Neogen Co. (NASDAQ:NEOG) Shares Sold by Handelsinvest Investeringsforvaltning

Handelsinvest Investeringsforvaltning lowered its stake in shares of Neogen Co. (NASDAQ:NEOG) by 34.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 12,047 shares of the company’s stock after selling 6,255 shares during the period. Handelsinvest Investeringsforvaltning’s holdings in Neogen were worth $190,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of NEOG. Norges Bank purchased a new position in Neogen during the fourth quarter worth approximately $365,794,000. Baillie Gifford & Co. purchased a new position in Neogen during the fourth quarter worth approximately $166,646,000. Vanguard Group Inc. raised its stake in Neogen by 9.3% during the fourth quarter. Vanguard Group Inc. now owns 19,546,737 shares of the company’s stock worth $393,085,000 after purchasing an additional 1,663,125 shares during the period. Comerica Bank raised its stake in Neogen by 917.8% during the third quarter. Comerica Bank now owns 671,621 shares of the company’s stock worth $12,452,000 after purchasing an additional 605,635 shares during the period. Finally, Trigran Investments Inc. purchased a new position in Neogen during the fourth quarter worth approximately $12,048,000. Hedge funds and other institutional investors own 96.73% of the company’s stock.

Analysts Set New Price Targets

Separately, Piper Sandler cut their price target on shares of Neogen from $19.00 to $17.00 and set a “neutral” rating on the stock in a research note on Monday, April 15th.

Neogen Stock Performance

Shares of NEOG stock opened at $15.21 on Thursday. The company’s fifty day simple moving average is $14.35 and its 200-day simple moving average is $15.72. Neogen Co. has a 52 week low of $11.46 and a 52 week high of $24.09. The company has a current ratio of 3.82, a quick ratio of 2.66 and a debt-to-equity ratio of 0.28. The company has a market cap of $3.29 billion, a PE ratio of 1,522.52 and a beta of 1.20.

Neogen (NASDAQ:NEOG) last issued its earnings results on Tuesday, April 9th. The company reported $0.12 EPS for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.02). Neogen had a net margin of 0.17% and a return on equity of 3.35%. The business had revenue of $228.80 million during the quarter, compared to analysts’ expectations of $230.01 million. During the same period in the prior year, the business posted $0.12 EPS. The business’s revenue was up 4.8% on a year-over-year basis. As a group, equities research analysts anticipate that Neogen Co. will post 0.46 EPS for the current year.

Insider Buying and Selling

In other news, CEO John Edward Adent purchased 23,000 shares of the company’s stock in a transaction that occurred on Wednesday, April 10th. The shares were purchased at an average price of $12.36 per share, with a total value of $284,280.00. Following the purchase, the chief executive officer now directly owns 152,389 shares of the company’s stock, valued at approximately $1,883,528.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CFO David H. Naemura purchased 12,500 shares of the company’s stock in a transaction that occurred on Wednesday, April 10th. The shares were purchased at an average price of $12.51 per share, with a total value of $156,375.00. Following the purchase, the chief financial officer now directly owns 30,040 shares of the company’s stock, valued at approximately $375,800.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO John Edward Adent purchased 23,000 shares of the company’s stock in a transaction that occurred on Wednesday, April 10th. The shares were purchased at an average cost of $12.36 per share, for a total transaction of $284,280.00. Following the purchase, the chief executive officer now directly owns 152,389 shares in the company, valued at $1,883,528.04. The disclosure for this purchase can be found here. Insiders have bought 53,000 shares of company stock valued at $662,205 in the last quarter. Company insiders own 0.71% of the company’s stock.

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.