The Manufacturers Life Insurance Company Has $3.87 Million Stake in Neogen Co. (NASDAQ:NEOG)

The Manufacturers Life Insurance Company lowered its stake in shares of Neogen Co. (NASDAQ:NEOG) by 0.8% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 247,638 shares of the company’s stock after selling 1,935 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.11% of Neogen worth $3,871,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in NEOG. William Blair Investment Management LLC raised its stake in shares of Neogen by 64.7% in the second quarter. William Blair Investment Management LLC now owns 12,013,072 shares of the company’s stock valued at $187,764,000 after purchasing an additional 4,717,696 shares in the last quarter. Baillie Gifford & Co. raised its position in shares of Neogen by 42.3% during the first quarter. Baillie Gifford & Co. now owns 11,789,521 shares of the company’s stock worth $186,039,000 after purchasing an additional 3,502,807 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Neogen by 148.3% during the second quarter. Dimensional Fund Advisors LP now owns 4,109,180 shares of the company’s stock worth $64,229,000 after purchasing an additional 2,454,566 shares during the period. Shapiro Capital Management LLC acquired a new stake in Neogen in the 2nd quarter valued at approximately $31,087,000. Finally, Fred Alger Management LLC increased its position in shares of Neogen by 542.3% during the 2nd quarter. Fred Alger Management LLC now owns 2,137,317 shares of the company’s stock worth $33,406,000 after purchasing an additional 1,804,550 shares during the last quarter. Institutional investors own 96.73% of the company’s stock.

Insiders Place Their Bets

In related news, Director James P. Tobin purchased 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The shares were bought at an average cost of $16.86 per share, with a total value of $50,580.00. Following the acquisition, the director now owns 23,392 shares of the company’s stock, valued at $394,389.12. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on NEOG. Piper Sandler boosted their price target on Neogen from $17.00 to $17.50 and gave the company a “neutral” rating in a research note on Tuesday, August 6th. StockNews.com upgraded shares of Neogen to a “sell” rating in a research report on Monday, September 30th.

Neogen Price Performance

NEOG stock opened at $14.89 on Tuesday. The company’s 50-day moving average is $16.43 and its 200-day moving average is $15.21. The stock has a market capitalization of $3.23 billion, a PE ratio of 1,489.00 and a beta of 1.21. The company has a debt-to-equity ratio of 0.28, a current ratio of 3.82 and a quick ratio of 2.59. Neogen Co. has a 1 year low of $11.46 and a 1 year high of $20.89.

Neogen (NASDAQ:NEOG) last issued its quarterly earnings data on Tuesday, July 30th. The company reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.02). Neogen had a positive return on equity of 3.09% and a negative net margin of 1.02%. The company had revenue of $236.80 million for the quarter, compared to the consensus estimate of $225.83 million. During the same period in the prior year, the firm posted $0.14 earnings per share. The business’s revenue for the quarter was down 2.1% on a year-over-year basis. Equities research analysts expect that Neogen Co. will post 0.54 EPS for the current fiscal year.

Neogen Company 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.