Carlson Capital Management bought a new position in Neogen Co. (NASDAQ:NEOG) during the third quarter, HoldingsChannel.com reports. The fund bought 4,276 shares of the company’s stock, valued at approximately $306,000.
A number of other hedge funds have also added to or reduced their stakes in the business. Cookson Peirce & Co. Inc. increased its stake in Neogen by 26.4% in the third quarter. Cookson Peirce & Co. Inc. now owns 11,912 shares of the company’s stock worth $852,000 after purchasing an additional 2,485 shares during the period. Northern Trust Corp increased its stake in shares of Neogen by 2.4% during the second quarter. Northern Trust Corp now owns 705,992 shares of the company’s stock valued at $56,613,000 after buying an additional 16,686 shares during the period. WINTON GROUP Ltd purchased a new position in shares of Neogen during the second quarter valued at $882,000. Granahan Investment Management Inc. MA purchased a new position in shares of Neogen during the second quarter valued at $283,000. Finally, MetLife Investment Advisors LLC increased its stake in shares of Neogen by 3.9% during the second quarter. MetLife Investment Advisors LLC now owns 22,979 shares of the company’s stock valued at $1,843,000 after buying an additional 861 shares during the period. Institutional investors and hedge funds own 89.14% of the company’s stock.
In related news, VP Steven J. Quinlan sold 3,802 shares of the firm’s stock in a transaction dated Monday, July 23rd. The stock was sold at an average price of $82.01, for a total transaction of $311,802.02. Following the sale, the vice president now owns 17,272 shares of the company’s stock, valued at $1,416,476.72. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider James L. Herbert sold 16,029 shares of the firm’s stock in a transaction dated Monday, July 23rd. The shares were sold at an average price of $82.04, for a total value of $1,315,019.16. Following the sale, the insider now directly owns 775,226 shares in the company, valued at approximately $63,599,541.04. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 222,049 shares of company stock worth $18,480,359. Insiders own 3.00% of the company’s stock.
Several equities analysts have recently commented on the company. ValuEngine lowered Neogen from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, September 26th. BidaskClub lowered Neogen from a “buy” rating to a “hold” rating in a research note on Thursday, October 4th. Craig Hallum raised their price target on Neogen from $65.00 to $70.00 and gave the company a “hold” rating in a research note on Wednesday, July 18th. Finally, Zacks Investment Research lowered Neogen from a “hold” rating to a “sell” rating in a research note on Friday, September 28th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $67.75.
Shares of Neogen stock traded down $2.06 during trading on Friday, hitting $63.09. 16,950 shares of the stock traded hands, compared to its average volume of 498,975. The firm has a market cap of $3.48 billion, a P/E ratio of 54.61 and a beta of 1.36. Neogen Co. has a 52-week low of $54.09 and a 52-week high of $97.38.
Neogen (NASDAQ:NEOG) last announced its quarterly earnings results on Tuesday, September 25th. The company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.28 by $0.01. The firm had revenue of $99.60 million for the quarter, compared to analyst estimates of $104.43 million. Neogen had a return on equity of 12.06% and a net margin of 16.35%. The business’s revenue for the quarter was up 5.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.31 earnings per share. As a group, research analysts forecast that Neogen Co. will post 1.24 earnings per share for the current year.
Neogen announced that its Board of Directors has authorized a share repurchase plan on Wednesday, October 10th that authorizes the company to buyback 3,000,000 outstanding shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.
Neogen Corporation, together with its subsidiaries, develops, manufactures, and markets various products for food and animal safety worldwide. It operates through two segments, Food Safety and Animal Safety. The Food Safety segment primarily offers diagnostic test kits and complementary to detect dangerous and/or unintended substances in human food and animal feed, such as 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 for adenosine triphosphate, a chemical found in living cells.
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