Van ECK Associates Corp Trims Stake in Neogen Co. (NASDAQ:NEOG)

Van ECK Associates Corp lowered its stake in Neogen Co. (NASDAQ:NEOG) by 20.6% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 250,515 shares of the company’s stock after selling 64,993 shares during the quarter. Van ECK Associates Corp owned approximately 0.12% of Neogen worth $3,041,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Stephens Inc. AR raised its holdings in Neogen by 2.6% in the 3rd quarter. Stephens Inc. AR now owns 35,930 shares of the company’s stock valued at $604,000 after acquiring an additional 909 shares during the last quarter. Allspring Global Investments Holdings LLC raised its holdings in Neogen by 142.6% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,982 shares of the company’s stock valued at $33,000 after acquiring an additional 1,165 shares during the last quarter. State of Alaska Department of Revenue raised its holdings in Neogen by 7.3% in the 3rd quarter. State of Alaska Department of Revenue now owns 22,810 shares of the company’s stock valued at $383,000 after acquiring an additional 1,550 shares during the last quarter. Lindenwold Advisors INC raised its holdings in Neogen by 19.1% in the 3rd quarter. Lindenwold Advisors INC now owns 12,821 shares of the company’s stock valued at $216,000 after acquiring an additional 2,055 shares during the last quarter. Finally, Blue Trust Inc. raised its holdings 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 last quarter. Hedge funds and other institutional investors own 96.73% of the company’s stock.

Neogen Trading Down 2.4 %

NEOG stock opened at $10.04 on Friday. The company has a market cap of $2.18 billion, a price-to-earnings ratio of -4.58 and a beta of 1.23. The company has a quick ratio of 2.46, a current ratio of 3.77 and a debt-to-equity ratio of 0.33. The business has a fifty day simple moving average of $11.56 and a 200-day simple moving average of $14.02. Neogen Co. has a 52 week low of $9.70 and a 52 week high of $18.58.

Neogen (NASDAQ:NEOG) last released its quarterly earnings data on Friday, January 10th. The company reported $0.11 EPS for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.12. The business had revenue of $231.30 million during the quarter, compared to the consensus estimate of $227.16 million. Neogen had a positive return on equity of 2.89% and a negative net margin of 52.12%. The business’s revenue for the quarter was up .7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.11 EPS. On average, equities research analysts expect that Neogen Co. will post 0.38 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Piper Sandler reiterated a “neutral” rating and issued a $13.00 price target (down from $16.50) on shares of Neogen in a report on Tuesday, January 21st. Guggenheim assumed coverage on Neogen in a report on Thursday, December 19th. They set a “buy” rating and a $15.00 price objective for the company.

Insider Transactions at Neogen

In other Neogen news, CEO John Edward Adent purchased 23,035 shares of the firm’s stock in a transaction that occurred on Thursday, January 16th. The stock was purchased at an average cost of $11.03 per share, with a total value of $254,076.05. Following the transaction, the chief executive officer now owns 269,164 shares in the company, valued at approximately $2,968,878.92. This trade represents a 9.36 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO David H. Naemura purchased 14,800 shares of the firm’s stock in a transaction that occurred on Thursday, January 16th. The shares were acquired at an average cost of $11.11 per share, with a total value of $164,428.00. Following the completion of the transaction, the chief financial officer now owns 61,434 shares in the company, valued at $682,531.74. This trade represents a 31.74 % increase in their position. The disclosure for this purchase can be found here. Insiders own 1.13% 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.