Public Employees Retirement Association of Colorado Reduces Stake in Neogen Co. (NASDAQ:NEOG)

Public Employees Retirement Association of Colorado cut its position in Neogen Co. (NASDAQ:NEOG) by 0.2% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 658,532 shares of the company’s stock after selling 1,073 shares during the period. Public Employees Retirement Association of Colorado’s holdings in Neogen were worth $10,293,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in NEOG. Covestor Ltd boosted its holdings in Neogen by 173.2% in the 1st quarter. Covestor Ltd now owns 1,970 shares of the company’s stock worth $31,000 after buying an additional 1,249 shares during the period. Innealta Capital LLC bought a new stake in Neogen in the 2nd quarter worth approximately $46,000. Headlands Technologies LLC raised its position in Neogen by 264.1% in the 2nd quarter. Headlands Technologies LLC now owns 3,397 shares of the company’s stock worth $53,000 after purchasing an additional 2,464 shares during the period. Family Firm Inc. purchased a new stake in Neogen during the 2nd quarter valued at about $90,000. Finally, Quantum Private Wealth LLC bought a new position in shares of Neogen in the second quarter worth approximately $156,000. Hedge funds and other institutional investors own 96.73% of the company’s stock.

Insider Activity

In related news, Director James P. Tobin acquired 3,000 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The stock was purchased at an average cost of $16.86 per share, with a total value of $50,580.00. Following the completion of the acquisition, the director now directly owns 23,392 shares of the company’s stock, valued at $394,389.12. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.71% of the company’s stock.

Neogen Price Performance

Shares of NEOG opened at $17.46 on Friday. The firm’s 50-day simple moving average is $16.63 and its two-hundred day simple moving average is $15.19. Neogen Co. has a fifty-two week low of $11.46 and a fifty-two week high of $20.89. The stock has a market cap of $3.78 billion, a PE ratio of 1,746.00 and a beta of 1.21. The company has a debt-to-equity ratio of 0.28, a quick ratio of 2.59 and a current ratio of 3.82.

Neogen (NASDAQ:NEOG) last announced its quarterly earnings results on Tuesday, July 30th. The company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.02). The firm had revenue of $236.80 million during the quarter, compared to the consensus estimate of $225.83 million. Neogen had a positive return on equity of 3.09% and a negative net margin of 1.02%. The business’s revenue for the quarter was down 2.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.14 EPS. Analysts anticipate that Neogen Co. will post 0.54 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

NEOG has been the subject of a number of recent analyst reports. Piper Sandler upped their price target on Neogen from $17.00 to $17.50 and gave the company a “neutral” rating in a research report on Tuesday, August 6th. StockNews.com raised shares of Neogen to a “sell” rating in a research note on Friday, September 13th.

About Neogen

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.