Neogen Co. (NASDAQ:NEOG) Position Reduced by Glenmede Trust Co. NA

Glenmede Trust Co. NA reduced its position in shares of Neogen Co. (NASDAQ:NEOG) by 0.4% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 953,137 shares of the company’s stock after selling 4,068 shares during the quarter. Glenmede Trust Co. NA owned about 0.44% of Neogen worth $16,022,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Allspring Global Investments Holdings LLC boosted its stake in Neogen by 142.6% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,982 shares of the company’s stock valued at $33,000 after buying an additional 1,165 shares in the last quarter. Innealta Capital LLC acquired a new position in shares of Neogen in the 2nd quarter worth approximately $46,000. Headlands Technologies LLC grew its stake in shares of Neogen by 264.1% in the 2nd quarter. Headlands Technologies LLC now owns 3,397 shares of the company’s stock worth $53,000 after purchasing an additional 2,464 shares during the last quarter. Family Firm Inc. acquired a new stake in Neogen during the second quarter valued at approximately $90,000. Finally, Quantum Private Wealth LLC bought a new stake in Neogen during the second quarter worth approximately $156,000. 96.73% of the stock is currently owned by institutional investors and hedge funds.

Neogen Stock Performance

Neogen stock opened at $14.14 on Friday. Neogen Co. has a 52 week low of $11.46 and a 52 week high of $20.89. The company has a quick ratio of 2.79, a current ratio of 4.41 and a debt-to-equity ratio of 0.28. The company has a 50 day moving average price of $15.09 and a 200 day moving average price of $15.59.

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

Analyst Upgrades and Downgrades

NEOG has been the topic of several research reports. StockNews.com raised Neogen to a “sell” rating in a report on Monday, September 30th. Piper Sandler upped their target price on Neogen from $17.00 to $17.50 and gave the company a “neutral” rating in a report on Tuesday, August 6th.

Insider Transactions at Neogen

In other news, CEO John Edward Adent purchased 14,500 shares of the stock in a transaction that occurred on Friday, October 11th. The stock was acquired at an average price of $13.80 per share, with a total value of $200,100.00. Following the purchase, the chief executive officer now owns 216,477 shares in the company, valued at $2,987,382.60. This represents a 7.18 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.13% of the stock is currently owned by company insiders.

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.