Granite Investment Partners LLC Sells 239,943 Shares of Neogen Co. (NASDAQ:NEOG)

Granite Investment Partners LLC lessened its holdings in shares of Neogen Co. (NASDAQ:NEOG - Free Report) by 11.7% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 1,816,232 shares of the company's stock after selling 239,943 shares during the period. Neogen makes up approximately 1.0% of Granite Investment Partners LLC's holdings, making the stock its 25th largest position. Granite Investment Partners LLC owned 0.84% of Neogen worth $22,049,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Sterling Capital Management LLC increased its holdings in shares of Neogen by 5.7% during the 4th quarter. Sterling Capital Management LLC now owns 112,961 shares of the company's stock worth $1,371,000 after purchasing an additional 6,123 shares during the period. Covestor Ltd grew its holdings in shares of Neogen by 41.4% during the 4th quarter. Covestor Ltd now owns 4,103 shares of the company's stock worth $50,000 after purchasing an additional 1,202 shares in the last quarter. Kennedy Capital Management LLC lifted its position in Neogen by 14.5% in the fourth quarter. Kennedy Capital Management LLC now owns 507,596 shares of the company's stock worth $6,162,000 after purchasing an additional 64,358 shares during the period. Neuberger Berman Group LLC increased its holdings in Neogen by 34.6% in the 4th quarter. Neuberger Berman Group LLC now owns 17,200 shares of the company's stock valued at $209,000 after buying an additional 4,418 shares during the period. Finally, Bessemer Group Inc. boosted its position in shares of Neogen by 2.6% during the 4th quarter. Bessemer Group Inc. now owns 109,083 shares of the company's stock valued at $1,325,000 after acquiring an additional 2,784 shares in the last quarter. Institutional investors own 96.73% of the company's stock.

Neogen Price Performance

Shares of NASDAQ NEOG traded down $0.21 during mid-day trading on Friday, hitting $4.39. 12,563,404 shares of the stock were exchanged, compared to its average volume of 2,637,804. The company has a market cap of $952.38 million, a P/E ratio of -2.00 and a beta of 1.57. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.46 and a current ratio of 3.77. Neogen Co. has a twelve month low of $3.87 and a twelve month high of $18.58. The stock's fifty day simple moving average is $8.62 and its two-hundred day simple moving average is $11.67.

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 52.12% and a positive return on equity of 2.89%. The business had revenue of $221.00 million during the quarter, compared to the consensus estimate of $225.27 million. During the same period in the prior year, the firm earned $0.12 earnings per share. The business's quarterly revenue was down 3.4% compared to the same quarter last year. As a group, analysts forecast that Neogen Co. will post 0.38 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have commented on NEOG. Guggenheim cut their price target on shares of Neogen from $15.00 to $13.00 and set a "buy" rating for the company in a research note on Thursday, April 10th. Piper Sandler decreased their price target on Neogen from $13.00 to $6.50 and set a "neutral" rating on the stock in a research note on Monday.

Insider Transactions at Neogen

In other news, CAO John Patrick Moylan purchased 10,000 shares of the firm's stock in a transaction that occurred on Thursday, April 10th. The shares were acquired at an average price of $5.07 per share, for a total transaction of $50,700.00. Following the completion of the acquisition, the chief accounting officer now directly owns 10,000 shares in the company, valued at approximately $50,700. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 1.13% of the stock is owned by company insiders.

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.