Zions Bancorporation N.A. Grows Stock Position in Neogen Co. (NASDAQ:NEOG)

Zions Bancorporation N.A. boosted its holdings in Neogen Co. (NASDAQ:NEOG) by 22.4% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 82,045 shares of the company’s stock after acquiring an additional 15,008 shares during the period. Zions Bancorporation N.A.’s holdings in Neogen were worth $1,282,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the business. Covestor Ltd grew 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 purchasing an additional 1,249 shares during the last quarter. Innealta Capital LLC purchased a new stake in Neogen in the 2nd quarter valued at approximately $46,000. Headlands Technologies LLC increased its position in Neogen by 264.1% during the second quarter. Headlands Technologies LLC now owns 3,397 shares of the company’s stock worth $53,000 after buying an additional 2,464 shares in the last quarter. Family Firm Inc. purchased a new position in Neogen during the second quarter worth $90,000. Finally, Quantum Private Wealth LLC purchased a new stake in shares of Neogen in the second quarter valued at $156,000. 96.73% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Piper Sandler boosted 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 Friday.

Neogen Stock Up 4.1 %

Shares of NASDAQ:NEOG opened at $16.13 on Friday. Neogen Co. has a 12-month low of $11.46 and a 12-month high of $21.88. The stock’s 50-day moving average price is $16.47 and its two-hundred day moving average price is $15.21. The company has a current ratio of 3.82, a quick ratio of 2.59 and a debt-to-equity ratio of 0.28. The firm has a market cap of $3.49 billion, a price-to-earnings ratio of 1,613.00 and a beta of 1.21.

Neogen (NASDAQ:NEOG) last released its 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). The company had revenue of $236.80 million during the quarter, compared to analysts’ expectations of $225.83 million. Neogen had a negative net margin of 1.02% and a positive return on equity of 3.09%. Neogen’s revenue for the quarter was down 2.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.14 earnings per share. On average, research analysts forecast that Neogen Co. will post 0.54 EPS for the current year.

Insider Buying and Selling

In other Neogen news, Director James P. Tobin bought 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The stock was purchased at an average price of $16.86 per share, with a total value of $50,580.00. Following the transaction, the director now owns 23,392 shares in the company, valued at $394,389.12. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.71% of the company’s stock.

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.