T. Rowe Price Investment Management Inc. Buys 1,521,560 Shares of Neogen Co. (NASDAQ:NEOG)

T. Rowe Price Investment Management Inc. boosted its holdings in shares of Neogen Co. (NASDAQ:NEOG - Free Report) by 27.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,114,702 shares of the company's stock after buying an additional 1,521,560 shares during the period. T. Rowe Price Investment Management Inc. owned approximately 3.28% of Neogen worth $86,373,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Harbour Investments Inc. acquired a new stake in Neogen in the fourth quarter valued at approximately $27,000. Blue Trust Inc. lifted its stake in shares of Neogen by 196.7% in the fourth quarter. Blue Trust Inc. now owns 3,368 shares of the company's stock worth $41,000 after buying an additional 2,233 shares during the last quarter. Covestor Ltd raised its stake in Neogen by 41.4% during the 4th quarter. Covestor Ltd now owns 4,103 shares of the company's stock valued at $50,000 after purchasing an additional 1,202 shares during the last quarter. KBC Group NV raised its stake in Neogen by 39.1% during the 4th quarter. KBC Group NV now owns 8,464 shares of the company's stock valued at $103,000 after purchasing an additional 2,379 shares during the last quarter. Finally, Brown Brothers Harriman & Co. raised its stake in Neogen by 4,955.8% during the 4th quarter. Brown Brothers Harriman & Co. now owns 10,415 shares of the company's stock valued at $126,000 after purchasing an additional 10,209 shares during the last quarter. 96.73% of the stock is owned by institutional investors and hedge funds.

Neogen Price Performance

NASDAQ NEOG traded down $0.05 on Thursday, hitting $5.01. 1,611,706 shares of the company were exchanged, compared to its average volume of 2,774,212. The firm has a 50 day moving average of $7.70 and a two-hundred day moving average of $11.05. The company has a market cap of $1.09 billion, a P/E ratio of -2.29 and a beta of 1.57. The company has a current ratio of 3.77, a quick ratio of 2.46 and a debt-to-equity ratio of 0.33. Neogen Co. has a 1-year low of $3.87 and a 1-year high of $18.58.

Neogen (NASDAQ:NEOG - Get Free Report) last issued its quarterly earnings results on Wednesday, April 9th. The company reported $0.10 earnings per share (EPS) 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 positive return on equity of 2.89% and a negative net margin of 52.12%. The firm's quarterly revenue was down 3.4% on a year-over-year basis. During the same quarter last year, the company earned $0.12 EPS. On average, equities analysts predict that Neogen Co. will post 0.38 EPS for the current year.

Wall Street Analysts Forecast Growth

NEOG has been the subject of several research analyst reports. Guggenheim cut their target price 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 lowered their price target 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.

Insider Buying and Selling at Neogen

In other news, CAO John Patrick Moylan acquired 10,000 shares of the stock in a transaction that occurred on Thursday, April 10th. The stock was acquired at an average price of $5.07 per share, for a total transaction of $50,700.00. Following the transaction, the chief accounting officer now directly owns 10,000 shares in the company, valued at approximately $50,700. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, insider Amy M. Rocklin bought 12,500 shares of Neogen stock in a transaction that occurred on Wednesday, April 23rd. The stock was bought at an average cost of $4.99 per share, with a total value of $62,375.00. Following the completion of the purchase, the insider now owns 36,287 shares in the company, valued at approximately $181,072.13. This trade represents a 52.55 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 67,500 shares of company stock worth $331,525. Insiders own 1.13% of the company's stock.

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.