State of Alaska Department of Revenue lifted its holdings in shares of Neogen Co. (NASDAQ:NEOG) by 127.7% in the 3rd quarter, Holdings Channel reports. The firm owned 40,390 shares of the company’s stock after acquiring an additional 22,650 shares during the period. State of Alaska Department of Revenue’s holdings in Neogen were worth $2,750,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of NEOG. Brown Capital Management LLC boosted its stake in Neogen by 3.7% in the second quarter. Brown Capital Management LLC now owns 6,582,835 shares of the company’s stock worth $408,860,000 after buying an additional 236,702 shares in the last quarter. Riverbridge Partners LLC boosted its stake in Neogen by 26.2% in the second quarter. Riverbridge Partners LLC now owns 1,064,724 shares of the company’s stock worth $66,130,000 after buying an additional 221,143 shares in the last quarter. Nuveen Asset Management LLC purchased a new stake in Neogen in the second quarter worth approximately $12,894,000. Morgan Stanley boosted its stake in Neogen by 326.6% in the second quarter. Morgan Stanley now owns 262,113 shares of the company’s stock worth $16,280,000 after buying an additional 200,668 shares in the last quarter. Finally, BlackRock Inc. boosted its stake in Neogen by 2.1% in the second quarter. BlackRock Inc. now owns 7,643,175 shares of the company’s stock worth $474,718,000 after buying an additional 160,186 shares in the last quarter. 89.83% of the stock is owned by institutional investors.
NEOG stock traded up $0.71 during midday trading on Wednesday, hitting $63.71. The company had a trading volume of 312 shares, compared to its average volume of 218,075. Neogen Co. has a 52 week low of $50.60 and a 52 week high of $79.83. The stock’s 50 day moving average price is $70.68 and its 200 day moving average price is $63.72. The stock has a market cap of $3.30 billion, a price-to-earnings ratio of 55.23, a PEG ratio of 5.27 and a beta of 1.40.
Neogen (NASDAQ:NEOG) last announced its quarterly earnings data on Tuesday, September 24th. The company reported $0.28 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.29 by ($0.01). Neogen had a net margin of 14.32% and a return on equity of 9.46%. The company had revenue of $101.42 million during the quarter, compared to the consensus estimate of $105.16 million. During the same quarter in the previous year, the firm posted $0.29 EPS. The business’s revenue for the quarter was up 1.8% compared to the same quarter last year. Equities research analysts predict that Neogen Co. will post 1.22 EPS for the current year.
In other Neogen news, Director Jack C. Parnell sold 439 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $70.00, for a total value of $30,730.00. Following the completion of the sale, the director now owns 5,000 shares in the company, valued at $350,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO John Edward Adent sold 31,489 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $69.03, for a total value of $2,173,685.67. Following the completion of the sale, the chief executive officer now owns 44,302 shares of the company’s stock, valued at approximately $3,058,167.06. The disclosure for this sale can be found here. Insiders sold 136,198 shares of company stock valued at $9,252,039 in the last quarter. Corporate insiders own 1.70% of the company’s stock.
Several analysts have issued reports on NEOG shares. Zacks Investment Research lowered Neogen from a “hold” rating to a “sell” rating and set a $68.00 target price for the company. in a research note on Friday, June 21st. ValuEngine lowered Neogen from a “buy” rating to a “hold” rating in a research note on Friday, September 27th. Craig Hallum upped their target price on Neogen from $72.00 to $78.00 and gave the stock an “in-line” rating in a research note on Wednesday, July 24th. Finally, BidaskClub lowered Neogen from a “buy” rating to a “hold” rating in a research note on Tuesday, October 1st. One investment analyst has rated the stock with a sell rating and five have issued a hold rating to the company. The company currently has an average rating of “Hold” and an average target price of $73.00.
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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