AMI Asset Management Corp Raises Stock Position in Neogen Co. (NASDAQ:NEOG)

AMI Asset Management Corp grew its holdings in Neogen Co. (NASDAQ:NEOG) by 8.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 274,782 shares of the company’s stock after acquiring an additional 20,500 shares during the period. AMI Asset Management Corp owned about 0.13% of Neogen worth $4,336,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in NEOG. Norges Bank purchased a new stake in Neogen during the 4th quarter worth $365,794,000. Baillie Gifford & Co. purchased a new stake in Neogen during the 4th quarter worth $166,646,000. Vanguard Group Inc. increased its stake in Neogen by 9.3% during the 4th quarter. Vanguard Group Inc. now owns 19,546,737 shares of the company’s stock worth $393,085,000 after buying an additional 1,663,125 shares during the period. Comerica Bank increased its stake in Neogen by 917.8% during the 3rd quarter. Comerica Bank now owns 671,621 shares of the company’s stock worth $12,452,000 after buying an additional 605,635 shares during the period. Finally, Trigran Investments Inc. purchased a new stake in Neogen during the 4th quarter worth $12,048,000. Hedge funds and other institutional investors own 96.73% of the company’s stock.

Neogen Stock Up 0.5 %

Shares of NEOG traded up $0.08 during midday trading on Thursday, hitting $15.21. The company had a trading volume of 745,036 shares, compared to its average volume of 2,159,639. The company’s 50 day moving average price is $14.35 and its 200 day moving average price is $15.72. The stock has a market cap of $3.29 billion, a price-to-earnings ratio of 1,522.52 and a beta of 1.20. Neogen Co. has a 52 week low of $11.46 and a 52 week high of $24.09. The company has a quick ratio of 2.66, a current ratio of 3.82 and a debt-to-equity ratio of 0.28.

Neogen (NASDAQ:NEOG) last released its earnings results on Tuesday, April 9th. The company reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.02). The company had revenue of $228.80 million during the quarter, compared to the consensus estimate of $230.01 million. Neogen had a return on equity of 3.35% and a net margin of 0.17%. Neogen’s revenue for the quarter was up 4.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.12 EPS. On average, equities research analysts predict that Neogen Co. will post 0.46 EPS for the current year.

Analyst Upgrades and Downgrades

Separately, Piper Sandler dropped their price target on shares of Neogen from $19.00 to $17.00 and set a “neutral” rating on the stock in a research note on Monday, April 15th.

Insider Activity

In other Neogen news, COO Douglas Edward Jones purchased 10,000 shares of the firm’s stock in a transaction dated Wednesday, April 17th. The stock was acquired at an average cost of $12.36 per share, with a total value of $123,600.00. Following the acquisition, the chief operating officer now owns 46,131 shares of the company’s stock, valued at approximately $570,179.16. The purchase was disclosed in a filing with the SEC, which is accessible through this link. In other Neogen news, COO Douglas Edward Jones purchased 10,000 shares of the firm’s stock in a transaction dated Wednesday, April 17th. The stock was acquired at an average cost of $12.36 per share, with a total value of $123,600.00. Following the acquisition, the chief operating officer now owns 46,131 shares of the company’s stock, valued at approximately $570,179.16. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO John Edward Adent purchased 23,000 shares of the firm’s stock in a transaction dated Wednesday, April 10th. The stock was acquired at an average cost of $12.36 per share, with a total value of $284,280.00. Following the completion of the acquisition, the chief executive officer now directly owns 152,389 shares in the company, valued at approximately $1,883,528.04. The disclosure for this purchase can be found here. In the last three months, insiders acquired 53,000 shares of company stock valued at $662,205. Company insiders own 0.71% of the company’s stock.

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.