Retirement Systems of Alabama Sells 3,747 Shares of Neogen Co. (NASDAQ:NEOG)

Retirement Systems of Alabama trimmed its position in shares of Neogen Co. (NASDAQ:NEOG) by 1.5% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 239,539 shares of the company’s stock after selling 3,747 shares during the quarter. Retirement Systems of Alabama owned 0.11% of Neogen worth $4,027,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Allspring Global Investments Holdings LLC increased its position in Neogen by 142.6% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,982 shares of the company’s stock valued at $33,000 after acquiring an additional 1,165 shares during the last quarter. Innealta Capital LLC bought a new stake in shares of Neogen during the 2nd quarter valued at about $46,000. Headlands Technologies LLC increased its position in shares of Neogen by 264.1% during the 2nd 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. Neo Ivy Capital Management bought a new position in shares of Neogen in the 3rd quarter worth approximately $66,000. Finally, Family Firm Inc. purchased a new position in shares of Neogen in the second quarter worth approximately $90,000. 96.73% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

NEOG has been the subject of a number of research reports. Guggenheim initiated coverage on shares of Neogen in a report on Thursday. They set a “buy” rating and a $15.00 target price for the company. StockNews.com upgraded Neogen to a “sell” rating in a research note on Monday, September 30th.

Neogen Stock Up 3.3 %

NEOG stock opened at $12.02 on Friday. The business’s 50-day moving average price is $14.08 and its 200-day moving average price is $15.52. The stock has a market cap of $2.60 billion, a P/E ratio of -109.27 and a beta of 1.21. Neogen Co. has a twelve month low of $11.46 and a twelve month high of $20.89. The company has a quick ratio of 2.79, a current ratio of 4.41 and a debt-to-equity ratio of 0.28.

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

Insider Buying and Selling

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

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.