Northern Trust Corp Sells 48,658 Shares of Neogen Co. (NASDAQ:NEOG)

Northern Trust Corp lessened its position in shares of Neogen Co. (NASDAQ:NEOG - Free Report) by 1.3% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,585,346 shares of the company's stock after selling 48,658 shares during the quarter. Northern Trust Corp owned approximately 1.65% of Neogen worth $43,526,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Harbour Investments Inc. purchased a new stake in shares of Neogen in the fourth quarter valued at $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 acquiring an additional 2,233 shares in the last quarter. Johnson Financial Group Inc. bought a new stake in Neogen in the fourth quarter valued at about $43,000. Covestor Ltd lifted its stake in shares of Neogen by 41.4% in the 4th quarter. Covestor Ltd now owns 4,103 shares of the company's stock worth $50,000 after acquiring an additional 1,202 shares during the period. Finally, KBC Group NV increased its stake in Neogen by 39.1% in the 4th quarter. KBC Group NV now owns 8,464 shares of the company's stock worth $103,000 after purchasing an additional 2,379 shares in the last quarter. Institutional investors and hedge funds own 96.73% of the company's stock.

Analyst Upgrades and Downgrades

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

Neogen Price Performance

Shares of NEOG traded down $0.43 during trading hours on Wednesday, hitting $6.07. The stock had a trading volume of 2,815,134 shares, compared to its average volume of 2,965,184. The stock has a market capitalization of $1.32 billion, a price-to-earnings ratio of -2.77 and a beta of 1.83. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.77 and a quick ratio of 2.46. The company's fifty day moving average is $6.97 and its two-hundred day moving average is $10.52. Neogen Co. has a 52 week low of $3.87 and a 52 week high of $18.58.

Neogen (NASDAQ:NEOG - Get Free Report) last announced its earnings results on Wednesday, April 9th. The company reported $0.10 EPS for the quarter, missing the consensus estimate of $0.12 by ($0.02). Neogen had a positive return on equity of 2.89% and a negative net margin of 52.12%. The business had revenue of $221.00 million during the quarter, compared to analyst estimates of $225.27 million. During the same period in the previous year, the firm earned $0.12 earnings per share. The firm's revenue was down 3.4% compared to the same quarter last year. On average, analysts anticipate that Neogen Co. will post 0.38 EPS for the current year.

Insider Buying and Selling

In related news, insider Amy M. Rocklin bought 12,500 shares of the firm's stock in a transaction dated Wednesday, April 23rd. The stock was bought at an average cost of $4.99 per share, for a total transaction of $62,375.00. Following the transaction, the insider now owns 36,287 shares of the company's stock, valued at $181,072.13. This represents a 52.55% 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. Also, CAO John Patrick Moylan purchased 10,000 shares of the business's stock in a transaction that occurred on Thursday, April 10th. The stock was purchased at an average price of $5.07 per share, for a total transaction of $50,700.00. Following the completion of the transaction, the chief accounting officer now directly owns 10,000 shares in the company, valued at $50,700. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased a total of 83,500 shares of company stock worth $431,525 in the last 90 days. Corporate 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.