Huntington National Bank Reduces Stock Position in Neogen Co. (NASDAQ:NEOG)

Huntington National Bank trimmed its position in Neogen Co. (NASDAQ:NEOG) by 8.3% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,211 shares of the company’s stock after selling 1,287 shares during the period. Huntington National Bank’s holdings in Neogen were worth $239,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Mitsubishi UFJ Trust & Banking Corp increased its holdings in shares of Neogen by 67.5% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 616,190 shares of the company’s stock worth $9,723,000 after buying an additional 248,340 shares during the last quarter. Susquehanna Fundamental Investments LLC acquired a new stake in Neogen in the second quarter valued at approximately $5,714,000. Oppenheimer Asset Management Inc. lifted its position in shares of Neogen by 39.8% during the second quarter. Oppenheimer Asset Management Inc. now owns 103,611 shares of the company’s stock worth $1,619,000 after purchasing an additional 29,489 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Neogen by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 19,715,974 shares of the company’s stock worth $311,118,000 after buying an additional 169,237 shares in the last quarter. Finally, William Blair Investment Management LLC boosted its position 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 buying an additional 4,717,696 shares during the last quarter. 96.73% of the stock is owned by institutional investors and hedge funds.

Neogen Trading Down 0.3 %

NASDAQ NEOG opened at $14.60 on Monday. The company has a market capitalization of $3.16 billion, a price-to-earnings ratio of -132.73 and a beta of 1.23. The company has a debt-to-equity ratio of 0.28, a current ratio of 4.41 and a quick ratio of 2.79. Neogen Co. has a 12 month low of $11.46 and a 12 month high of $20.89. The company’s fifty day moving average price is $15.29 and its two-hundred day moving average price is $15.47.

Neogen (NASDAQ:NEOG) last issued its quarterly earnings results on Thursday, October 10th. The company reported $0.07 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.03). The company had revenue of $217.00 million for the quarter, compared to the consensus estimate of $215.05 million. Neogen had a positive return on equity of 2.80% and a negative net margin of 2.58%. The business’s revenue for the quarter was down 5.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.11 EPS. As a group, research analysts predict that Neogen Co. will post 0.5 earnings per share for the current fiscal year.

Insider Transactions at Neogen

In other news, CEO John Edward Adent acquired 14,500 shares of Neogen stock in a transaction that occurred on Friday, October 11th. The shares were purchased at an average cost of $13.80 per share, for a total transaction of $200,100.00. Following the completion of the purchase, the chief executive officer now directly owns 216,477 shares of the company’s stock, valued at $2,987,382.60. This trade represents a 7.18 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 1.13% of the company’s stock.

Analyst Ratings Changes

NEOG has been the topic of a number of analyst reports. Piper Sandler lifted their target price on Neogen from $17.00 to $17.50 and gave the stock a “neutral” rating in a research report on Tuesday, August 6th. StockNews.com upgraded Neogen to a “sell” rating in a report on Monday, September 30th.

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.