Harbor Capital Advisors Inc. Boosts Stock Holdings in Neogen Co. (NASDAQ:NEOG)

Harbor Capital Advisors Inc. increased its holdings in shares of Neogen Co. (NASDAQ:NEOG - Free Report) by 24.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,619,019 shares of the company's stock after acquiring an additional 315,554 shares during the quarter. Neogen makes up approximately 0.6% of Harbor Capital Advisors Inc.'s holdings, making the stock its 20th biggest holding. Harbor Capital Advisors Inc. owned 0.75% of Neogen worth $14,037,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in Neogen by 9.8% in the 4th quarter. Vanguard Group Inc. now owns 21,637,251 shares of the company's stock valued at $262,676,000 after buying an additional 1,928,491 shares during the period. Norges Bank acquired a new stake in Neogen during the 4th quarter valued at $212,171,000. William Blair Investment Management LLC grew its stake in shares of Neogen by 8.1% during the fourth quarter. William Blair Investment Management LLC now owns 14,346,759 shares of the company's stock valued at $174,170,000 after purchasing an additional 1,074,825 shares during the last quarter. 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 purchasing an additional 1,182,193 shares during the last quarter. Finally, Mackenzie Financial Corp lifted its stake in shares of Neogen by 5.7% in the 4th quarter. Mackenzie Financial Corp now owns 7,826,349 shares of the company's stock valued at $95,012,000 after purchasing an additional 423,923 shares during the period. Institutional investors own 96.73% of the company's stock.

Insider Activity at Neogen

In other news, CAO John Patrick Moylan acquired 10,000 shares of Neogen stock in a transaction that occurred on Thursday, April 10th. The shares were bought at an average cost of $5.07 per share, with a total value of $50,700.00. Following the transaction, the chief accounting officer now directly owns 10,000 shares of the company's stock, valued at $50,700. This trade represents a ∞ increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, Director James C. Borel purchased 35,000 shares of the stock in a transaction on Thursday, April 24th. The stock was acquired at an average cost of $4.89 per share, with a total value of $171,150.00. Following the acquisition, the director now owns 60,474 shares of the company's stock, valued at approximately $295,717.86. This represents a 137.39% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 83,500 shares of company stock worth $431,525. 1.13% of the stock is owned by company insiders.

Neogen Price Performance

Neogen stock traded down $0.09 during midday trading on Friday, hitting $5.53. 3,982,338 shares of the company's stock were exchanged, compared to its average volume of 3,220,999. Neogen Co. has a 52-week low of $3.87 and a 52-week high of $18.58. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.46 and a current ratio of 3.77. The company has a market cap of $1.20 billion, a P/E ratio of -2.53 and a beta of 1.84. The stock has a 50-day moving average price of $5.62 and a two-hundred day moving average price of $9.11.

Neogen (NASDAQ:NEOG - Get Free Report) last announced its earnings results on Wednesday, April 9th. The company reported $0.10 EPS for the quarter, missing analysts' consensus estimates of $0.12 by ($0.02). Neogen had a negative net margin of 52.12% and a positive return on equity of 2.89%. The business had revenue of $221.00 million for the quarter, compared to the consensus estimate of $225.27 million. During the same quarter last year, the firm posted $0.12 EPS. The business's quarterly revenue was down 3.4% on a year-over-year basis. On average, equities research analysts forecast that Neogen Co. will post 0.38 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have recently issued reports on NEOG shares. Piper Sandler lowered their price objective on shares of Neogen from $6.40 to $5.00 and set a "neutral" rating on the stock in a report on Tuesday, April 22nd. Guggenheim dropped their price objective on Neogen from $15.00 to $13.00 and set a "buy" rating for the company in a research report on Thursday, April 10th.

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.