Victory Capital Management Inc. Has $7.95 Million Stake in Neogen Co. (NASDAQ:NEOG)

Victory Capital Management Inc. cut its position in shares of Neogen Co. (NASDAQ:NEOG) by 4.5% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 472,829 shares of the company’s stock after selling 22,199 shares during the period. Victory Capital Management Inc. owned about 0.22% of Neogen worth $7,948,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Covestor Ltd increased its stake in shares of Neogen by 173.2% in 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 period. Allspring Global Investments Holdings LLC increased its holdings in Neogen by 142.6% in the third quarter. Allspring Global Investments Holdings LLC now owns 1,982 shares of the company’s stock valued at $33,000 after purchasing an additional 1,165 shares during the last quarter. Innealta Capital LLC acquired a new position in Neogen in the second quarter valued at about $46,000. Headlands Technologies LLC boosted its holdings in Neogen by 264.1% during the second quarter. Headlands Technologies LLC now owns 3,397 shares of the company’s stock worth $53,000 after buying an additional 2,464 shares during the last quarter. Finally, Family Firm Inc. acquired a new position in shares of Neogen during the 2nd quarter worth about $90,000. Institutional investors and hedge funds own 96.73% of the company’s stock.

Analyst Ratings Changes

NEOG has been the topic of a number of analyst reports. StockNews.com upgraded shares of Neogen to a “sell” rating in a research report on Monday, September 30th. Piper Sandler upped their price objective on Neogen from $17.00 to $17.50 and gave the stock a “neutral” rating in a research report on Tuesday, August 6th.

Neogen Stock Performance

Shares of NEOG stock opened at $14.58 on Friday. The firm has a market cap of $3.16 billion, a PE ratio of -132.55 and a beta of 1.23. Neogen Co. has a 12 month low of $11.46 and a 12 month high of $20.89. The company’s fifty day simple moving average is $15.25 and its 200-day simple moving average is $15.50. The company has a quick ratio of 2.79, a current ratio of 4.41 and a debt-to-equity ratio of 0.28.

Neogen (NASDAQ:NEOG) last posted its quarterly earnings data on Thursday, October 10th. The company reported $0.07 EPS for the quarter, missing analysts’ consensus estimates 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 business had revenue of $217.00 million for the quarter, compared to analyst estimates of $215.05 million. During the same quarter in the prior year, the company earned $0.11 earnings per share. The company’s quarterly revenue was down 5.2% on a year-over-year basis. Equities research analysts expect that Neogen Co. will post 0.5 EPS for the current fiscal year.

Insider Activity

In other news, CEO John Edward Adent bought 14,500 shares of the company’s stock in a transaction dated Friday, October 11th. The shares were bought at an average cost of $13.80 per share, with a total value of $200,100.00. Following the acquisition, the chief executive officer now owns 216,477 shares in the company, valued at $2,987,382.60. This trade represents a 7.18 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.13% of the stock is currently owned by insiders.

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.