Kaizen Advisory LLC reduced its holdings in Neogen Co. (NASDAQ:NEOG) by 34.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 12,188 shares of the company’s stock after selling 6,451 shares during the quarter. Kaizen Advisory LLC’s holdings in Neogen were worth $872,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also added to or reduced their stakes in the company. Tower Research Capital LLC TRC acquired a new position in Neogen in the second quarter valued at $106,000. World Asset Management Inc acquired a new position in Neogen in the second quarter valued at $201,000. Concorde Asset Management LLC acquired a new position in Neogen in the second quarter valued at $203,000. Cue Financial Group Inc. acquired a new position in Neogen in the second quarter valued at $221,000. Finally, Ladenburg Thalmann Financial Services Inc. increased its stake in Neogen by 28.8% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,337 shares of the company’s stock valued at $223,000 after purchasing an additional 747 shares during the last quarter. Hedge funds and other institutional investors own 89.14% of the company’s stock.
In other news, Director James P. Tobin purchased 500 shares of the stock in a transaction on Wednesday, September 26th. The stock was purchased at an average price of $73.37 per share, with a total value of $36,685.00. Following the completion of the transaction, the director now owns 4,766 shares in the company, valued at $349,681.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 sale, the vice president now directly owns 44,575 shares of the company’s stock, valued at approximately $3,969,403.75. The disclosure for this sale can be found here. In the last three months, insiders have sold 89,218 shares of company stock valued at $7,638,507. 3.00% of the stock is owned by company insiders.
Neogen (NASDAQ:NEOG) last posted its quarterly earnings results on Tuesday, September 25th. The company reported $0.29 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.28 by $0.01. Neogen had a return on equity of 12.06% and a net margin of 16.35%. The firm had revenue of $99.60 million during the quarter, compared to the consensus estimate of $104.43 million. During the same quarter in the previous year, the business earned $0.31 earnings per share. The firm’s quarterly revenue was up 5.7% compared to the same quarter last year. As a group, equities research analysts forecast that Neogen Co. will post 1.24 EPS for the current year.
Neogen announced that its board has initiated a share buyback plan on Wednesday, October 10th that permits the company to buyback 3,000,000 shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.
Several equities analysts recently commented on NEOG shares. BidaskClub lowered Neogen from a “buy” rating to a “hold” rating in a research note on Thursday, October 4th. Craig Hallum upped their target price on Neogen from $65.00 to $70.00 and gave the company a “hold” rating in a research note on Wednesday, July 18th. Zacks Investment Research lowered Neogen from a “hold” rating to a “sell” rating in a research note on Friday, September 28th. Finally, ValuEngine lowered Neogen from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, September 26th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price 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.
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