Neogen Co. (NASDAQ:NEOG) Shares Sold by King Luther Capital Management Corp

King Luther Capital Management Corp reduced its position in shares of Neogen Co. (NASDAQ:NEOG) by 3.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,907,531 shares of the company’s stock after selling 174,531 shares during the period. King Luther Capital Management Corp owned about 2.26% of Neogen worth $59,577,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in NEOG. Blue Trust Inc. raised its position in shares of Neogen by 196.7% during the 4th quarter. Blue Trust Inc. now owns 3,368 shares of the company’s stock valued at $41,000 after acquiring an additional 2,233 shares in the last quarter. Neo Ivy Capital Management acquired a new stake in Neogen in the third quarter worth $66,000. KBC Group NV increased its position in Neogen by 39.1% in 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 period. Hardy Reed LLC acquired a new stake in Neogen in the fourth quarter worth $133,000. Finally, Marco Investment Management LLC bought a new position in shares of Neogen in the third quarter worth $169,000. 96.73% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CFO David H. Naemura bought 14,800 shares of Neogen stock in a transaction dated Thursday, January 16th. The stock was acquired at an average cost of $11.11 per share, with a total value of $164,428.00. Following the completion of the acquisition, the chief financial officer now directly owns 61,434 shares in the company, valued at approximately $682,531.74. This trade represents a 31.74 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO John Edward Adent bought 23,035 shares of Neogen stock in a transaction dated Thursday, January 16th. The shares were bought 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 owns 269,164 shares of the company’s stock, valued at $2,968,878.92. The trade was a 9.36 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.13% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

NEOG has been the subject of several recent analyst reports. Guggenheim initiated coverage on Neogen in a research note on Thursday, December 19th. They issued a “buy” rating and a $15.00 price target for the company. Piper Sandler reissued a “neutral” rating and issued a $13.00 price target (down previously from $16.50) on shares of Neogen in a research note on Tuesday, January 21st.

Neogen Trading Down 4.0 %

Shares of NEOG stock opened at $9.98 on Tuesday. The stock has a 50-day simple moving average of $11.05 and a 200 day simple moving average of $13.44. Neogen Co. has a fifty-two week low of $9.01 and a fifty-two week high of $18.58. The stock has a market capitalization of $2.17 billion, a P/E ratio of -4.56 and a beta of 1.27. The company has a quick ratio of 2.46, a current ratio of 3.77 and a debt-to-equity ratio of 0.33.

Neogen (NASDAQ:NEOG) last announced its earnings results on Friday, January 10th. The company reported $0.11 earnings per share for the quarter, beating 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 business had revenue of $231.30 million during the quarter, compared to analysts’ expectations of $227.16 million. During the same quarter last year, the business posted $0.11 earnings per share. The company’s quarterly revenue was up .7% on a year-over-year basis. On average, sell-side analysts expect that Neogen Co. will post 0.38 earnings per share for the current fiscal year.

Neogen 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.