Granahan Investment Management LLC Makes New Investment in Neogen Co. (NASDAQ:NEOG)

Granahan Investment Management LLC bought a new stake in shares of Neogen Co. (NASDAQ:NEOG) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 297,778 shares of the company’s stock, valued at approximately $5,515,000. Granahan Investment Management LLC owned about 0.14% of Neogen as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. BlackRock Inc. purchased a new position in shares of Neogen in the 1st quarter worth $451,277,000. Wasatch Advisors LP bought a new position in Neogen during the first quarter valued at $261,916,000. King Luther Capital Management Corp purchased a new stake in shares of Neogen in the first quarter valued at $107,401,000. Conestoga Capital Advisors LLC bought a new stake in shares of Neogen in the 1st quarter worth about $105,542,000. Finally, Champlain Investment Partners LLC purchased a new position in shares of Neogen during the 1st quarter worth about $57,232,000. 96.73% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Neogen

In other Neogen news, Director William T. Boehm sold 1,500 shares of the firm’s stock in a transaction on Friday, August 18th. The shares were sold at an average price of $22.59, for a total value of $33,885.00. Following the completion of the transaction, the director now owns 24,509 shares of the company’s stock, valued at $553,658.31. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 0.73% of the company’s stock.

Neogen Price Performance

NEOG opened at $19.50 on Monday. The business’s fifty day simple moving average is $22.41 and its 200-day simple moving average is $19.66. The company has a current ratio of 4.03, a quick ratio of 3.11 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $4.22 billion, a price-to-earnings ratio of -278.64 and a beta of 1.04. Neogen Co. has a 12-month low of $10.49 and a 12-month high of $24.09.

Neogen (NASDAQ:NEOG) last issued its quarterly earnings data on Thursday, July 27th. The company reported $0.14 earnings per share for the quarter, topping analysts’ consensus estimates of $0.03 by $0.11. Neogen had a positive return on equity of 4.06% and a negative net margin of 2.78%. The firm had revenue of $241.80 million during the quarter, compared to analysts’ expectations of $227.72 million. During the same period in the prior year, the business posted $0.18 EPS. The firm’s quarterly revenue was up 71.4% on a year-over-year basis. On average, equities research analysts anticipate that Neogen Co. will post 0.6 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

NEOG has been the subject of several analyst reports. Piper Sandler raised their price objective on shares of Neogen from $19.00 to $24.00 in a research note on Monday, August 7th. Wells Fargo & Company boosted their price objective on Neogen from $22.00 to $28.00 and gave the company an “overweight” rating in a report on Monday, August 14th. Finally, StockNews.com upgraded Neogen from a “sell” rating to a “hold” rating in a research note on Wednesday, September 6th.

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.