Algert Global LLC Acquires Shares of 20,713 Neogen Co. (NASDAQ:NEOG)

Algert Global LLC bought a new position in shares of Neogen Co. (NASDAQ:NEOG) during the second quarter, according to its most recent filing with the SEC. The fund bought 20,713 shares of the company’s stock, valued at approximately $324,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Inspire Investing LLC increased its holdings in Neogen by 2.7% during the second quarter. Inspire Investing LLC now owns 26,074 shares of the company’s stock worth $408,000 after buying an additional 685 shares during the last quarter. Northwest Investment Counselors LLC increased its stake in shares of Neogen by 1.1% during the 1st quarter. Northwest Investment Counselors LLC now owns 71,621 shares of the company’s stock worth $1,130,000 after purchasing an additional 809 shares during the last quarter. Bessemer Group Inc. raised its holdings in shares of Neogen by 1.2% in the 1st quarter. Bessemer Group Inc. now owns 73,920 shares of the company’s stock worth $1,166,000 after purchasing an additional 851 shares during the period. Retirement Systems of Alabama lifted its stake in Neogen by 0.4% in the first quarter. Retirement Systems of Alabama now owns 247,423 shares of the company’s stock valued at $3,904,000 after purchasing an additional 889 shares during the last quarter. Finally, Arizona State Retirement System grew its holdings in Neogen by 1.9% during the second quarter. Arizona State Retirement System now owns 57,609 shares of the company’s stock valued at $900,000 after purchasing an additional 1,079 shares during the period. 96.73% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Neogen Stock Performance

Neogen stock opened at $14.69 on Wednesday. The firm’s 50 day simple moving average is $16.37 and its 200 day simple moving average is $15.21. The company has a current ratio of 3.82, a quick ratio of 2.59 and a debt-to-equity ratio of 0.28. Neogen Co. has a 1-year low of $11.46 and a 1-year high of $20.89. The firm has a market capitalization of $3.18 billion, a PE ratio of 1,469.00 and a beta of 1.21.

Neogen (NASDAQ:NEOG) last released its quarterly earnings results on Tuesday, July 30th. 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 $236.80 million during the quarter, compared to the consensus estimate of $225.83 million. Neogen had a positive return on equity of 3.09% and a negative net margin of 1.02%. The company’s revenue for the quarter was down 2.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.14 EPS. As a group, analysts expect that Neogen Co. will post 0.54 earnings per share for the current fiscal year.

Insider Activity

In related news, Director James P. Tobin purchased 3,000 shares of the business’s stock in a transaction on Tuesday, August 6th. The stock was acquired at an average price of $16.86 per share, with a total value of $50,580.00. Following the purchase, the director now directly owns 23,392 shares in the company, valued at approximately $394,389.12. This represents a 0.00 % 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. Corporate insiders own 0.71% of the company’s stock.

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.