Fifth Third Bancorp Sells 22,214 Shares of Neogen Corporation (NASDAQ:NEOG)

Fifth Third Bancorp trimmed its holdings in shares of Neogen Corporation (NASDAQ:NEOG) by 65.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,513 shares of the company’s stock after selling 22,214 shares during the quarter. Fifth Third Bancorp’s holdings in Neogen were worth $100,000 at the end of the most recent reporting period.

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

Neogen Stock Performance

Neogen stock opened at $4.99 on Friday. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.91 and a quick ratio of 2.45. Neogen Corporation has a 1-year low of $3.87 and a 1-year high of $18.58. The firm has a market capitalization of $1.08 billion, a P/E ratio of -2.24 and a beta of 1.84. The company’s 50-day moving average is $5.58 and its 200 day moving average is $8.87.

Neogen (NASDAQ:NEOG) last posted its quarterly earnings data on Wednesday, April 9th. The company reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.02). The firm had revenue of $221.00 million during the quarter, compared to analysts’ expectations of $225.27 million. Neogen had a positive return on equity of 2.69% and a negative net margin of 53.56%. The business’s revenue for the quarter was down 3.4% compared to the same quarter last year. During the same period last year, the company earned $0.12 earnings per share. Research analysts forecast that Neogen Corporation will post 0.38 EPS for the current year.

Insider Transactions at Neogen

In related news, Director James P. Tobin bought 10,000 shares of Neogen stock in a transaction dated Tuesday, April 22nd. The shares were acquired at an average cost of $4.73 per share, with a total value of $47,300.00. Following the completion of the transaction, the director now owns 37,474 shares in the company, valued at $177,252.02. The trade was a 36.40% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Aashima Gupta acquired 16,000 shares of the company’s stock in a transaction dated Monday, May 12th. The shares were acquired at an average price of $6.25 per share, for a total transaction of $100,000.00. Following the completion of the purchase, the director now owns 21,917 shares of the company’s stock, valued at approximately $136,981.25. This represents a 270.41% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 83,500 shares of company stock valued at $431,525. 1.13% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

NEOG has been the topic of a number of recent analyst reports. Piper Sandler reduced their price objective on shares of Neogen from $6.40 to $5.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 22nd. 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.

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.