Banque Pictet & Cie SA Lowers Stock Holdings in Neogen Corporation (NASDAQ:NEOG)

Banque Pictet & Cie SA lessened its stake in shares of Neogen Corporation (NASDAQ:NEOG - Free Report) by 22.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,948,090 shares of the company's stock after selling 574,700 shares during the period. Banque Pictet & Cie SA owned approximately 0.90% of Neogen worth $16,890,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the stock. Principal Financial Group Inc. increased its holdings in shares of Neogen by 90.3% in the first quarter. Principal Financial Group Inc. now owns 1,123,391 shares of the company's stock valued at $9,740,000 after purchasing an additional 533,064 shares during the period. Oregon Public Employees Retirement Fund boosted its stake in shares of Neogen by 12.7% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 45,200 shares of the company's stock worth $392,000 after acquiring an additional 5,107 shares in the last quarter. Teacher Retirement System of Texas purchased a new stake in shares of Neogen during the 1st quarter worth about $261,000. Peregrine Capital Management LLC boosted its stake in shares of Neogen by 3.4% during the 1st quarter. Peregrine Capital Management LLC now owns 603,528 shares of the company's stock worth $5,233,000 after acquiring an additional 20,084 shares in the last quarter. Finally, KBC Group NV boosted its stake in shares of Neogen by 44.1% during the 1st quarter. KBC Group NV now owns 12,198 shares of the company's stock worth $106,000 after acquiring an additional 3,734 shares in the last quarter. Hedge funds and other institutional investors own 96.73% of the company's stock.

Neogen Price Performance

Shares of NEOG stock traded up $0.08 during trading hours on Thursday, reaching $5.58. The company had a trading volume of 4,998,908 shares, compared to its average volume of 3,584,981. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.45 and a current ratio of 3.91. The stock has a fifty day moving average of $5.62 and a 200-day moving average of $8.10. The company has a market capitalization of $1.21 billion, a price-to-earnings ratio of -2.50 and a beta of 1.77. Neogen Corporation has a 12-month low of $3.87 and a 12-month high of $18.58.

Neogen (NASDAQ:NEOG - Get Free Report) last released its quarterly earnings data on Wednesday, April 9th. The company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.12 by ($0.02). Neogen had a positive return on equity of 2.69% and a negative net margin of 53.56%. The firm had revenue of $221.00 million for the quarter, compared to analyst estimates of $225.27 million. During the same quarter in the previous year, the business posted $0.12 earnings per share. Neogen's revenue for the quarter was down 3.4% on a year-over-year basis. On average, equities analysts anticipate that Neogen Corporation will post 0.38 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director James C. Borel acquired 35,000 shares of the firm's stock in a transaction dated Thursday, April 24th. The shares were purchased at an average cost of $4.89 per share, for a total transaction of $171,150.00. Following the acquisition, the director owned 60,474 shares in the company, valued at $295,717.86. The trade was a 137.39% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Aashima Gupta acquired 16,000 shares of the firm's stock in a transaction dated Monday, May 12th. The stock was bought at an average price of $6.25 per share, for a total transaction of $100,000.00. Following the completion of the acquisition, the director owned 21,917 shares in the company, valued at approximately $136,981.25. The trade was a 270.41% increase in their position. The disclosure for this purchase can be found here. Insiders have purchased 73,500 shares of company stock worth $380,825 over the last ninety days. Company insiders own 1.13% of the company's stock.

Wall Street Analysts Forecast Growth

NEOG has been the subject of several research analyst reports. Guggenheim reduced their target price on Neogen from $13.00 to $10.00 and set a "buy" rating for the company in a research note on Monday, June 30th. Piper Sandler reduced their target price on Neogen from $6.40 to $5.00 and set a "neutral" rating for the company in a research note on Tuesday, April 22nd.

Neogen Company 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.