Procyon Advisors LLC Purchases 6,467 Shares of Neogen Co. (NASDAQ:NEOG)

Procyon Advisors LLC grew its position in shares of Neogen Co. (NASDAQ:NEOG) by 22.3% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 35,513 shares of the company’s stock after buying an additional 6,467 shares during the quarter. Procyon Advisors LLC’s holdings in Neogen were worth $431,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Allspring Global Investments Holdings LLC lifted its holdings in Neogen by 142.6% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,982 shares of the company’s stock worth $33,000 after acquiring an additional 1,165 shares during the period. Neo Ivy Capital Management purchased a new stake in shares of Neogen during the 3rd quarter valued at $66,000. Marco Investment Management LLC bought a new stake in shares of Neogen during the 3rd quarter worth $169,000. Raymond James Trust N.A. purchased a new position in shares of Neogen in the 3rd quarter worth about $182,000. Finally, International Assets Investment Management LLC increased its holdings in Neogen by 1,581.0% during the third quarter. International Assets Investment Management LLC now owns 11,666 shares of the company’s stock worth $196,000 after buying an additional 10,972 shares during the last quarter. Hedge funds and other institutional investors own 96.73% of the company’s stock.

Insider Transactions at Neogen

In other news, CEO John Edward Adent purchased 23,035 shares of Neogen stock in a transaction dated Thursday, January 16th. The stock was purchased at an average cost 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 approximately $2,968,878.92. This trade represents a 9.36 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO David H. Naemura acquired 14,800 shares of the stock in a transaction that occurred on Thursday, January 16th. The stock was acquired at an average price of $11.11 per share, for a total transaction of $164,428.00. Following the transaction, the chief financial officer now directly owns 61,434 shares of the company’s stock, valued at $682,531.74. This represents a 31.74 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 1.13% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the stock. Guggenheim started coverage on shares of Neogen in a research report on Thursday, December 19th. They set a “buy” rating and a $15.00 target price for the company. StockNews.com raised Neogen to a “sell” rating in a report on Monday, September 30th.

Neogen Trading Down 0.3 %

Shares of Neogen stock opened at $11.56 on Friday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 2.79 and a current ratio of 4.41. The stock has a market capitalization of $2.51 billion, a P/E ratio of -5.28 and a beta of 1.23. Neogen Co. has a 52-week low of $10.72 and a 52-week high of $18.58. The stock’s 50-day simple moving average is $13.14 and its 200 day simple moving average is $14.94.

Neogen (NASDAQ:NEOG) last announced its quarterly earnings results on Friday, January 10th. The company reported $0.11 EPS for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.12. Neogen had a negative net margin of 2.58% and a positive return on equity of 2.80%. The company had revenue of $231.30 million for the quarter, compared to analysts’ expectations of $227.16 million. During the same period in the prior year, the company posted $0.11 EPS. Neogen’s revenue was up .7% compared to the same quarter last year. As a group, research analysts anticipate that Neogen Co. will post 0.5 EPS for the current year.

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.