New York State Teachers Retirement System Grows Stake in Neogen Co. (NASDAQ:NEOG)

New York State Teachers Retirement System raised its holdings in Neogen Co. (NASDAQ:NEOG) by 2.5% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 140,005 shares of the company’s stock after buying an additional 3,430 shares during the quarter. New York State Teachers Retirement System owned about 0.06% of Neogen worth $2,353,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Covestor Ltd boosted its holdings in Neogen by 173.2% in the first quarter. Covestor Ltd now owns 1,970 shares of the company’s stock valued at $31,000 after acquiring an additional 1,249 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of Neogen by 142.6% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,982 shares of the company’s stock worth $33,000 after purchasing an additional 1,165 shares during the period. Innealta Capital LLC bought a new stake in shares of Neogen during the 2nd quarter valued at about $46,000. Headlands Technologies LLC increased its position in shares of Neogen by 264.1% during the second quarter. Headlands Technologies LLC now owns 3,397 shares of the company’s stock valued at $53,000 after buying an additional 2,464 shares during the period. Finally, Family Firm Inc. bought a new position in Neogen in the second quarter worth about $90,000. 96.73% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

NEOG has been the topic of several research reports. Piper Sandler lifted their price objective 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 upgraded Neogen to a “sell” rating in a research report on Monday, September 30th.

Neogen Stock Up 1.0 %

Shares of Neogen stock opened at $15.78 on Friday. Neogen Co. has a 1 year low of $11.46 and a 1 year high of $20.89. The firm has a market cap of $3.42 billion, a price-to-earnings ratio of -143.45 and a beta of 1.23. The company has a 50-day moving average of $15.40 and a 200 day moving average of $15.29. The company has a debt-to-equity ratio of 0.28, a current ratio of 4.41 and a quick ratio of 2.79.

Neogen (NASDAQ:NEOG) last released its earnings results on Thursday, October 10th. The company reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.03). The business had revenue of $217.00 million for the quarter, compared to analysts’ expectations of $215.05 million. Neogen had a negative net margin of 2.58% and a positive return on equity of 2.80%. Neogen’s revenue for the quarter was down 5.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.11 earnings per share. As a group, sell-side analysts anticipate that Neogen Co. will post 0.52 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO John Edward Adent purchased 14,500 shares of Neogen stock in a transaction dated Friday, October 11th. The stock was purchased at an average cost of $13.80 per share, for a total transaction of $200,100.00. Following the completion of the acquisition, the chief executive officer now directly owns 216,477 shares of the company’s stock, valued at $2,987,382.60. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.13% of the company’s stock.

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.