Beacon Investment Advisory Services Inc. Sells 142,998 Shares of Neogen Corporation (NASDAQ:NEOG)

Beacon Investment Advisory Services Inc. lessened its stake in Neogen Corporation (NASDAQ:NEOG - Free Report) by 89.2% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 17,328 shares of the company's stock after selling 142,998 shares during the period. Beacon Investment Advisory Services Inc.'s holdings in Neogen were worth $150,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in Neogen by 9.8% during the fourth quarter. Vanguard Group Inc. now owns 21,637,251 shares of the company's stock valued at $262,676,000 after purchasing an additional 1,928,491 shares during the last quarter. Norges Bank acquired a new stake in Neogen during the fourth quarter valued at approximately $212,171,000. Conestoga Capital Advisors LLC raised its holdings in Neogen by 0.4% during the 1st quarter. Conestoga Capital Advisors LLC now owns 8,540,859 shares of the company's stock worth $74,049,000 after buying an additional 37,271 shares during the period. Bamco Inc. NY raised its holdings in Neogen by 16.2% during the 4th quarter. Bamco Inc. NY now owns 8,485,308 shares of the company's stock worth $103,012,000 after buying an additional 1,182,193 shares during the period. Finally, Mackenzie Financial Corp raised its holdings in Neogen by 5.7% during the 4th quarter. Mackenzie Financial Corp now owns 7,826,349 shares of the company's stock worth $95,012,000 after buying an additional 423,923 shares during the period. Institutional investors own 96.73% of the company's stock.

Neogen Stock Up 2.1%

NASDAQ:NEOG traded up $0.11 on Friday, hitting $5.23. 2,323,189 shares of the company's stock traded hands, compared to its average volume of 5,261,629. The company has a market cap of $1.13 billion, a PE ratio of -2.34 and a beta of 1.77. The company has a current ratio of 3.91, a quick ratio of 2.45 and a debt-to-equity ratio of 0.33. Neogen Corporation has a 1 year low of $3.87 and a 1 year high of $18.58. The firm has a 50-day moving average price of $5.40 and a 200-day moving average price of $7.60.

Insider Activity

In other news, Director Aashima Gupta purchased 16,000 shares of Neogen stock in a transaction dated Monday, May 12th. The stock was acquired at an average cost of $6.25 per share, for a total transaction of $100,000.00. Following the acquisition, the director directly owned 21,917 shares in the company, valued at $136,981.25. This represents a 270.41% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.13% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Piper Sandler cut their price objective on Neogen from $6.40 to $5.00 and set a "neutral" rating on the stock in a report on Tuesday, April 22nd. Guggenheim lowered their target price on Neogen from $13.00 to $10.00 and set a "buy" rating on the stock in a research note on Monday, June 30th.

About Neogen

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.