Teacher Retirement System of Texas Acquires New Stake in Neogen Corporation (NASDAQ:NEOG)

Teacher Retirement System of Texas acquired a new stake in shares of Neogen Corporation (NASDAQ:NEOG) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 30,128 shares of the company’s stock, valued at approximately $261,000.

A number of other large investors have also made changes to their positions in NEOG. Covestor Ltd lifted its position in Neogen by 41.4% during the fourth quarter. Covestor Ltd now owns 4,103 shares of the company’s stock worth $50,000 after buying an additional 1,202 shares during the period. CHICAGO TRUST Co NA lifted its position in Neogen by 19.1% during the first quarter. CHICAGO TRUST Co NA now owns 12,498 shares of the company’s stock worth $108,000 after buying an additional 2,000 shares during the period. Ascent Group LLC lifted its position in Neogen by 17.8% during the fourth quarter. Ascent Group LLC now owns 14,340 shares of the company’s stock worth $174,000 after buying an additional 2,165 shares during the period. Harbour Investments Inc. purchased a new position in Neogen during the fourth quarter worth about $27,000. Finally, Commonwealth Equity Services LLC lifted its position in Neogen by 6.1% during the fourth quarter. Commonwealth Equity Services LLC now owns 39,263 shares of the company’s stock worth $477,000 after buying an additional 2,267 shares during the period. Institutional investors and hedge funds own 96.73% of the company’s stock.

Insider Buying and Selling

In other Neogen news, Director Aashima Gupta bought 16,000 shares of the business’s stock in a transaction on Monday, May 12th. The shares were purchased at an average price of $6.25 per share, with a total value of $100,000.00. Following the purchase, the director directly owned 21,917 shares of the company’s stock, valued at approximately $136,981.25. The trade was a 270.41% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director James P. Tobin bought 10,000 shares of the business’s stock in a transaction on Tuesday, April 22nd. The shares were acquired at an average cost of $4.73 per share, for a total transaction of $47,300.00. Following the purchase, the director directly owned 37,474 shares in the company, valued at $177,252.02. This represents a 36.40% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 73,500 shares of company stock worth $380,825. Company insiders own 1.13% of the company’s stock.

Neogen Price Performance

Shares of NEOG opened at $4.74 on Friday. The firm has a market cap of $1.03 billion, a price-to-earnings ratio of -2.13 and a beta of 1.77. The stock has a 50 day moving average of $5.52 and a 200-day moving average of $7.77. The company has a current ratio of 3.91, a quick ratio of 2.45 and a debt-to-equity ratio of 0.33. Neogen Corporation has a 52 week low of $3.87 and a 52 week high of $18.58.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Guggenheim cut their price objective on Neogen from $13.00 to $10.00 and set a “buy” rating on the stock in a report on Monday, June 30th. Piper Sandler dropped their target price on Neogen from $6.40 to $5.00 and set a “neutral” rating on the stock in a 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.