Raymond James Financial Inc. Takes $2.74 Million Position in Neogen Co. (NASDAQ:NEOG)

Raymond James Financial Inc. acquired a new position in Neogen Co. (NASDAQ:NEOG) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 226,030 shares of the company’s stock, valued at approximately $2,744,000.

A number of other hedge funds have also bought and sold shares of the business. Fred Alger Management LLC boosted its holdings in shares of Neogen by 86.5% in the third quarter. Fred Alger Management LLC now owns 3,986,744 shares of the company’s stock worth $67,017,000 after acquiring an additional 1,849,427 shares during the period. American Capital Management Inc. lifted its holdings in Neogen by 36.5% during the 3rd quarter. American Capital Management Inc. now owns 3,414,700 shares of the company’s stock worth $57,401,000 after purchasing an additional 913,604 shares in the last quarter. Harbor Capital Advisors Inc. boosted its stake in Neogen by 32.1% in the 4th quarter. Harbor Capital Advisors Inc. now owns 1,303,465 shares of the company’s stock worth $15,824,000 after purchasing an additional 316,457 shares during the period. State Street Corp grew its holdings in Neogen by 3.1% during the 3rd quarter. State Street Corp now owns 7,932,192 shares of the company’s stock valued at $133,340,000 after buying an additional 236,762 shares in the last quarter. Finally, Franklin Resources Inc. increased its position in shares of Neogen by 33.9% during the third quarter. Franklin Resources Inc. now owns 923,918 shares of the company’s stock valued at $15,531,000 after buying an additional 233,796 shares during the period. 96.73% of the stock is currently owned by hedge funds and other institutional investors.

Neogen Price Performance

Shares of NASDAQ NEOG opened at $8.64 on Friday. The firm has a market capitalization of $1.87 billion, a P/E ratio of -3.95 and a beta of 1.27. The company has a quick ratio of 2.46, a current ratio of 3.77 and a debt-to-equity ratio of 0.33. The stock’s 50-day simple moving average is $10.14 and its two-hundred day simple moving average is $12.76. Neogen Co. has a twelve month low of $8.31 and a twelve month high of $18.58.

Neogen (NASDAQ:NEOG) last announced its earnings results on Friday, January 10th. The company reported $0.11 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.12. Neogen had a negative net margin of 52.12% and a positive return on equity of 2.89%. The business had revenue of $231.30 million for the quarter, compared to the consensus estimate of $227.16 million. During the same period last year, the firm posted $0.11 earnings per share. Neogen’s quarterly revenue was up .7% on a year-over-year basis. As a group, equities analysts anticipate that Neogen Co. will post 0.38 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have recently commented on NEOG. Guggenheim began coverage on shares of Neogen in a research report on Thursday, December 19th. They issued a “buy” rating and a $15.00 price objective for the company. Piper Sandler reiterated a “neutral” rating and issued a $13.00 target price (down from $16.50) on shares of Neogen in a research note on Tuesday, January 21st.

Insider Transactions at Neogen

In other news, CEO John Edward Adent acquired 23,035 shares of the firm’s stock in a transaction that occurred on Thursday, January 16th. The shares were bought at an average cost of $11.03 per share, with a total value of $254,076.05. Following the acquisition, the chief executive officer now owns 269,164 shares in the company, valued at approximately $2,968,878.92. This represents a 9.36 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO David H. Naemura bought 14,800 shares of the business’s stock in a transaction on Thursday, January 16th. The stock was purchased at an average cost of $11.11 per share, with a total value of $164,428.00. Following the purchase, the chief financial officer now owns 61,434 shares of the company’s stock, valued at $682,531.74. This represents a 31.74 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.13% of the stock is currently owned by insiders.

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.