Amalgamated Bank Trims Position in Neogen Co. (NASDAQ:NEOG)

Amalgamated Bank cut its holdings in shares of Neogen Co. (NASDAQ:NEOG) by 7.9% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 88,868 shares of the company’s stock after selling 7,622 shares during the period. Amalgamated Bank’s holdings in Neogen were worth $1,494,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. QRG Capital Management Inc. increased its stake in shares of Neogen by 26.7% during the third quarter. QRG Capital Management Inc. now owns 19,223 shares of the company’s stock valued at $323,000 after buying an additional 4,049 shares during the period. Harbor Capital Advisors Inc. raised its holdings in Neogen by 148.0% in the third quarter. Harbor Capital Advisors Inc. now owns 987,008 shares of the company’s stock worth $16,592,000 after purchasing an additional 588,962 shares in the last quarter. Conestoga Capital Advisors LLC raised its holdings in Neogen by 24.5% in the third quarter. Conestoga Capital Advisors LLC now owns 8,706,224 shares of the company’s stock worth $146,352,000 after purchasing an additional 1,711,238 shares in the last quarter. Stephens Inc. AR raised its holdings in Neogen by 2.6% in the third quarter. Stephens Inc. AR now owns 35,930 shares of the company’s stock worth $604,000 after purchasing an additional 909 shares in the last quarter. Finally, Stephens Investment Management Group LLC raised its holdings in Neogen by 2.1% in the third quarter. Stephens Investment Management Group LLC now owns 2,606,121 shares of the company’s stock worth $43,809,000 after purchasing an additional 52,522 shares in the last quarter. 96.73% of the stock is owned by hedge funds and other institutional investors.

Neogen Price Performance

Shares of NASDAQ:NEOG opened at $15.34 on Wednesday. Neogen Co. has a 1-year low of $11.46 and a 1-year high of $20.89. The company has a debt-to-equity ratio of 0.28, a current ratio of 4.41 and a quick ratio of 2.79. The business has a fifty day moving average price of $15.35 and a 200-day moving average price of $15.42. The company has a market capitalization of $3.32 billion, a PE ratio of -139.45 and a beta of 1.23.

Neogen (NASDAQ:NEOG) last issued its quarterly earnings results on Thursday, October 10th. The company reported $0.07 earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.03). Neogen had a negative net margin of 2.58% and a positive return on equity of 2.80%. The company had revenue of $217.00 million for the quarter, compared to the consensus estimate of $215.05 million. During the same quarter in the previous year, the business earned $0.11 earnings per share. Neogen’s revenue was down 5.2% compared to the same quarter last year. As a group, equities analysts expect that Neogen Co. will post 0.5 EPS for the current fiscal year.

Insider Activity

In related news, CEO John Edward Adent purchased 14,500 shares of Neogen stock in a transaction dated Friday, October 11th. The stock was purchased at an average cost of $13.80 per share, for a total transaction 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 acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.13% of the company’s stock.

Wall Street Analyst Weigh In

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