Grantham Mayo Van Otterloo & Co. LLC Acquires 87,410 Shares of Neogen Co. (NASDAQ:NEOG)

Grantham Mayo Van Otterloo & Co. LLC lifted its holdings in Neogen Co. (NASDAQ:NEOG) by 4.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,209,259 shares of the company’s stock after buying an additional 87,410 shares during the period. Grantham Mayo Van Otterloo & Co. LLC owned about 1.02% of Neogen worth $26,820,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Harbour Investments Inc. bought a new stake in Neogen during the fourth quarter worth approximately $27,000. Blue Trust Inc. boosted its holdings in shares of Neogen by 196.7% in the 4th quarter. Blue Trust Inc. now owns 3,368 shares of the company’s stock worth $41,000 after purchasing an additional 2,233 shares during the period. Neo Ivy Capital Management bought a new position in shares of Neogen during the 3rd quarter valued at approximately $66,000. KBC Group NV raised its holdings in Neogen by 39.1% during the 4th quarter. KBC Group NV now owns 8,464 shares of the company’s stock valued at $103,000 after buying an additional 2,379 shares during the period. Finally, Brown Brothers Harriman & Co. boosted its stake in Neogen by 4,955.8% during the fourth quarter. Brown Brothers Harriman & Co. now owns 10,415 shares of the company’s stock worth $126,000 after buying an additional 10,209 shares during the period. 96.73% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Neogen

In related news, CEO John Edward Adent acquired 23,035 shares of the company’s stock in a transaction dated Thursday, January 16th. The shares were purchased at an average cost of $11.03 per share, with a total value of $254,076.05. Following the completion of the acquisition, the chief executive officer now directly owns 269,164 shares of the company’s stock, valued at $2,968,878.92. This represents a 9.36 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO David H. Naemura bought 14,800 shares of Neogen stock in a transaction that occurred 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 purchase, the chief financial officer now directly owns 61,434 shares in the company, valued at $682,531.74. The trade was a 31.74 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.13% of the stock is currently owned by corporate insiders.

Neogen Stock Performance

NEOG stock opened at $7.80 on Friday. Neogen Co. has a twelve month low of $7.68 and a twelve month high of $18.58. The firm has a market cap of $1.69 billion, a price-to-earnings ratio of -3.56 and a beta of 1.57. The business’s fifty day simple moving average is $9.80 and its two-hundred day simple moving average is $12.47. The company has a quick ratio of 2.46, a current ratio of 3.77 and a debt-to-equity ratio of 0.33.

Neogen (NASDAQ:NEOG) last posted its quarterly earnings results on Friday, January 10th. The company reported $0.11 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.12. The company had revenue of $231.30 million for the quarter, compared to the consensus estimate of $227.16 million. Neogen had a negative net margin of 52.12% and a positive return on equity of 2.89%. The firm’s revenue was up .7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.11 EPS. Analysts predict that Neogen Co. will post 0.38 earnings per share for the current year.

Analysts Set New Price Targets

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

Neogen 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.