Cibc World Markets Corp Makes New Investment in Neogen Co. (NASDAQ:NEOG)

Cibc World Markets Corp bought a new stake in Neogen Co. (NASDAQ:NEOG) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 20,419 shares of the company’s stock, valued at approximately $248,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Harbour Investments Inc. bought a new position in Neogen in the fourth quarter valued at about $27,000. Blue Trust Inc. boosted its stake in shares of Neogen by 196.7% in the 4th quarter. Blue Trust Inc. now owns 3,368 shares of the company’s stock valued at $41,000 after purchasing an additional 2,233 shares during the last quarter. Neo Ivy Capital Management acquired a new stake in shares of Neogen during the 3rd quarter worth approximately $66,000. KBC Group NV raised its stake in shares of Neogen by 39.1% during the fourth quarter. KBC Group NV now owns 8,464 shares of the company’s stock worth $103,000 after buying an additional 2,379 shares during the last quarter. Finally, Hardy Reed LLC acquired a new position in Neogen in the fourth quarter valued at approximately $133,000. 96.73% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have commented on NEOG. Guggenheim initiated coverage on shares of Neogen in a report on Thursday, December 19th. They set a “buy” rating and a $15.00 target price for the company. Piper Sandler reaffirmed a “neutral” rating and set a $13.00 price objective (down from $16.50) on shares of Neogen in a research note on Tuesday, January 21st.

Neogen Stock Down 4.6 %

Neogen stock opened at $8.45 on Wednesday. The firm has a market capitalization of $1.83 billion, a price-to-earnings ratio of -3.86 and a beta of 1.27. The company’s 50 day simple moving average is $10.31 and its 200 day simple moving average is $12.86. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.77 and a quick ratio of 2.46. Neogen Co. has a fifty-two week low of $8.44 and a fifty-two week high of $18.58.

Neogen (NASDAQ:NEOG) last announced its quarterly earnings results on Friday, January 10th. The company reported $0.11 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.12. Neogen had a negative net margin of 52.12% and a positive return on equity of 2.89%. The company had revenue of $231.30 million for the quarter, compared to analysts’ expectations of $227.16 million. During the same period last year, the firm posted $0.11 earnings per share. The business’s quarterly revenue was up .7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Neogen Co. will post 0.38 EPS for the current year.

Insider Buying and Selling at Neogen

In related news, CEO John Edward Adent purchased 23,035 shares of the business’s stock in a transaction on Thursday, January 16th. The shares were purchased at an average price of $11.03 per share, with a total value of $254,076.05. Following the completion of the purchase, the chief executive officer now owns 269,164 shares in the company, valued at $2,968,878.92. This represents a 9.36 % increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO David H. Naemura purchased 14,800 shares of Neogen stock in a transaction dated Thursday, January 16th. The stock was bought at an average price of $11.11 per share, with a total value of $164,428.00. Following the acquisition, the chief financial officer now directly owns 61,434 shares of the company’s stock, valued at approximately $682,531.74. This trade represents 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.

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.