Procyon Advisors LLC Grows Stock Holdings in Neogen Co. (NASDAQ:NEOG)

Procyon Advisors LLC raised its position in Neogen Co. (NASDAQ:NEOG) by 21.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 29,046 shares of the company’s stock after acquiring an additional 5,208 shares during the quarter. Procyon Advisors LLC’s holdings in Neogen were worth $488,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Covestor Ltd increased its position in shares of Neogen by 173.2% in the first quarter. Covestor Ltd now owns 1,970 shares of the company’s stock valued at $31,000 after acquiring an additional 1,249 shares during the period. Innealta Capital LLC bought a new stake in shares of Neogen during the 2nd quarter valued at about $46,000. Headlands Technologies LLC boosted its stake in shares of Neogen by 264.1% during the 2nd 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 in the last quarter. Family Firm Inc. bought a new stake in shares of Neogen during the 2nd quarter valued at about $90,000. Finally, Quantum Private Wealth LLC bought a new stake in shares of Neogen during the 2nd quarter valued at about $156,000. Hedge funds and other institutional investors own 96.73% of the company’s stock.

Neogen Stock Up 5.1 %

Shares of Neogen stock opened at $14.73 on Wednesday. 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 stock has a market capitalization of $3.19 billion, a PE ratio of 1,473.00 and a beta of 1.21. Neogen Co. has a 52-week low of $11.46 and a 52-week high of $20.89. The company has a 50-day simple moving average of $16.14 and a two-hundred day simple moving average of $15.17.

Neogen (NASDAQ:NEOG) last issued its earnings results on Thursday, October 10th. The company reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.03). The firm had revenue of $217.00 million during the quarter, compared to analysts’ expectations of $215.05 million. Neogen had a positive return on equity of 3.09% and a negative net margin of 1.02%. The firm’s quarterly revenue was down 5.2% on a year-over-year basis. During the same period last year, the firm posted $0.11 earnings per share. On average, analysts anticipate that Neogen Co. will post 0.54 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO John Edward Adent bought 14,500 shares of the firm’s stock in a transaction on Friday, October 11th. The stock was acquired at an average cost of $13.80 per share, with a total value of $200,100.00. Following the completion of the acquisition, the chief executive officer now owns 216,477 shares of the company’s stock, valued at approximately $2,987,382.60. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director James P. Tobin acquired 3,000 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The stock was purchased 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 directly owns 23,392 shares of the company’s stock, valued at approximately $394,389.12. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO John Edward Adent acquired 14,500 shares of the firm’s stock in a transaction dated Friday, October 11th. The shares were bought at an average cost 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 of the company’s stock, valued at $2,987,382.60. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 0.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on NEOG. 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 research note on Tuesday, August 6th. StockNews.com raised shares of Neogen to a “sell” rating in a research note on Monday, September 30th.

Neogen Company 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.