Northern Trust Corp Trims Stake in Neogen Co. (NASDAQ:NEOG)

Northern Trust Corp trimmed its holdings in Neogen Co. (NASDAQ:NEOG - Free Report) by 1.3% in the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 3,585,346 shares of the company's stock after selling 48,658 shares during the quarter. Northern Trust Corp owned about 1.65% of Neogen worth $43,526,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Raymond James Financial Inc. purchased a new position in Neogen in the fourth quarter worth about $2,744,000. Dimensional Fund Advisors LP boosted its position in 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 purchasing an additional 1,345,056 shares during the last quarter. Norges Bank purchased a new position in shares of Neogen during the 4th quarter valued at about $212,171,000. Vanguard Group Inc. lifted its position in shares of Neogen by 9.8% during 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 in the last quarter. Finally, Private Advisor Group LLC lifted its position in shares of Neogen by 135.3% during the 4th quarter. Private Advisor Group LLC now owns 67,298 shares of the company's stock valued at $817,000 after buying an additional 38,703 shares in the last quarter. 96.73% of the stock is currently owned by institutional investors.

Insider Activity at Neogen

In related news, Director James P. Tobin bought 10,000 shares of the company's stock in a transaction that occurred on Tuesday, April 22nd. The shares were purchased at an average cost of $4.73 per share, with a total value of $47,300.00. Following the completion of the acquisition, the director now directly owns 37,474 shares in the company, valued at approximately $177,252.02. The trade was a 36.40% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Amy M. Rocklin purchased 12,500 shares of the stock in a transaction on Wednesday, April 23rd. The shares were acquired at an average price of $4.99 per share, for a total transaction of $62,375.00. Following the transaction, the insider now directly owns 36,287 shares of the company's stock, valued at $181,072.13. This represents a 52.55% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 83,500 shares of company stock valued at $431,525 in the last ninety days. Corporate insiders own 1.13% of the company's stock.

Wall Street Analyst Weigh In

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

Neogen Trading Up 8.9%

Shares of NASDAQ NEOG traded up $0.53 during trading hours on Monday, hitting $6.50. 7,283,726 shares of the company traded hands, compared to its average volume of 2,947,973. The company's 50 day moving average price is $7.10 and its 200 day moving average price is $10.60. The stock has a market capitalization of $1.41 billion, a price-to-earnings ratio of -2.97 and a beta of 1.83. 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 12 month low of $3.87 and a 12 month high of $18.58.

Neogen (NASDAQ:NEOG - Get Free Report) last issued its earnings results 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 firm had revenue of $221.00 million during the quarter, compared to analysts' expectations of $225.27 million. Neogen had a positive return on equity of 2.89% and a negative net margin of 52.12%. Neogen's quarterly revenue was down 3.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.12 earnings per share. On average, equities research analysts anticipate that Neogen Co. will post 0.38 earnings per share for the current fiscal year.

Neogen Company 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.