Hardy Reed LLC Purchases New Position in Neogen Co. (NASDAQ:NEOG)

Hardy Reed LLC purchased a new stake in Neogen Co. (NASDAQ:NEOG) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 10,929 shares of the company’s stock, valued at approximately $133,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Citigroup Inc. boosted its holdings in Neogen by 129.1% in the third quarter. Citigroup Inc. now owns 231,833 shares of the company’s stock valued at $3,897,000 after purchasing an additional 130,641 shares in the last quarter. American Capital Management Inc. boosted its holdings in Neogen by 36.5% in the third quarter. American Capital Management Inc. now owns 3,414,700 shares of the company’s stock valued at $57,401,000 after purchasing an additional 913,604 shares in the last quarter. State Street Corp boosted its holdings in Neogen by 3.1% in the third quarter. State Street Corp now owns 7,932,192 shares of the company’s stock valued at $133,340,000 after purchasing an additional 236,762 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Neogen by 17.9% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 38,166 shares of the company’s stock valued at $642,000 after purchasing an additional 5,804 shares in the last quarter. Finally, Barclays PLC lifted its stake in Neogen by 129.8% in the third quarter. Barclays PLC now owns 366,753 shares of the company’s stock valued at $6,165,000 after buying an additional 207,160 shares during the last quarter. 96.73% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Neogen

In related news, CEO John Edward Adent purchased 23,035 shares of the business’s stock in a transaction dated 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 completion of the purchase, 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 ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO David H. Naemura purchased 14,800 shares of the business’s stock in a transaction dated Thursday, January 16th. The shares were bought at an average price of $11.11 per share, with a total value of $164,428.00. Following the purchase, the chief financial officer now directly owns 61,434 shares of the company’s stock, valued at approximately $682,531.74. The trade was a 31.74 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 1.13% of the company’s stock.

Analyst Ratings Changes

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

Neogen Trading Down 1.0 %

Shares of NASDAQ NEOG opened at $10.29 on Thursday. Neogen Co. has a twelve month low of $9.70 and a twelve month high of $18.58. The company has a current ratio of 3.77, a quick ratio of 2.46 and a debt-to-equity ratio of 0.33. The stock has a 50 day moving average of $11.61 and a two-hundred day moving average of $14.05.

Neogen (NASDAQ:NEOG) last released its quarterly earnings results on Friday, January 10th. The company reported $0.11 EPS for the quarter, topping the consensus estimate 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 business had revenue of $231.30 million during the quarter, compared to analysts’ expectations of $227.16 million. During the same quarter in the prior year, the business earned $0.11 earnings per share. The company’s quarterly revenue was up .7% compared to the same quarter last year. On average, research analysts expect that Neogen Co. will post 0.38 EPS for the current fiscal 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.