Pacer Advisors Inc. Decreases Stake in Neogen Co. (NASDAQ:NEOG)

Pacer Advisors Inc. decreased its holdings in Neogen Co. (NASDAQ:NEOG) by 25.7% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 29,390 shares of the company’s stock after selling 10,167 shares during the quarter. Pacer Advisors Inc.’s holdings in Neogen were worth $357,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of NEOG. Allspring Global Investments Holdings LLC lifted its holdings in shares of Neogen by 142.6% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,982 shares of the company’s stock valued at $33,000 after acquiring an additional 1,165 shares in the last quarter. Blue Trust Inc. lifted its stake in shares of Neogen by 196.7% during the fourth quarter. Blue Trust Inc. now owns 3,368 shares of the company’s stock worth $41,000 after purchasing an additional 2,233 shares in the last quarter. Neo Ivy Capital Management acquired a new stake in shares of Neogen in the third quarter valued at about $66,000. KBC Group NV raised its holdings in shares of Neogen by 39.1% during the 4th quarter. KBC Group NV now owns 8,464 shares of the company’s stock valued at $103,000 after buying an additional 2,379 shares during the period. Finally, Marco Investment Management LLC acquired a new position in Neogen during the 3rd quarter worth approximately $169,000. 96.73% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently weighed in on NEOG. Guggenheim started coverage on shares of Neogen in a research note on Thursday, December 19th. They issued a “buy” rating and a $15.00 target price for the company. Piper Sandler restated a “neutral” rating and set a $13.00 price objective (down previously from $16.50) on shares of Neogen in a research note on Tuesday, January 21st.

Neogen Stock Performance

Shares of Neogen stock opened at $10.64 on Wednesday. The firm has a market cap of $2.31 billion, a PE ratio of -4.86 and a beta of 1.23. Neogen Co. has a 1 year low of $10.60 and a 1 year high of $18.58. The firm’s 50-day simple moving average is $12.29 and its 200-day simple moving average is $14.55. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.46 and a current ratio of 3.77.

Neogen (NASDAQ:NEOG) last released its earnings results on Friday, January 10th. The company reported $0.11 EPS for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.12. Neogen had a positive return on equity of 2.89% and a negative net margin of 52.12%. The company had revenue of $231.30 million for the quarter, compared to the consensus estimate of $227.16 million. During the same quarter last year, the business posted $0.11 EPS. Neogen’s quarterly revenue was up .7% compared to the same quarter last year. Equities analysts forecast that Neogen Co. will post 0.38 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO John Edward Adent acquired 23,035 shares of Neogen stock in a transaction that occurred on Thursday, January 16th. The stock was acquired at an average price of $11.03 per share, for a total transaction of $254,076.05. Following the transaction, the chief executive officer now directly owns 269,164 shares of the company’s stock, valued at $2,968,878.92. This trade represents a 9.36 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO David H. Naemura bought 14,800 shares of the company’s stock in a transaction on Thursday, January 16th. The stock was bought at an average cost of $11.11 per share, for a total transaction of $164,428.00. Following the completion of the transaction, the chief financial officer now directly owns 61,434 shares of the company’s stock, valued at $682,531.74. This trade represents a 31.74 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.13% of the stock is currently 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.