King Luther Capital Management Corp Boosts Stock Position in Neogen Co. (NASDAQ:NEOG)

King Luther Capital Management Corp lifted its position in Neogen Co. (NASDAQ:NEOG) by 0.1% in the third quarter, Holdings Channel reports. The firm owned 5,082,062 shares of the company’s stock after acquiring an additional 7,591 shares during the period. King Luther Capital Management Corp’s holdings in Neogen were worth $85,429,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of NEOG. Covestor Ltd lifted its stake in shares of Neogen by 173.2% in the 1st quarter. Covestor Ltd now owns 1,970 shares of the company’s stock worth $31,000 after acquiring an additional 1,249 shares during the period. Allspring Global Investments Holdings LLC lifted its holdings in shares of Neogen by 142.6% during the 3rd 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. Innealta Capital LLC purchased a new position in Neogen during the second quarter worth approximately $46,000. Headlands Technologies LLC boosted its holdings in Neogen by 264.1% in the second quarter. Headlands Technologies LLC now owns 3,397 shares of the company’s stock valued at $53,000 after acquiring an additional 2,464 shares during the last quarter. Finally, Family Firm Inc. acquired a new position in shares of Neogen in the 2nd quarter valued at about $90,000. Institutional investors and hedge funds own 96.73% of the company’s stock.

Insider Buying and Selling at Neogen

In other Neogen news, CEO John Edward Adent purchased 14,500 shares of the company’s stock in a transaction that occurred on Friday, October 11th. The stock was purchased at an average price of $13.80 per share, with a total value of $200,100.00. Following the completion of the transaction, the chief executive officer now directly owns 216,477 shares of the company’s stock, valued at approximately $2,987,382.60. This trade represents a 7.18 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.13% of the company’s stock.

Analyst Ratings Changes

NEOG has been the subject of a number of analyst reports. StockNews.com upgraded Neogen to a “sell” rating in a report on Monday, September 30th. Piper Sandler increased their price objective on shares of Neogen from $17.00 to $17.50 and gave the stock a “neutral” rating in a report on Tuesday, August 6th.

Neogen Stock Performance

Neogen stock opened at $14.90 on Thursday. The firm’s 50 day moving average price is $15.27 and its two-hundred day moving average price is $15.51. Neogen Co. has a 1 year low of $11.46 and a 1 year high of $20.89. The company has a debt-to-equity ratio of 0.28, a quick ratio of 2.79 and a current ratio of 4.41.

Neogen (NASDAQ:NEOG) last released its 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 business had revenue of $217.00 million during the quarter, compared to analysts’ expectations of $215.05 million. Neogen had a negative net margin of 2.58% and a positive return on equity of 2.80%. Neogen’s revenue for the quarter was down 5.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.11 EPS. Sell-side analysts forecast that Neogen Co. will post 0.5 earnings per share for the current fiscal year.

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.