Connable Office Inc. Increases Stock Holdings in Neogen Co. (NASDAQ:NEOG)

Connable Office Inc. boosted its position in shares of Neogen Co. (NASDAQ:NEOG) by 77.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,793 shares of the company’s stock after acquiring an additional 7,744 shares during the period. Connable Office Inc.’s holdings in Neogen were worth $299,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of NEOG. Curi RMB Capital LLC boosted its holdings in Neogen by 3.2% in the 3rd quarter. Curi RMB Capital LLC now owns 421,244 shares of the company’s stock valued at $7,081,000 after purchasing an additional 13,126 shares during the period. Zions Bancorporation N.A. boosted its stake in Neogen by 21.6% during the third quarter. Zions Bancorporation N.A. now owns 99,797 shares of the company’s stock valued at $1,678,000 after buying an additional 17,752 shares during the period. Oppenheimer Asset Management Inc. grew its position in Neogen by 25.6% during the third quarter. Oppenheimer Asset Management Inc. now owns 130,089 shares of the company’s stock worth $2,187,000 after buying an additional 26,478 shares in the last quarter. Geneva Capital Management LLC increased its stake in Neogen by 0.3% in the 3rd quarter. Geneva Capital Management LLC now owns 2,094,762 shares of the company’s stock worth $35,213,000 after acquiring an additional 7,226 shares during the last quarter. Finally, Atria Investments Inc increased its stake in Neogen by 29.6% in the 3rd quarter. Atria Investments Inc now owns 32,417 shares of the company’s stock worth $545,000 after acquiring an additional 7,408 shares during the last quarter. Institutional investors own 96.73% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. StockNews.com raised Neogen to a “sell” rating in a report on Monday, September 30th. Piper Sandler boosted their price target on shares of Neogen from $17.00 to $17.50 and gave the stock a “neutral” rating in a research note on Tuesday, August 6th.

Neogen Stock Down 0.3 %

NEOG opened at $14.60 on Friday. The business’s fifty day simple moving average is $15.29 and its 200 day simple moving average is $15.43. 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 stock has a market cap of $3.16 billion, a PE ratio of -132.73 and a beta of 1.23.

Neogen (NASDAQ:NEOG) last issued its quarterly earnings results on Thursday, October 10th. The company reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.03). Neogen had a positive return on equity of 2.80% and a negative net margin of 2.58%. The firm had revenue of $217.00 million for the quarter, compared to the consensus estimate of $215.05 million. During the same period last year, the firm earned $0.11 EPS. The company’s revenue for the quarter was down 5.2% on a year-over-year basis. As a group, research analysts expect that Neogen Co. will post 0.5 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO John Edward Adent bought 14,500 shares of the business’s stock in a transaction 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 completion of the purchase, the chief executive officer now directly owns 216,477 shares in the company, valued at $2,987,382.60. This represents a 7.18 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 1.13% of the stock is owned by insiders.

About Neogen

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.