LPL Financial LLC Grows Position in Neogen Co. (NASDAQ:NEOG)

LPL Financial LLC grew its position in shares of Neogen Co. (NASDAQ:NEOG) by 17.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 179,133 shares of the company’s stock after acquiring an additional 26,002 shares during the quarter. LPL Financial LLC owned 0.08% of Neogen worth $2,107,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in NEOG. William Blair Investment Management LLC boosted its holdings in shares of Neogen by 8.1% in the 4th quarter. William Blair Investment Management LLC now owns 14,346,759 shares of the company’s stock worth $174,170,000 after buying an additional 1,074,825 shares during the last quarter. American Century Companies Inc. raised its position in Neogen by 55.0% in the fourth quarter. American Century Companies Inc. now owns 2,606,043 shares of the company’s stock worth $31,637,000 after acquiring an additional 924,571 shares during the period. Harbor Capital Advisors Inc. boosted its stake in Neogen by 32.1% in the fourth quarter. Harbor Capital Advisors Inc. now owns 1,303,465 shares of the company’s stock valued at $15,824,000 after acquiring an additional 316,457 shares during the last quarter. Franklin Resources Inc. grew its position in shares of Neogen by 33.9% during the 3rd quarter. Franklin Resources Inc. now owns 923,918 shares of the company’s stock valued at $15,531,000 after acquiring an additional 233,796 shares during the period. Finally, Raymond James Financial Inc. purchased a new stake in shares of Neogen during the 4th quarter worth approximately $2,744,000. Institutional investors own 96.73% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on NEOG shares. Piper Sandler reduced their price objective on Neogen from $13.00 to $6.50 and set a “neutral” rating for the company in a report on Monday. Guggenheim decreased their price objective on Neogen from $15.00 to $13.00 and set a “buy” rating for the company in a report on Thursday, April 10th.

Neogen Stock Down 3.2 %

NEOG opened at $5.40 on Tuesday. Neogen Co. has a 12 month low of $3.87 and a 12 month high of $18.58. The company has a market cap of $1.17 billion, a PE ratio of -2.47 and a beta of 1.57. The company has a current ratio of 3.77, a quick ratio of 2.46 and a debt-to-equity ratio of 0.33. The company has a 50 day moving average of $8.97 and a 200 day moving average of $11.86.

Neogen (NASDAQ:NEOG) last posted its quarterly earnings results on Wednesday, April 9th. The company reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.02). Neogen had a positive return on equity of 2.89% and a negative net margin of 52.12%. The company had revenue of $221.00 million during the quarter, compared to the consensus estimate of $225.27 million. During the same period in the previous year, the business earned $0.12 earnings per share. Neogen’s revenue was down 3.4% on a year-over-year basis. On average, sell-side analysts expect that Neogen Co. will post 0.38 EPS for the current year.

Insider Buying and Selling at Neogen

In other Neogen news, CEO John Edward Adent acquired 23,035 shares of the stock in a transaction that occurred on Thursday, January 16th. The shares were bought at an average price of $11.03 per share, for a total transaction of $254,076.05. Following the completion of the transaction, the chief executive officer now owns 269,164 shares of the company’s stock, valued at approximately $2,968,878.92. This represents a 9.36 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO David H. Naemura bought 14,800 shares of Neogen stock in a transaction that occurred on Thursday, January 16th. The shares were acquired at an average price of $11.11 per share, with a total value of $164,428.00. Following the completion of the transaction, the chief financial officer now owns 61,434 shares of the company’s stock, valued at $682,531.74. This represents a 31.74 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased 47,835 shares of company stock valued at $469,204 in the last quarter. 1.13% of the stock is currently owned by corporate 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.