Fred Alger Management LLC Boosts Position in Neogen Co. (NASDAQ:NEOG)

Fred Alger Management LLC lifted its position in shares of Neogen Co. (NASDAQ:NEOG - Free Report) by 5.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,219,834 shares of the company's stock after buying an additional 233,090 shares during the quarter. Fred Alger Management LLC owned approximately 1.95% of Neogen worth $51,229,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Harbour Investments Inc. purchased a new stake in Neogen in the fourth quarter valued at approximately $27,000. Blue Trust Inc. grew its stake in Neogen by 196.7% in the 4th quarter. Blue Trust Inc. now owns 3,368 shares of the company's stock valued at $41,000 after acquiring an additional 2,233 shares during the period. Johnson Financial Group Inc. acquired a new position in shares of Neogen during the 4th quarter worth about $43,000. Covestor Ltd lifted its position in shares of Neogen by 41.4% in the fourth quarter. Covestor Ltd now owns 4,103 shares of the company's stock valued at $50,000 after acquiring an additional 1,202 shares in the last quarter. Finally, KBC Group NV grew its holdings in shares of Neogen by 39.1% during the fourth quarter. KBC Group NV now owns 8,464 shares of the company's stock worth $103,000 after buying an additional 2,379 shares in the last quarter. 96.73% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Guggenheim lowered 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. Piper Sandler dropped their price target 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.

Neogen Stock Down 0.3 %

Shares of NASDAQ:NEOG traded down $0.02 during trading on Friday, hitting $5.97. 5,076,075 shares of the company were exchanged, compared to its average volume of 2,930,558. The firm's 50 day moving average price is $7.10 and its 200-day moving average price is $10.62. Neogen Co. has a 12-month low of $3.87 and a 12-month high of $18.58. 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 stock has a market capitalization of $1.30 billion, a P/E ratio of -2.73 and a beta of 1.83.

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

Insider Buying and Selling at Neogen

In other Neogen news, Director James P. Tobin acquired 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, April 22nd. The shares were acquired at an average cost of $4.73 per share, for a total transaction of $47,300.00. Following the transaction, the director now directly owns 37,474 shares of the company's stock, valued at approximately $177,252.02. This represents a 36.40 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Amy M. Rocklin acquired 12,500 shares of the company's stock in a transaction dated Wednesday, April 23rd. The shares were acquired 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 represents a 52.55 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 67,500 shares of company stock valued at $331,525. 1.13% of the stock is owned by corporate insiders.

About Neogen

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.