Beacon Investment Advisory Services Inc. Sells 17,688 Shares of Neogen Co. (NASDAQ:NEOG)

Beacon Investment Advisory Services Inc. cut its stake in Neogen Co. (NASDAQ:NEOG) by 9.9% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 160,326 shares of the company’s stock after selling 17,688 shares during the quarter. Beacon Investment Advisory Services Inc. owned about 0.07% of Neogen worth $1,946,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Avanza Fonder AB bought a new position in Neogen in the fourth quarter worth about $169,000. Procyon Advisors LLC grew its holdings in shares of Neogen by 22.3% during the 4th quarter. Procyon Advisors LLC now owns 35,513 shares of the company’s stock worth $431,000 after acquiring an additional 6,467 shares during the period. Harbor Capital Advisors Inc. raised its position in shares of Neogen by 32.1% in the 4th quarter. Harbor Capital Advisors Inc. now owns 1,303,465 shares of the company’s stock worth $15,824,000 after acquiring an additional 316,457 shares in the last quarter. Diversified Trust Co lifted its stake in shares of Neogen by 7.1% in the 4th quarter. Diversified Trust Co now owns 74,446 shares of the company’s stock valued at $904,000 after purchasing an additional 4,961 shares during the period. Finally, Franklin Resources Inc. lifted its stake in shares of Neogen by 33.9% in the 3rd quarter. Franklin Resources Inc. now owns 923,918 shares of the company’s stock valued at $15,531,000 after purchasing an additional 233,796 shares during the period. 96.73% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have issued reports on NEOG shares. StockNews.com upgraded Neogen to a “sell” rating in a report on Monday, September 30th. Piper Sandler reiterated a “neutral” rating and issued a $13.00 price target (down from $16.50) on shares of Neogen in a research note on Tuesday. Finally, Guggenheim assumed coverage on shares of Neogen in a research note on Thursday, December 19th. They set a “buy” rating and a $15.00 price objective on the stock.

Insider Transactions at Neogen

In other Neogen news, CEO John Edward Adent purchased 23,035 shares of the stock in a transaction dated Thursday, January 16th. The shares were purchased at an average cost of $11.03 per share, with a total value of $254,076.05. Following the completion of the acquisition, the chief executive officer now directly owns 269,164 shares in the company, valued at $2,968,878.92. This trade represents a 9.36 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO David H. Naemura acquired 14,800 shares of the company’s stock in a transaction that occurred on Thursday, January 16th. The shares were acquired at an average cost of $11.11 per share, for a total transaction of $164,428.00. Following the completion of the transaction, the chief financial officer now directly owns 61,434 shares of the company’s stock, valued at $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. Insiders own 1.13% of the company’s stock.

Neogen Stock Performance

Shares of NASDAQ:NEOG opened at $11.95 on Thursday. 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 fifty day simple moving average of $12.91 and a two-hundred day simple moving average of $14.87. Neogen Co. has a 12-month low of $10.72 and a 12-month high of $18.58.

Neogen (NASDAQ:NEOG) last posted its quarterly earnings results on Friday, January 10th. The company reported $0.11 earnings per share (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 firm had revenue of $231.30 million during the quarter, compared to analyst estimates of $227.16 million. During the same quarter in the previous year, the firm earned $0.11 EPS. Neogen’s quarterly revenue was up .7% compared to the same quarter last year. As a group, equities research analysts expect that Neogen Co. will post 0.41 EPS for the current fiscal year.

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.