Neogen Co. (NASDAQ:NEOG) Shares Purchased by Fred Alger Management LLC

Fred Alger Management LLC raised its holdings in Neogen Co. (NASDAQ:NEOG) by 86.5% in the third quarter, Holdings Channel.com reports. The fund owned 3,986,744 shares of the company’s stock after acquiring an additional 1,849,427 shares during the period. Fred Alger Management LLC’s holdings in Neogen were worth $67,017,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in NEOG. Price T Rowe Associates Inc. MD boosted its holdings in Neogen by 6.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 126,095 shares of the company’s stock worth $1,990,000 after buying an additional 7,946 shares in the last quarter. Bayesian Capital Management LP acquired a new position in shares of Neogen in the 1st quarter worth $175,000. Moody National Bank Trust Division raised its position in shares of Neogen by 14.5% during the second quarter. Moody National Bank Trust Division now owns 11,650 shares of the company’s stock worth $182,000 after purchasing an additional 1,478 shares during the period. Harbor Capital Advisors Inc. purchased a new stake in shares of Neogen during the second quarter valued at $6,221,000. Finally, Linden Thomas Advisory Services LLC boosted its position in shares of Neogen by 1.6% in the 2nd quarter. Linden Thomas Advisory Services LLC now owns 73,490 shares of the company’s stock valued at $1,149,000 after purchasing an additional 1,191 shares during the period. Institutional investors own 96.73% of the company’s stock.

Neogen Stock Down 0.2 %

Shares of Neogen stock opened at $14.14 on Friday. The company has a debt-to-equity ratio of 0.28, a current ratio of 4.41 and a quick ratio of 2.79. Neogen Co. has a 1 year low of $11.46 and a 1 year high of $20.89. The stock has a 50-day moving average price of $15.09 and a 200 day moving average price of $15.59.

Neogen (NASDAQ:NEOG) last announced 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). Neogen had a negative net margin of 2.58% and a positive return on equity of 2.80%. The company had revenue of $217.00 million for the quarter, compared to analysts’ expectations of $215.05 million. During the same period in the previous year, the firm posted $0.11 earnings per share. The business’s revenue for the quarter was down 5.2% on a year-over-year basis. On average, research analysts expect that Neogen Co. will post 0.5 EPS for the current year.

Insider Buying and Selling

In other news, CEO John Edward Adent bought 14,500 shares of the stock in a transaction that occurred on Friday, October 11th. The shares were acquired at an average cost of $13.80 per share, for a total transaction of $200,100.00. Following the purchase, the chief executive officer now owns 216,477 shares of the company’s stock, valued at $2,987,382.60. This represents a 7.18 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 1.13% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have commented on NEOG. StockNews.com raised shares of Neogen to a “sell” rating in a research note on Monday, September 30th. Piper Sandler upped their price target on shares of Neogen from $17.00 to $17.50 and gave the company a “neutral” rating in a research report on Tuesday, August 6th.

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.