Bank of New York Mellon Corp Raises Stake in Neogen Co. (NASDAQ:NEOG)

Bank of New York Mellon Corp lifted its position in shares of Neogen Co. (NASDAQ:NEOG) by 1.1% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 1,957,993 shares of the company’s stock after buying an additional 20,989 shares during the period. Bank of New York Mellon Corp owned 0.90% of Neogen worth $30,603,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. Bank Pictet & Cie Europe AG increased its stake in Neogen by 13.4% in the second quarter. Bank Pictet & Cie Europe AG now owns 119,650 shares of the company’s stock valued at $1,870,000 after purchasing an additional 14,150 shares during the last quarter. Family Firm Inc. purchased a new stake in Neogen in the 2nd quarter valued at about $90,000. Nicholas Company Inc. increased its stake in shares of Neogen by 3.8% during the 2nd quarter. Nicholas Company Inc. now owns 391,822 shares of the company’s stock valued at $6,124,000 after acquiring an additional 14,475 shares during the last quarter. Raymond James & Associates increased its stake in shares of Neogen by 2.9% during the 2nd quarter. Raymond James & Associates now owns 206,003 shares of the company’s stock valued at $3,220,000 after acquiring an additional 5,753 shares during the last quarter. Finally, OFI Invest Asset Management purchased a new position in shares of Neogen during the 2nd quarter worth about $257,000. Institutional investors and hedge funds own 96.73% of the company’s stock.

Analyst Ratings Changes

NEOG has been the subject of a number of recent analyst reports. Piper Sandler boosted their target price on shares of Neogen from $17.00 to $17.50 and gave the company a “neutral” rating in a report on Tuesday, August 6th. StockNews.com raised shares of Neogen to a “sell” rating in a research note on Wednesday.

Neogen Stock Down 6.7 %

Shares of Neogen stock opened at $16.10 on Wednesday. Neogen Co. has a twelve month low of $11.46 and a twelve month high of $23.27. The stock has a market cap of $3.49 billion, a price-to-earnings ratio of 1,611.61 and a beta of 1.20. The company has a current ratio of 3.82, a quick ratio of 2.59 and a debt-to-equity ratio of 0.28. The company has a fifty day moving average price of $16.44 and a 200 day moving average price of $15.26.

Neogen (NASDAQ:NEOG) last issued its earnings results on Tuesday, July 30th. The company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.12 by ($0.02). The company had revenue of $236.80 million during the quarter, compared to analysts’ expectations of $225.83 million. Neogen had a positive return on equity of 3.09% and a negative net margin of 1.02%. Neogen’s quarterly revenue was down 2.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.14 EPS. Equities research analysts forecast that Neogen Co. will post 0.54 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director James P. Tobin acquired 3,000 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were bought at an average price of $16.86 per share, for a total transaction of $50,580.00. Following the completion of the purchase, the director now directly owns 23,392 shares of the company’s stock, valued at approximately $394,389.12. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.71% of the stock is owned by company insiders.

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.