Riverbridge Partners LLC Sells 119,379 Shares of Neogen Corporation (NASDAQ:NEOG)

Riverbridge Partners LLC reduced its position in Neogen Corporation (NASDAQ:NEOG - Free Report) by 7.2% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 1,547,646 shares of the company's stock after selling 119,379 shares during the period. Riverbridge Partners LLC owned 0.71% of Neogen worth $13,418,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Norges Bank bought a new position in Neogen in the fourth quarter worth $212,171,000. Clarkston Capital Partners LLC bought a new position in Neogen in the fourth quarter worth $34,801,000. Vanguard Group Inc. raised its holdings in Neogen by 9.8% in the fourth quarter. Vanguard Group Inc. now owns 21,637,251 shares of the company's stock worth $262,676,000 after purchasing an additional 1,928,491 shares in the last quarter. T. Rowe Price Investment Management Inc. grew its stake in shares of Neogen by 27.2% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 7,114,702 shares of the company's stock worth $86,373,000 after acquiring an additional 1,521,560 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Neogen by 24.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 6,939,984 shares of the company's stock worth $84,254,000 after acquiring an additional 1,345,056 shares during the last quarter. 96.73% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Neogen

In other Neogen news, CAO John Patrick Moylan acquired 10,000 shares of the firm's stock in a transaction on Thursday, April 10th. The stock was acquired at an average cost of $5.07 per share, for a total transaction of $50,700.00. Following the purchase, the chief accounting officer now owns 10,000 shares in the company, valued at approximately $50,700. The trade was a ∞ increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Aashima Gupta acquired 16,000 shares of the firm's stock in a transaction on Monday, May 12th. The shares were acquired at an average price of $6.25 per share, with a total value of $100,000.00. Following the completion of the purchase, the director now owns 21,917 shares in the company, valued at approximately $136,981.25. This trade represents a 270.41% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 83,500 shares of company stock valued at $431,525. Company insiders own 1.13% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on NEOG. Guggenheim cut their target price on Neogen from $15.00 to $13.00 and set a "buy" rating on the stock in a research note on Thursday, April 10th. Piper Sandler cut their target price on Neogen from $6.40 to $5.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 22nd.

Neogen Stock Performance

NEOG opened at $4.99 on Friday. The firm has a market cap of $1.08 billion, a P/E ratio of -2.24 and a beta of 1.84. Neogen Corporation has a 1-year low of $3.87 and a 1-year high of $18.58. The company has a 50 day simple moving average of $5.58 and a two-hundred day simple moving average of $8.87. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.91 and a quick ratio of 2.45.

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

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.

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