Rhumbline Advisers Sells 90,990 Shares of Neogen Co. (NASDAQ:NEOG)

Rhumbline Advisers decreased its position in Neogen Co. (NASDAQ:NEOG) by 13.0% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 608,500 shares of the company’s stock after selling 90,990 shares during the period. Rhumbline Advisers owned about 0.28% of Neogen worth $5,276,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Harbour Investments Inc. bought a new position in Neogen during the 4th quarter valued at about $27,000. Versant Capital Management Inc raised its stake in Neogen by 1,495.4% during the 1st quarter. Versant Capital Management Inc now owns 3,127 shares of the company’s stock worth $27,000 after acquiring an additional 2,931 shares during the period. Johnson Financial Group Inc. bought a new stake in Neogen during the 4th quarter worth approximately $43,000. Blue Trust Inc. raised its stake in Neogen by 247.6% during the 4th quarter. Blue Trust Inc. now owns 3,945 shares of the company’s stock worth $48,000 after acquiring an additional 2,810 shares during the period. Finally, Covestor Ltd raised its stake in Neogen by 41.4% during the 4th quarter. Covestor Ltd now owns 4,103 shares of the company’s stock worth $50,000 after acquiring an additional 1,202 shares during the period. Institutional investors own 96.73% of the company’s stock.

Neogen Trading Down 1.4%

NASDAQ NEOG opened at $5.62 on Friday. The company has a quick ratio of 2.46, a current ratio of 3.77 and a debt-to-equity ratio of 0.33. The firm has a market cap of $1.22 billion, a PE ratio of -2.57 and a beta of 1.84. The company has a 50 day moving average price of $5.65 and a 200 day moving average price of $9.17. Neogen Co. has a 52 week low of $3.87 and a 52 week high of $18.58.

Neogen (NASDAQ:NEOG) last released its earnings results on Wednesday, April 9th. 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 $221.00 million for the quarter, compared to analysts’ expectations of $225.27 million. Neogen had a positive return on equity of 2.89% and a negative net margin of 52.12%. The firm’s revenue for the quarter was down 3.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.12 EPS. As a group, sell-side analysts forecast that Neogen Co. will post 0.38 EPS for the current fiscal year.

Insider Activity

In other Neogen news, Director Aashima Gupta acquired 16,000 shares of the stock in a transaction dated Monday, May 12th. The stock was acquired at an average price of $6.25 per share, with a total value of $100,000.00. Following the completion of the purchase, the director now owns 21,917 shares in the company, valued at $136,981.25. This trade represents a 270.41% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO John Patrick Moylan acquired 10,000 shares of the stock in a transaction dated Thursday, April 10th. The stock was acquired at an average cost of $5.07 per share, with a total value of $50,700.00. Following the purchase, the chief accounting officer now owns 10,000 shares of the company’s stock, valued at approximately $50,700. This trade represents a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders acquired 83,500 shares of company stock worth $431,525 over the last three months. Insiders own 1.13% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Guggenheim reduced their price objective on shares of Neogen from $15.00 to $13.00 and set a “buy” rating on the stock in a research report on Thursday, April 10th. Piper Sandler cut their target price on shares of Neogen from $6.40 to $5.00 and set a “neutral” rating for the company in a report on Tuesday, April 22nd.

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.