State of New Jersey Common Pension Fund D Reduces Stock Holdings in Neogen Co. (NASDAQ:NEOG)

State of New Jersey Common Pension Fund D lessened its holdings in shares of Neogen Co. (NASDAQ:NEOG) by 14.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 141,219 shares of the company’s stock after selling 24,150 shares during the period. State of New Jersey Common Pension Fund D owned approximately 0.07% of Neogen worth $2,207,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Covestor Ltd raised its stake in shares of Neogen by 173.2% during the 1st quarter. Covestor Ltd now owns 1,970 shares of the company’s stock valued at $31,000 after buying an additional 1,249 shares during the last quarter. Innealta Capital LLC purchased a new position in Neogen during the second quarter valued at approximately $46,000. Headlands Technologies LLC raised its position in Neogen by 264.1% during the second quarter. Headlands Technologies LLC now owns 3,397 shares of the company’s stock valued at $53,000 after acquiring an additional 2,464 shares in the last quarter. Family Firm Inc. acquired a new position in Neogen in the second quarter valued at approximately $90,000. Finally, Quantum Private Wealth LLC purchased a new stake in Neogen in the 2nd quarter worth approximately $156,000. 96.73% of the stock is currently owned by institutional investors and hedge funds.

Neogen Stock Performance

Shares of NEOG stock opened at $17.53 on Friday. The company has a market capitalization of $3.80 billion, a P/E ratio of 1,738.00 and a beta of 1.21. Neogen Co. has a 12-month low of $11.46 and a 12-month high of $20.89. The business’s 50 day moving average is $16.58 and its two-hundred day moving average is $15.18. 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 (NASDAQ:NEOG) last released its quarterly earnings results on Tuesday, July 30th. The company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.02). The company had revenue of $236.80 million during the quarter, compared to analyst estimates of $225.83 million. Neogen had a negative net margin of 1.02% and a positive return on equity of 3.09%. Neogen’s revenue was down 2.1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.14 EPS. Analysts expect that Neogen Co. will post 0.54 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on NEOG shares. StockNews.com upgraded shares of Neogen to a “sell” rating in a research note on Friday, September 13th. Piper Sandler upped their price objective on shares of Neogen from $17.00 to $17.50 and gave the stock a “neutral” rating in a research report on Tuesday, August 6th.

Insider Transactions at Neogen

In related news, Director James P. Tobin purchased 3,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The shares were purchased at an average cost of $16.86 per share, with a total value of $50,580.00. Following the purchase, the director now owns 23,392 shares of the company’s stock, valued at approximately $394,389.12. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.71% of the company’s stock.

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.