earnings per share. Equities research analysts forecast that Neogen Co. will post 0.38 earnings per share for the current fiscal year.

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.