Select Equity Group L.P. Cuts Holdings in Neogen Co. (NASDAQ:NEOG)

Select Equity Group L.P. lessened its holdings in shares of Neogen Co. (NASDAQ:NEOG - Free Report) by 29.0% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 9,396,150 shares of the company's stock after selling 3,845,047 shares during the quarter. Select Equity Group L.P. owned about 4.33% of Neogen worth $114,069,000 as of its most recent filing with the SEC.

Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of Neogen by 9.8% during the fourth quarter. Vanguard Group Inc. now owns 21,637,251 shares of the company's stock worth $262,676,000 after buying an additional 1,928,491 shares in the last quarter. Norges Bank purchased a new stake in shares of Neogen during the 4th quarter worth $212,171,000. William Blair Investment Management LLC increased its holdings in Neogen by 8.1% in the fourth quarter. William Blair Investment Management LLC now owns 14,346,759 shares of the company's stock valued at $174,170,000 after buying an additional 1,074,825 shares during the last quarter. Bamco Inc. NY increased its holdings in Neogen by 16.2% in the fourth quarter. Bamco Inc. NY now owns 8,485,308 shares of the company's stock valued at $103,012,000 after buying an additional 1,182,193 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. raised its stake in Neogen by 27.2% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 7,114,702 shares of the company's stock valued at $86,373,000 after buying an additional 1,521,560 shares in the last quarter. 96.73% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Neogen

In related news, Director James C. Borel purchased 35,000 shares of the company's stock in a transaction that occurred on Thursday, April 24th. The shares were purchased at an average price of $4.89 per share, for a total transaction of $171,150.00. Following the transaction, the director now directly owns 60,474 shares of the company's stock, valued at approximately $295,717.86. The trade was a 137.39% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director James P. Tobin acquired 10,000 shares of the firm's stock in a transaction on Tuesday, April 22nd. The shares were bought 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 $177,252.02. This trade represents a 36.40% increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 83,500 shares of company stock worth $431,525. Insiders own 1.13% of the company's stock.

Neogen Stock Performance

NASDAQ NEOG traded down $0.06 during trading hours on Thursday, hitting $6.17. The company had a trading volume of 1,045,377 shares, compared to its average volume of 3,028,358. The business has a 50 day moving average of $6.57 and a 200-day moving average of $10.21. The company has a market cap of $1.34 billion, a PE ratio of -2.81 and a beta of 1.83. Neogen Co. has a 1-year low of $3.87 and a 1-year 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.

Neogen (NASDAQ:NEOG - Get Free Report) last posted 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 negative net margin of 52.12% and a positive return on equity of 2.89%. The firm's revenue for the quarter was down 3.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.12 earnings per share. As a group, equities research analysts expect that Neogen Co. will post 0.38 EPS for the current year.

Analyst Ratings Changes

Several research firms have recently issued reports on NEOG. Guggenheim lowered their price objective on Neogen from $15.00 to $13.00 and set a "buy" rating for the company in a research report on Thursday, April 10th. Piper Sandler lowered their price target on Neogen from $6.40 to $5.00 and set a "neutral" rating for the company in a report on Tuesday, April 22nd.

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.