Bank of New York Mellon Corp Sells 48,678 Shares of Neogen Co. (NASDAQ:NEOG)

Bank of New York Mellon Corp trimmed its holdings in shares of Neogen Co. (NASDAQ:NEOG) by 3.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,565,623 shares of the company’s stock after selling 48,678 shares during the quarter. Bank of New York Mellon Corp owned about 0.72% of Neogen worth $19,007,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Hardy Reed LLC bought a new position in Neogen in the 4th quarter valued at about $133,000. Handelsbanken Fonder AB increased its holdings in Neogen by 10.0% in the 4th quarter. Handelsbanken Fonder AB now owns 70,664 shares of the company’s stock valued at $858,000 after buying an additional 6,400 shares during the period. Private Advisor Group LLC increased its holdings in Neogen by 135.3% in the 4th quarter. Private Advisor Group LLC now owns 67,298 shares of the company’s stock valued at $817,000 after buying an additional 38,703 shares during the period. Peregrine Capital Management LLC increased its holdings in Neogen by 1.8% in the 4th quarter. Peregrine Capital Management LLC now owns 583,444 shares of the company’s stock valued at $7,083,000 after buying an additional 10,470 shares during the period. Finally, Truist Financial Corp increased its holdings in Neogen by 11.2% in the 4th quarter. Truist Financial Corp now owns 102,926 shares of the company’s stock valued at $1,250,000 after buying an additional 10,394 shares during the period. 96.73% of the stock is owned by institutional investors.

Neogen Trading Down 4.0 %

NEOG opened at $9.98 on Tuesday. The company’s 50 day moving average is $11.05 and its 200-day moving average is $13.44. Neogen Co. has a 1-year low of $9.01 and a 1-year high of $18.58. The company has a current ratio of 3.77, a quick ratio of 2.46 and a debt-to-equity ratio of 0.33. The company has a market cap of $2.17 billion, a P/E ratio of -4.56 and a beta of 1.27.

Neogen (NASDAQ:NEOG) last posted its quarterly earnings results on Friday, January 10th. The company reported $0.11 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.12. Neogen had a negative net margin of 52.12% and a positive return on equity of 2.89%. The company had revenue of $231.30 million for the quarter, compared to the consensus estimate of $227.16 million. During the same period last year, the company posted $0.11 EPS. The firm’s quarterly revenue was up .7% compared to the same quarter last year. Equities research analysts predict that Neogen Co. will post 0.38 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Neogen news, CFO David H. Naemura bought 14,800 shares of the business’s stock in a transaction that occurred on Thursday, January 16th. The shares were acquired at an average cost of $11.11 per share, for a total transaction of $164,428.00. Following the transaction, the chief financial officer now directly owns 61,434 shares in the company, valued at approximately $682,531.74. This represents a 31.74 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO John Edward Adent bought 23,035 shares of the business’s stock in a transaction that occurred on Thursday, January 16th. The shares were acquired at an average price of $11.03 per share, for a total transaction of $254,076.05. Following the completion of the transaction, the chief executive officer now owns 269,164 shares in the company, valued at $2,968,878.92. This trade represents a 9.36 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.13% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have commented on NEOG shares. Piper Sandler reissued a “neutral” rating and issued a $13.00 target price (down from $16.50) on shares of Neogen in a report on Tuesday, January 21st. Guggenheim initiated coverage on shares of Neogen in a research note on Thursday, December 19th. They issued a “buy” rating and a $15.00 price target on the 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.