Neogen Co. (NASDAQ:NEOG) Shares Sold by Select Equity Group L.P.

Select Equity Group L.P. trimmed its stake in shares of Neogen Co. (NASDAQ:NEOG - Free Report) by 29.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 9,396,150 shares of the company's stock after selling 3,845,047 shares during the period. Select Equity Group L.P. owned about 4.33% of Neogen worth $114,069,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the business. Shapiro Capital Management LLC lifted its position in shares of Neogen by 47.9% in the fourth quarter. Shapiro Capital Management LLC now owns 2,932,850 shares of the company's stock valued at $35,605,000 after acquiring an additional 949,300 shares in the last quarter. Silvercrest Asset Management Group LLC raised its position in Neogen by 4.0% in the fourth quarter. Silvercrest Asset Management Group LLC now owns 1,371,528 shares of the company's stock valued at $16,650,000 after purchasing an additional 52,124 shares during the period. ProShare Advisors LLC raised its position in Neogen by 39.6% in the fourth quarter. ProShare Advisors LLC now owns 73,087 shares of the company's stock valued at $887,000 after purchasing an additional 20,719 shares during the period. Malaga Cove Capital LLC raised its position in Neogen by 15.9% in the fourth quarter. Malaga Cove Capital LLC now owns 102,934 shares of the company's stock valued at $1,250,000 after purchasing an additional 14,143 shares during the period. Finally, Nomura Holdings Inc. purchased a new stake in Neogen in the fourth quarter valued at $317,000. Hedge funds and other institutional investors own 96.73% of the company's stock.

Analysts Set New Price Targets

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

Neogen Trading Down 3.2%

Shares of NASDAQ NEOG traded down $0.21 during trading on Monday, reaching $6.40. The stock had a trading volume of 3,683,494 shares, compared to its average volume of 3,020,479. Neogen Co. has a fifty-two week low of $3.87 and a fifty-two week high of $18.58. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.46 and a current ratio of 3.77. The business's 50-day moving average price is $6.69 and its 200-day moving average price is $10.27. The company has a market cap of $1.39 billion, a P/E ratio of -2.92 and a beta of 1.83.

Neogen (NASDAQ:NEOG - Get Free Report) last released 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 company had revenue of $221.00 million for 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 company's revenue for the quarter was down 3.4% compared to the same quarter last year. On average, equities research analysts predict that Neogen Co. will post 0.38 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director James P. Tobin purchased 10,000 shares of Neogen stock in a transaction that occurred on Tuesday, April 22nd. The stock was purchased at an average cost of $4.73 per share, with a total value of $47,300.00. Following the completion of the transaction, 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 acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Aashima Gupta acquired 16,000 shares of the company's stock in a transaction on Monday, May 12th. The shares were purchased at an average cost of $6.25 per share, for a total transaction of $100,000.00. Following the acquisition, the director now owns 21,917 shares of the company's stock, valued at approximately $136,981.25. The trade was a 270.41% increase in their position. The disclosure for this purchase can be found here. Insiders purchased 83,500 shares of company stock valued at $431,525 in the last three months. 1.13% of the stock is owned by corporate insiders.

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.