Argent Trust Co Acquires New Shares in Neogen Co. (NASDAQ:NEOG)

Argent Trust Co bought a new position in shares of Neogen Co. (NASDAQ:NEOG) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 25,799 shares of the company’s stock, valued at approximately $403,000.

A number of other institutional investors have also added to or reduced their stakes in the business. Covestor Ltd boosted its stake in shares of Neogen by 173.2% during the first quarter. Covestor Ltd now owns 1,970 shares of the company’s stock valued at $31,000 after purchasing an additional 1,249 shares in the last quarter. Innealta Capital LLC bought a new stake in Neogen during the second quarter valued at about $46,000. Headlands Technologies LLC grew its stake in Neogen by 264.1% in the second quarter. Headlands Technologies LLC now owns 3,397 shares of the company’s stock valued at $53,000 after purchasing an additional 2,464 shares during the last quarter. Family Firm Inc. bought a new position in Neogen in the second quarter worth about $90,000. Finally, Quantum Private Wealth LLC purchased a new stake in shares of Neogen during the second quarter valued at about $156,000. Hedge funds and other institutional investors own 96.73% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Piper Sandler lifted their price objective on shares of Neogen from $17.00 to $17.50 and gave the stock a “neutral” rating in a research report on Tuesday, August 6th. StockNews.com upgraded Neogen to a “sell” rating in a report on Friday, September 13th.

Insiders Place Their Bets

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

Neogen Price Performance

Shares of NEOG stock opened at $17.46 on Friday. Neogen Co. has a fifty-two week low of $11.46 and a fifty-two week high of $20.89. The company has a debt-to-equity ratio of 0.28, a quick ratio of 2.59 and a current ratio of 3.82. The firm has a market capitalization of $3.78 billion, a price-to-earnings ratio of 1,746.00 and a beta of 1.21. The stock’s 50-day simple moving average is $16.61 and its 200-day simple moving average is $15.20.

Neogen (NASDAQ:NEOG) last issued its quarterly earnings results 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). Neogen had a negative net margin of 1.02% and a positive return on equity of 3.09%. The company had revenue of $236.80 million for the quarter, compared to analyst estimates of $225.83 million. During the same quarter in the previous year, the company posted $0.14 EPS. The company’s revenue for the quarter was down 2.1% compared to the same quarter last year. As a group, equities analysts forecast that Neogen Co. will post 0.54 earnings per share for the current fiscal year.

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.