Carnegie Investment Counsel Cuts Stake in Neogen Co. (NASDAQ:NEOG)

Carnegie Investment Counsel lessened its stake in Neogen Co. (NASDAQ:NEOG) by 2.9% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 67,968 shares of the company’s stock after selling 2,000 shares during the quarter. Carnegie Investment Counsel’s holdings in Neogen were worth $1,143,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of NEOG. Inspire Investing LLC raised its stake in Neogen by 6.6% during the third quarter. Inspire Investing LLC now owns 27,803 shares of the company’s stock valued at $467,000 after purchasing an additional 1,729 shares in the last quarter. Diversified Trust Co raised its position in shares of Neogen by 22.0% during the 3rd quarter. Diversified Trust Co now owns 69,485 shares of the company’s stock valued at $1,168,000 after buying an additional 12,545 shares in the last quarter. Handelsbanken Fonder AB lifted its holdings in shares of Neogen by 11.4% in the 3rd quarter. Handelsbanken Fonder AB now owns 64,264 shares of the company’s stock valued at $1,080,000 after acquiring an additional 6,600 shares during the last quarter. SG Americas Securities LLC purchased a new position in Neogen in the third quarter worth about $1,086,000. Finally, Truist Financial Corp increased its stake in Neogen by 78.2% during the second quarter. Truist Financial Corp now owns 64,711 shares of the company’s stock worth $1,011,000 after acquiring an additional 28,391 shares during the last quarter. 96.73% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently weighed in on NEOG. Piper Sandler increased their price target on Neogen from $17.00 to $17.50 and gave the company a “neutral” rating in a report on Tuesday, August 6th. StockNews.com upgraded shares of Neogen to a “sell” rating in a report on Monday, September 30th.

Neogen Price Performance

Shares of NEOG stock opened at $14.02 on Tuesday. The stock has a market capitalization of $3.04 billion, a price-to-earnings ratio of 1,402.00 and a beta of 1.21. The company has a current ratio of 3.82, a quick ratio of 2.59 and a debt-to-equity ratio of 0.28. Neogen Co. has a twelve month low of $11.46 and a twelve month high of $20.89. The stock has a fifty day simple moving average of $16.18 and a two-hundred day simple moving average of $15.18.

Neogen (NASDAQ:NEOG) last issued its quarterly earnings data on Thursday, October 10th. The company reported $0.07 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 the consensus estimate of $215.05 million. Neogen had a positive return on equity of 3.09% and a negative net margin of 1.02%. The business’s quarterly revenue was down 5.2% on a year-over-year basis. During the same period last year, the firm earned $0.11 EPS. On average, analysts predict that Neogen Co. will post 0.54 EPS for the current fiscal year.

Insiders Place Their Bets

In other Neogen news, Director James P. Tobin acquired 3,000 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The stock was purchased at an average price of $16.86 per share, for a total transaction of $50,580.00. Following the acquisition, the director now owns 23,392 shares in the company, valued at approximately $394,389.12. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.71% 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.