Bank of New York Mellon Corp Sells 87,625 Shares of Neogen Corporation (NASDAQ:NEOG)

Bank of New York Mellon Corp lessened its holdings in shares of Neogen Corporation (NASDAQ:NEOG) by 5.6% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,477,998 shares of the company’s stock after selling 87,625 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.68% of Neogen worth $12,814,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in NEOG. Harbour Investments Inc. acquired a new position in shares of Neogen during the 4th quarter valued at about $27,000. Versant Capital Management Inc lifted its holdings in Neogen by 1,495.4% in the 1st quarter. Versant Capital Management Inc now owns 3,127 shares of the company’s stock worth $27,000 after purchasing an additional 2,931 shares during the last quarter. Johnson Financial Group Inc. bought a new stake in Neogen during the fourth quarter worth approximately $43,000. Covestor Ltd grew its holdings in Neogen by 41.4% during the fourth quarter. Covestor Ltd now owns 4,103 shares of the company’s stock valued at $50,000 after purchasing an additional 1,202 shares during the last quarter. Finally, KBC Group NV raised its position in shares of Neogen by 44.1% in the first quarter. KBC Group NV now owns 12,198 shares of the company’s stock valued at $106,000 after purchasing an additional 3,734 shares during the period. 96.73% of the stock is currently owned by institutional investors and hedge funds.

Neogen Stock Performance

Neogen stock opened at $4.74 on Monday. The firm has a market capitalization of $1.03 billion, a P/E ratio of -2.13 and a beta of 1.77. The stock has a fifty day moving average price of $5.52 and a two-hundred day moving average price of $7.74. Neogen Corporation has a 52-week low of $3.87 and a 52-week high of $18.58. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.91 and a quick ratio of 2.45.

Insider Activity at Neogen

In other news, Director James P. Tobin purchased 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 22nd. The shares were acquired at an average price of $4.73 per share, for a total transaction of $47,300.00. Following the completion of the acquisition, the director directly owned 37,474 shares in the company, valued at approximately $177,252.02. The trade was a 36.40% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Amy M. Rocklin acquired 12,500 shares of the company’s stock in a transaction on Wednesday, April 23rd. The shares were purchased at an average cost of $4.99 per share, with a total value of $62,375.00. Following the completion of the acquisition, the insider directly owned 36,287 shares in the company, valued at approximately $181,072.13. The trade was a 52.55% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 73,500 shares of company stock worth $380,825 in the last 90 days. Corporate insiders own 1.13% of the company’s stock.

Analysts Set New Price Targets

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

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.