Neogen Co. (NASDAQ:NEOG) Holdings Raised by Fred Alger Management LLC

Fred Alger Management LLC increased its position in shares of Neogen Co. (NASDAQ:NEOG) by 86.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,986,744 shares of the company’s stock after purchasing an additional 1,849,427 shares during the quarter. Fred Alger Management LLC owned 1.84% of Neogen worth $67,017,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in NEOG. Allspring Global Investments Holdings LLC lifted its position in shares of Neogen by 142.6% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,982 shares of the company’s stock worth $33,000 after buying an additional 1,165 shares during the last quarter. Innealta Capital LLC acquired a new position in Neogen in the second quarter valued at approximately $46,000. Headlands Technologies LLC grew its holdings in shares of Neogen by 264.1% during the second quarter. Headlands Technologies LLC now owns 3,397 shares of the company’s stock valued at $53,000 after purchasing an additional 2,464 shares during the last quarter. Family Firm Inc. acquired a new stake in shares of Neogen during the 2nd quarter worth approximately $90,000. Finally, Quantum Private Wealth LLC bought a new stake in shares of Neogen in the 2nd quarter worth approximately $156,000. Institutional investors and hedge funds own 96.73% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. StockNews.com raised Neogen to a “sell” rating in a research report on Monday, September 30th. Piper Sandler increased their price objective on shares of Neogen from $17.00 to $17.50 and gave the stock a “neutral” rating in a report on Tuesday, August 6th.

Neogen Price Performance

Shares of NASDAQ NEOG opened at $14.14 on Friday. Neogen Co. has a 12-month low of $11.46 and a 12-month high of $20.89. The company has a current ratio of 4.41, a quick ratio of 2.79 and a debt-to-equity ratio of 0.28. The stock has a 50 day simple moving average of $15.09 and a 200-day simple moving average of $15.59.

Neogen (NASDAQ:NEOG) last released its quarterly earnings results on Thursday, October 10th. The company reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.03). Neogen had a positive return on equity of 2.80% and a negative net margin of 2.58%. The business had revenue of $217.00 million during the quarter, compared to the consensus estimate of $215.05 million. During the same period in the previous year, the company posted $0.11 EPS. The company’s revenue for the quarter was down 5.2% compared to the same quarter last year. On average, equities analysts expect that Neogen Co. will post 0.5 earnings per share for the current year.

Insider Buying and Selling at Neogen

In related news, CEO John Edward Adent acquired 14,500 shares of the firm’s stock in a transaction dated Friday, October 11th. The stock was acquired at an average cost of $13.80 per share, for a total transaction of $200,100.00. Following the completion of the acquisition, the chief executive officer now directly owns 216,477 shares of the company’s stock, valued at approximately $2,987,382.60. The trade was a 7.18 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 1.13% of the stock is owned by corporate insiders.

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.