Brown Advisory Inc. Sells 57,886 Shares of Neogen Corporation (NASDAQ:NEOG)

Brown Advisory Inc. trimmed its holdings in shares of Neogen Corporation (NASDAQ:NEOG) by 42.3% in the first quarter, according to its most recent filing with the SEC. The firm owned 78,950 shares of the company’s stock after selling 57,886 shares during the period. Brown Advisory Inc.’s holdings in Neogen were worth $684,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in NEOG. Bank Pictet & Cie Europe AG increased its position in shares of Neogen by 6.5% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 132,000 shares of the company’s stock worth $1,602,000 after purchasing an additional 8,000 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Neogen by 2.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,061,927 shares of the company’s stock worth $25,032,000 after purchasing an additional 52,663 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Neogen during the 4th quarter worth about $2,744,000. PNC Financial Services Group Inc. increased its position in shares of Neogen by 69.8% during the 4th quarter. PNC Financial Services Group Inc. now owns 33,184 shares of the company’s stock worth $403,000 after purchasing an additional 13,639 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Neogen during the 4th quarter worth about $503,000. Institutional investors and hedge funds own 96.73% of the company’s stock.

Insider Activity at Neogen

In other Neogen news, Director Aashima Gupta purchased 16,000 shares of the stock in a transaction dated Monday, May 12th. The stock was bought at an average price of $6.25 per share, for a total transaction of $100,000.00. Following the transaction, the director directly owned 21,917 shares in the company, valued at $136,981.25. This represents a 270.41% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director James C. Borel purchased 35,000 shares of the stock in a transaction dated Thursday, April 24th. The shares were acquired at an average price of $4.89 per share, with a total value of $171,150.00. Following the transaction, the director owned 60,474 shares in the company, valued at $295,717.86. This trade represents a 137.39% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 73,500 shares of company stock worth $380,825. 1.13% of the stock is owned by insiders.

Neogen Trading Down 3.2%

NEOG opened at $5.22 on Tuesday. The company has a current ratio of 3.91, a quick ratio of 2.45 and a debt-to-equity ratio of 0.33. The stock has a market capitalization of $1.13 billion, a PE ratio of -2.34 and a beta of 1.77. Neogen Corporation has a 1-year low of $3.87 and a 1-year high of $18.58. The firm has a 50-day moving average price of $5.61 and a two-hundred day moving average price of $8.00.

Analyst Upgrades and Downgrades

NEOG has been the subject of a number of recent analyst reports. Guggenheim dropped their target price on shares of Neogen from $13.00 to $10.00 and set a “buy” rating for the company in a research report on Monday, June 30th. Piper Sandler lowered their price objective on shares of Neogen from $6.40 to $5.00 and set a “neutral” rating for the company in a research report on Tuesday, April 22nd.

Neogen 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.