CIBC Private Wealth Group LLC Sells 5,376 Shares of Neogen Co. (NASDAQ:NEOG)

CIBC Private Wealth Group LLC decreased its position in shares of Neogen Co. (NASDAQ:NEOG) by 11.9% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 39,798 shares of the company’s stock after selling 5,376 shares during the period. CIBC Private Wealth Group LLC’s holdings in Neogen were worth $520,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Private Advisor Group LLC grew its stake in Neogen by 135.3% in the fourth quarter. Private Advisor Group LLC now owns 67,298 shares of the company’s stock worth $817,000 after purchasing an additional 38,703 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Neogen by 2.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,061,927 shares of the company’s stock worth $25,032,000 after buying an additional 52,663 shares during the period. Norges Bank bought a new position in shares of Neogen in the 4th quarter worth about $212,171,000. State Street Corp lifted its position in Neogen by 3.1% during the 3rd quarter. State Street Corp now owns 7,932,192 shares of the company’s stock valued at $133,340,000 after acquiring an additional 236,762 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Neogen by 17.9% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 38,166 shares of the company’s stock worth $642,000 after acquiring an additional 5,804 shares in the last quarter. Institutional investors own 96.73% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Guggenheim assumed coverage on shares of Neogen in a report on Thursday, December 19th. They set a “buy” rating and a $15.00 target price for the company. Piper Sandler reaffirmed a “neutral” rating and set a $13.00 price objective (down previously from $16.50) on shares of Neogen in a research report on Tuesday, January 21st.

Neogen Stock Down 4.1 %

NASDAQ:NEOG opened at $7.80 on Friday. The firm has a 50-day simple moving average of $9.80 and a two-hundred day simple moving average of $12.50. The firm has a market cap of $1.69 billion, a P/E ratio of -3.56 and a beta of 1.57. Neogen Co. has a fifty-two week low of $7.68 and a fifty-two week high of $18.58. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.46 and a current ratio of 3.77.

Neogen (NASDAQ:NEOG) last announced its quarterly earnings data on Friday, January 10th. The company reported $0.11 earnings per share for the quarter, topping analysts’ consensus estimates 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 company had revenue of $231.30 million during the quarter, compared to analyst estimates of $227.16 million. During the same period in the previous year, the business earned $0.11 EPS. The firm’s revenue for the quarter was up .7% on a year-over-year basis. Analysts predict that Neogen Co. will post 0.38 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO David H. Naemura bought 14,800 shares of the stock in a transaction on Thursday, January 16th. The shares were acquired at an average price of $11.11 per share, for a total transaction of $164,428.00. Following the purchase, the chief financial officer now owns 61,434 shares of the company’s stock, valued at approximately $682,531.74. The trade was a 31.74 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 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 completion of the purchase, 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. Corporate insiders own 1.13% of the company’s stock.

About Neogen

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.