Teton Advisors Inc. lowered its position in Neogen Co. (NASDAQ:NEOG) by 0.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 158,000 shares of the company’s stock after selling 1,000 shares during the quarter. Neogen accounts for approximately 1.0% of Teton Advisors Inc.’s investment portfolio, making the stock its 19th largest position. Teton Advisors Inc. owned approximately 0.30% of Neogen worth $11,302,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. Polen Capital Management LLC increased its position in Neogen by 12.1% during the 2nd quarter. Polen Capital Management LLC now owns 6,460 shares of the company’s stock valued at $518,000 after purchasing an additional 697 shares during the period. Xact Kapitalforvaltning AB increased its position in Neogen by 9.4% during the 2nd quarter. Xact Kapitalforvaltning AB now owns 8,182 shares of the company’s stock valued at $656,000 after purchasing an additional 700 shares during the period. LPL Financial LLC increased its position in Neogen by 15.4% during the 1st quarter. LPL Financial LLC now owns 5,288 shares of the company’s stock valued at $354,000 after purchasing an additional 705 shares during the period. Ladenburg Thalmann Financial Services Inc. increased its position in Neogen by 28.8% during the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,337 shares of the company’s stock valued at $223,000 after purchasing an additional 747 shares during the period. Finally, Cambridge Investment Research Advisors Inc. increased its position in Neogen by 2.7% during the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 29,130 shares of the company’s stock valued at $2,336,000 after purchasing an additional 776 shares during the period. 89.45% of the stock is owned by institutional investors.
Shares of NEOG traded down $1.12 during trading hours on Monday, reaching $62.20. The stock had a trading volume of 16,838 shares, compared to its average volume of 292,178. Neogen Co. has a 12 month low of $54.09 and a 12 month high of $97.38. The stock has a market cap of $3.29 billion, a P/E ratio of 51.40 and a beta of 1.40.
Neogen (NASDAQ:NEOG) last issued its earnings results on Tuesday, September 25th. The company reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.01. Neogen had a return on equity of 12.06% and a net margin of 16.35%. The company had revenue of $99.60 million for the quarter, compared to analysts’ expectations of $104.43 million. During the same period last year, the business earned $0.31 EPS. Neogen’s quarterly revenue was up 5.7% compared to the same quarter last year. Analysts anticipate that Neogen Co. will post 1.24 earnings per share for the current fiscal year.
Neogen declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, October 10th that authorizes the company to buyback 3,000,000 outstanding shares. This buyback authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.
In other Neogen news, CFO Steven J. Quinlan sold 3,600 shares of the firm’s stock in a transaction on Thursday, August 30th. The stock was sold at an average price of $89.08, for a total transaction of $320,688.00. Following the transaction, the chief financial officer now directly owns 17,070 shares in the company, valued at approximately $1,520,595.60. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO John Edward Adent acquired 4,300 shares of the company’s stock in a transaction on Wednesday, September 26th. The shares were bought at an average price of $73.58 per share, for a total transaction of $316,394.00. Following the completion of the purchase, the chief executive officer now owns 4,300 shares in the company, valued at approximately $316,394. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 89,218 shares of company stock worth $7,638,507. Company insiders own 3.00% of the company’s stock.
NEOG has been the topic of a number of research analyst reports. BidaskClub cut Neogen from a “buy” rating to a “hold” rating in a report on Thursday, October 4th. Craig Hallum increased their price target on Neogen from $65.00 to $70.00 and gave the stock a “hold” rating in a report on Wednesday, July 18th. ValuEngine cut Neogen from a “strong-buy” rating to a “buy” rating in a report on Wednesday, September 26th. Finally, Zacks Investment Research cut Neogen from a “hold” rating to a “sell” rating in a report on Friday, September 28th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $67.75.
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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