Oppenheimer Asset Management Inc. Boosts Stake in Neogen Co. (NASDAQ:NEOG)

Oppenheimer Asset Management Inc. increased its position in shares of Neogen Co. (NASDAQ:NEOG) by 39.8% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 103,611 shares of the company’s stock after buying an additional 29,489 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Neogen were worth $1,619,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Northwest Investment Counselors LLC boosted its holdings in shares of Neogen by 1.1% in the first quarter. Northwest Investment Counselors LLC now owns 71,621 shares of the company’s stock valued at $1,130,000 after acquiring an additional 809 shares during the period. Bessemer Group Inc. increased its stake in Neogen by 1.2% in the first quarter. Bessemer Group Inc. now owns 73,920 shares of the company’s stock valued at $1,166,000 after purchasing an additional 851 shares during the period. Retirement Systems of Alabama raised its holdings in shares of Neogen by 0.4% in the first quarter. Retirement Systems of Alabama now owns 247,423 shares of the company’s stock valued at $3,904,000 after buying an additional 889 shares during the last quarter. Arizona State Retirement System boosted its stake in shares of Neogen by 1.9% during the second quarter. Arizona State Retirement System now owns 57,609 shares of the company’s stock worth $900,000 after buying an additional 1,079 shares during the period. Finally, State of Michigan Retirement System grew its holdings in shares of Neogen by 2.3% during the first quarter. State of Michigan Retirement System now owns 48,353 shares of the company’s stock worth $763,000 after buying an additional 1,100 shares during the last quarter. Institutional investors and hedge funds own 96.73% of the company’s stock.

Neogen Stock Up 2.2 %

Shares of NASDAQ NEOG opened at $17.24 on Thursday. The company has a quick ratio of 2.59, a current ratio of 3.82 and a debt-to-equity ratio of 0.28. The firm has a 50-day moving average price of $16.54 and a 200 day moving average price of $15.17. Neogen Co. has a 52 week low of $11.46 and a 52 week high of $20.89. The stock has a market capitalization of $3.73 billion, a price-to-earnings ratio of 1,724.00 and a beta of 1.21.

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

Analysts Set New Price Targets

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

Insider Buying and Selling at Neogen

In other news, Director James P. Tobin purchased 3,000 shares of the business’s stock in a transaction dated Tuesday, August 6th. The stock was acquired at an average price of $16.86 per share, with a total value of $50,580.00. Following the purchase, the director now directly owns 23,392 shares of the company’s stock, valued at approximately $394,389.12. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.71% of the stock is owned by corporate 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.