Thomson Horstmann & Bryant Inc. cut its position in shares of Neogen Co. (NASDAQ:NEOG) by 22.9% during the 3rd quarter, Holdings Channel reports. The firm owned 18,872 shares of the company’s stock after selling 5,601 shares during the quarter. Thomson Horstmann & Bryant Inc.’s holdings in Neogen were worth $1,349,000 as of its most recent SEC filing.
Other institutional investors have also recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC purchased a new position in Neogen during the second quarter worth about $106,000. World Asset Management Inc purchased a new position in Neogen during the second quarter worth about $201,000. Cue Financial Group Inc. purchased a new position in Neogen during the second quarter worth about $221,000. Acadian Asset Management LLC purchased a new position in Neogen during the third quarter worth about $275,000. Finally, Granahan Investment Management Inc. MA purchased a new position in Neogen during the second quarter worth about $283,000. Institutional investors and hedge funds own 87.79% of the company’s stock.
In other Neogen news, VP Terri A. Morrical sold 7,200 shares of the business’s stock in a transaction dated Thursday, August 30th. The shares were sold at an average price of $89.05, for a total value of $641,160.00. Following the transaction, the vice president now directly owns 44,575 shares in the company, valued at $3,969,403.75. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider James L. Herbert sold 24,000 shares of the business’s stock in a transaction dated Thursday, August 30th. The shares were sold at an average price of $89.37, for a total transaction of $2,144,880.00. Following the completion of the transaction, the insider now owns 760,226 shares in the company, valued at $67,941,397.62. The disclosure for this sale can be found here. Over the last quarter, insiders sold 60,135 shares of company stock worth $4,688,645. Corporate insiders own 3.00% of the company’s stock.
Neogen (NASDAQ:NEOG) last released its earnings results on Tuesday, September 25th. The company reported $0.29 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.28 by $0.01. The firm had revenue of $99.60 million for the quarter, compared to analysts’ expectations of $104.43 million. Neogen had a net margin of 16.35% and a return on equity of 12.06%. The company’s quarterly revenue was up 5.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.31 earnings per share. As a group, equities research analysts anticipate that Neogen Co. will post 1.24 EPS for the current year.
Neogen announced that its board has initiated a stock repurchase plan on Wednesday, October 10th that allows the company to repurchase 3,000,000 outstanding shares. This repurchase authorization allows the company to buy shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.
A number of research firms have weighed in on NEOG. Zacks Investment Research cut shares of Neogen from a “hold” rating to a “sell” rating in a research note on Friday, September 28th. ValuEngine cut shares of Neogen from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, September 26th. Finally, BidaskClub upgraded shares of Neogen from a “sell” rating to a “hold” rating in a research note on Tuesday, November 13th. Five analysts have rated the stock with a hold rating and one has given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $67.75.
Neogen Corporation, together with its subsidiaries, develops, manufactures, and markets various products for food and animal safety worldwide. It operates through two segments, Food Safety and Animal Safety. The Food Safety segment primarily offers diagnostic test kits and complementary to detect dangerous and/or unintended substances in human food and animal feed, such as 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 for adenosine triphosphate, a chemical found in living cells.
Further Reading: Fundamental Analysis
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