Principal Financial Group Inc. Lowers Stock Holdings in Neogen Co. (NASDAQ:NEOG)

Principal Financial Group Inc. decreased its holdings in shares of Neogen Co. (NASDAQ:NEOG) by 26.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 580,073 shares of the company’s stock after selling 208,759 shares during the quarter. Principal Financial Group Inc. owned about 0.27% of Neogen worth $9,751,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of NEOG. Covestor Ltd raised its holdings in Neogen by 173.2% in the first quarter. Covestor Ltd now owns 1,970 shares of the company’s stock worth $31,000 after purchasing an additional 1,249 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of Neogen by 142.6% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,982 shares of the company’s stock worth $33,000 after acquiring an additional 1,165 shares during the period. Innealta Capital LLC acquired a new stake in shares of Neogen during the 2nd quarter worth about $46,000. Headlands Technologies LLC raised its holdings in shares of Neogen by 264.1% in the 2nd quarter. Headlands Technologies LLC now owns 3,397 shares of the company’s stock valued at $53,000 after buying an additional 2,464 shares during the period. Finally, Family Firm Inc. acquired a new position in shares of Neogen in the second quarter worth $90,000. Institutional investors own 96.73% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on NEOG. Piper Sandler lifted their target price 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 raised shares of Neogen to a “sell” rating in a research report on Monday, September 30th.

Neogen Stock Up 4.1 %

Shares of NASDAQ:NEOG opened at $15.20 on Tuesday. Neogen Co. has a 12-month low of $11.46 and a 12-month high of $20.89. The company has a current ratio of 4.41, a quick ratio of 2.79 and a debt-to-equity ratio of 0.28. The firm has a market cap of $3.29 billion, a PE ratio of -138.18 and a beta of 1.23. The company has a fifty day simple moving average of $15.29 and a 200 day simple moving average of $15.49.

Neogen (NASDAQ:NEOG) last issued its quarterly earnings results on Thursday, October 10th. The company reported $0.07 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.03). Neogen had a positive return on equity of 2.80% and a negative net margin of 2.58%. The company had revenue of $217.00 million for the quarter, compared to the consensus estimate of $215.05 million. During the same period in the previous year, the business posted $0.11 EPS. The business’s revenue for the quarter was down 5.2% on a year-over-year basis. On average, equities research analysts anticipate that Neogen Co. will post 0.5 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO John Edward Adent bought 14,500 shares of the firm’s stock in a transaction that occurred on Friday, October 11th. The stock was purchased at an average price of $13.80 per share, for a total transaction of $200,100.00. Following the transaction, the chief executive officer now directly owns 216,477 shares of the company’s stock, valued at approximately $2,987,382.60. This represents a 7.18 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.13% of the stock is currently owned by corporate insiders.

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.