Connable Office Inc. Has $228,000 Holdings in Neogen Co. (NASDAQ:NEOG)

Connable Office Inc. raised its position in Neogen Co. (NASDAQ:NEOG) by 5.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 18,793 shares of the company’s stock after buying an additional 1,000 shares during the period. Connable Office Inc.’s holdings in Neogen were worth $228,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in NEOG. State Street Corp raised its stake in shares of Neogen by 3.1% in the third quarter. State Street Corp now owns 7,932,192 shares of the company’s stock worth $133,340,000 after acquiring an additional 236,762 shares during the last quarter. Bamco Inc. NY raised its stake in shares of Neogen by 1.4% in the third quarter. Bamco Inc. NY now owns 7,303,115 shares of the company’s stock worth $122,765,000 after acquiring an additional 98,067 shares during the last quarter. Champlain Investment Partners LLC raised its stake in shares of Neogen by 10.7% in the third quarter. Champlain Investment Partners LLC now owns 7,110,530 shares of the company’s stock worth $119,528,000 after acquiring an additional 690,029 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Neogen by 0.4% in the third quarter. Geode Capital Management LLC now owns 5,148,388 shares of the company’s stock worth $86,559,000 after acquiring an additional 20,387 shares during the last quarter. Finally, Fred Alger Management LLC raised its stake in shares of Neogen by 86.5% in the third quarter. Fred Alger Management LLC now owns 3,986,744 shares of the company’s stock worth $67,017,000 after acquiring an additional 1,849,427 shares during the last quarter. 96.73% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on NEOG shares. Guggenheim started coverage on shares of Neogen in a research note on Thursday, December 19th. They set a “buy” rating and a $15.00 price target for the company. Piper Sandler reissued a “neutral” rating and set a $13.00 price target (down from $16.50) on shares of Neogen in a research note on Tuesday, January 21st.

Insider Buying and Selling at Neogen

In other news, CFO David H. Naemura bought 14,800 shares of the stock in a transaction on Thursday, January 16th. The stock was purchased at an average price of $11.11 per share, with a total value of $164,428.00. Following the completion of the purchase, the chief financial officer now owns 61,434 shares of the company’s stock, valued at approximately $682,531.74. This trade represents a 31.74 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO John Edward Adent purchased 23,035 shares of Neogen stock in a transaction dated Thursday, January 16th. The stock was bought at an average price of $11.03 per share, with a total value of $254,076.05. Following the acquisition, the chief executive officer now directly owns 269,164 shares of the company’s stock, valued at approximately $2,968,878.92. This trade represents a 9.36 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 1.13% of the company’s stock.

Neogen Trading Down 0.3 %

NEOG opened at $10.05 on Friday. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.77 and a quick ratio of 2.46. The company has a market cap of $2.18 billion, a price-to-earnings ratio of -4.59 and a beta of 1.23. The firm has a 50 day simple moving average of $11.34 and a 200 day simple moving average of $13.73. Neogen Co. has a fifty-two week low of $9.70 and a fifty-two week high of $18.58.

Neogen (NASDAQ:NEOG) last issued its earnings results on Friday, January 10th. The company reported $0.11 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.12. Neogen had a negative net margin of 52.12% and a positive return on equity of 2.89%. The firm had revenue of $231.30 million during the quarter, compared to the consensus estimate of $227.16 million. During the same quarter in the prior year, the firm earned $0.11 earnings per share. The business’s quarterly revenue was up .7% on a year-over-year basis. On average, sell-side analysts anticipate that Neogen Co. will post 0.38 earnings per share for the current year.

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.