Neogen Co. (NASDAQ:NEOG) Shares Sold by Bridgewater Associates LP

Bridgewater Associates LP lessened its holdings in shares of Neogen Co. (NASDAQ:NEOG) by 12.4% during the 3rd quarter, Holdings Channel.com reports. The fund owned 33,524 shares of the company’s stock after selling 4,759 shares during the period. Bridgewater Associates LP’s holdings in Neogen were worth $564,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Neogen during the 2nd quarter worth approximately $5,714,000. Oppenheimer Asset Management Inc. grew its holdings in shares of Neogen by 39.8% during the second quarter. Oppenheimer Asset Management Inc. now owns 103,611 shares of the company’s stock worth $1,619,000 after purchasing an additional 29,489 shares during the last quarter. William Blair Investment Management LLC grew its holdings in shares of Neogen by 64.7% during the second quarter. William Blair Investment Management LLC now owns 12,013,072 shares of the company’s stock worth $187,764,000 after purchasing an additional 4,717,696 shares during the last quarter. Shapiro Capital Management LLC acquired a new stake in shares of Neogen during the second quarter worth about $31,087,000. Finally, Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Neogen in the 2nd quarter valued at about $560,000. Hedge funds and other institutional investors own 96.73% of the company’s stock.

Neogen Stock Performance

NASDAQ NEOG opened at $13.77 on Tuesday. The firm has a market cap of $2.98 billion, a P/E ratio of -128.91 and a beta of 1.23. Neogen Co. has a 52-week low of $11.46 and a 52-week high of $20.89. The business’s 50-day moving average price is $14.96 and its 200 day moving average price is $15.62. The company has a quick ratio of 2.79, a current ratio of 4.41 and a debt-to-equity ratio of 0.28.

Neogen (NASDAQ:NEOG) last announced its earnings results on Thursday, October 10th. The company reported $0.07 earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.03). Neogen had a negative net margin of 2.58% and a positive return on equity of 2.80%. The company had revenue of $217.00 million during the quarter, compared to analysts’ expectations of $215.05 million. During the same quarter last year, the business posted $0.11 earnings per share. The company’s revenue for the quarter was down 5.2% compared to the same quarter last year. On average, equities research analysts expect that Neogen Co. will post 0.5 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have commented on NEOG shares. StockNews.com raised Neogen to a “sell” rating in a research report on Monday, September 30th. Piper Sandler lifted their target price on shares of Neogen from $17.00 to $17.50 and gave the company a “neutral” rating in a report on Tuesday, August 6th.

Insider Buying and Selling at Neogen

In other news, CEO John Edward Adent bought 14,500 shares of the stock in a transaction dated Friday, October 11th. The shares were acquired at an average price of $13.80 per share, with a total value of $200,100.00. Following the completion of the acquisition, the chief executive officer now directly owns 216,477 shares in the company, valued at approximately $2,987,382.60. The trade was a 7.18 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.13% of the stock is currently owned by corporate insiders.

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.