Oppenheimer Asset Management Inc. Buys 57,251 Shares of Neogen Corporation (NASDAQ:NEOG)

Oppenheimer Asset Management Inc. lifted its holdings in shares of Neogen Corporation (NASDAQ:NEOG - Free Report) by 57.0% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 157,664 shares of the company's stock after purchasing an additional 57,251 shares during the period. Oppenheimer Asset Management Inc. owned 0.07% of Neogen worth $1,367,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of NEOG. Harbour Investments Inc. acquired a new position in shares of Neogen in the 4th quarter worth approximately $27,000. Versant Capital Management Inc raised its stake in Neogen by 1,495.4% during the first quarter. Versant Capital Management Inc now owns 3,127 shares of the company's stock worth $27,000 after buying an additional 2,931 shares during the last quarter. Johnson Financial Group Inc. acquired a new position in Neogen in the fourth quarter valued at $43,000. Covestor Ltd lifted its holdings in Neogen by 41.4% in the fourth quarter. Covestor Ltd now owns 4,103 shares of the company's stock valued at $50,000 after buying an additional 1,202 shares during the period. Finally, CHICAGO TRUST Co NA boosted its position in Neogen by 19.1% during the first quarter. CHICAGO TRUST Co NA now owns 12,498 shares of the company's stock valued at $108,000 after acquiring an additional 2,000 shares during the last quarter. Institutional investors own 96.73% of the company's stock.

Neogen Stock Up 6.3%

NASDAQ NEOG traded up $0.30 on Tuesday, hitting $5.08. 15,743,147 shares of the company were exchanged, compared to its average volume of 3,458,030. The company has a current ratio of 3.91, a quick ratio of 2.45 and a debt-to-equity ratio of 0.33. The company has a market cap of $1.10 billion, a PE ratio of -2.28 and a beta of 1.77. The stock has a fifty day moving average of $5.58 and a 200-day moving average of $8.40. 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 announced its quarterly earnings data on Wednesday, April 9th. The company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.12 by ($0.02). The company had revenue of $221.00 million for the quarter, compared to analyst estimates of $225.27 million. Neogen had a negative net margin of 53.56% and a positive return on equity of 2.69%. Neogen's revenue for the quarter was down 3.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.12 EPS. As a group, analysts forecast that Neogen Corporation will post 0.38 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on NEOG. Guggenheim lowered their price objective on Neogen from $13.00 to $10.00 and set a "buy" rating for the company in a research report on Monday. Piper Sandler lowered their target price on Neogen from $6.40 to $5.00 and set a "neutral" rating for the company in a report on Tuesday, April 22nd.

Insiders Place Their Bets

In other news, insider Amy M. Rocklin acquired 12,500 shares of the firm's stock in a transaction dated Wednesday, April 23rd. The stock was purchased at an average price of $4.99 per share, for a total transaction of $62,375.00. Following the completion of the acquisition, the insider directly owned 36,287 shares in the company, valued at $181,072.13. The trade was a 52.55% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director James P. Tobin purchased 10,000 shares of Neogen stock in a transaction that occurred on Tuesday, April 22nd. The stock was acquired at an average cost of $4.73 per share, with a total value of $47,300.00. Following the transaction, the director owned 37,474 shares in the company, valued at $177,252.02. This trade represents a 36.40% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 83,500 shares of company stock valued at $431,525. 1.13% of the stock is currently owned by corporate insiders.

Neogen 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.