Van ECK Associates Corp Sells 13,220 Shares of Neogen Co. (NASDAQ:NEOG)

Van ECK Associates Corp cut its stake in shares of Neogen Co. (NASDAQ:NEOG) by 3.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 406,523 shares of the company’s stock after selling 13,220 shares during the quarter. Van ECK Associates Corp owned approximately 0.19% of Neogen worth $6,354,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of NEOG. Commonwealth Equity Services LLC boosted its holdings in Neogen by 3.4% in the second quarter. Commonwealth Equity Services LLC now owns 36,630 shares of the company’s stock worth $573,000 after acquiring an additional 1,190 shares in the last quarter. Peregrine Capital Management LLC raised its position in shares of Neogen by 1.3% during the second quarter. Peregrine Capital Management LLC now owns 571,724 shares of the company’s stock worth $8,936,000 after purchasing an additional 7,424 shares during the period. Innealta Capital LLC bought a new position in shares of Neogen in the 2nd quarter worth $46,000. Conestoga Capital Advisors LLC grew its position in Neogen by 1.9% in the 2nd quarter. Conestoga Capital Advisors LLC now owns 6,994,986 shares of the company’s stock valued at $109,332,000 after purchasing an additional 129,945 shares during the period. Finally, Legato Capital Management LLC grew its position in Neogen by 20.3% in the 2nd quarter. Legato Capital Management LLC now owns 64,527 shares of the company’s stock valued at $1,009,000 after purchasing an additional 10,901 shares during the period. 96.73% of the stock is currently owned by institutional investors and hedge funds.

Neogen Stock Down 6.7 %

Shares of NASDAQ:NEOG opened at $16.10 on Wednesday. The business’s 50 day moving average is $16.44 and its 200 day moving average is $15.26. Neogen Co. has a 12-month low of $11.46 and a 12-month high of $23.27. The stock has a market cap of $3.49 billion, a price-to-earnings ratio of 1,611.61 and a beta of 1.20. The company has a quick ratio of 2.59, a current ratio of 3.82 and a debt-to-equity ratio of 0.28.

Neogen (NASDAQ:NEOG) last posted its quarterly earnings data 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 for the quarter, compared to analysts’ expectations of $225.83 million. Neogen had a positive return on equity of 3.09% and a negative net margin of 1.02%. Neogen’s revenue was down 2.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.14 earnings per share. On average, sell-side analysts forecast that Neogen Co. will post 0.54 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director James P. Tobin bought 3,000 shares of the company’s stock in a transaction on Tuesday, August 6th. The shares were purchased at an average price of $16.86 per share, with a total value of $50,580.00. Following the transaction, the director now directly owns 23,392 shares in the company, valued at $394,389.12. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. 0.71% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Piper Sandler raised their price objective on shares of Neogen from $17.00 to $17.50 and gave the company a “neutral” rating in a research note on Tuesday, August 6th. StockNews.com raised shares of Neogen to a “sell” rating in a research report on Wednesday.

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.