Clarkston Capital Partners LLC Buys Shares of 2,866,666 Neogen Co. (NASDAQ:NEOG)

Clarkston Capital Partners LLC purchased a new position in Neogen Co. (NASDAQ:NEOG) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 2,866,666 shares of the company’s stock, valued at approximately $34,801,000.

A number of other institutional investors also recently modified their holdings of NEOG. BNP Paribas Financial Markets raised its stake in Neogen by 157.2% during the third quarter. BNP Paribas Financial Markets now owns 61,464 shares of the company’s stock worth $1,033,000 after buying an additional 37,571 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Neogen by 17.9% during the 3rd 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 during the period. Centiva Capital LP bought a new position in shares of Neogen in the 3rd quarter worth about $345,000. State Street Corp lifted its stake in shares of Neogen by 3.1% in the 3rd quarter. State Street Corp now owns 7,932,192 shares of the company’s stock valued at $133,340,000 after purchasing an additional 236,762 shares during the period. Finally, Barclays PLC boosted its position in shares of Neogen by 129.8% during the 3rd quarter. Barclays PLC now owns 366,753 shares of the company’s stock valued at $6,165,000 after purchasing an additional 207,160 shares in the last quarter. 96.73% of the stock is owned by institutional investors.

Insider Activity at Neogen

In other Neogen news, CFO David H. Naemura bought 14,800 shares of the stock in a transaction that occurred on Thursday, January 16th. The shares were bought at an average price of $11.11 per share, for a total transaction of $164,428.00. Following the acquisition, the chief financial officer now directly owns 61,434 shares of the company’s stock, valued at approximately $682,531.74. The trade was a 31.74 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO John Edward Adent purchased 23,035 shares of the business’s stock in a transaction on Thursday, January 16th. The shares were bought at an average price of $11.03 per share, with a total value of $254,076.05. Following the purchase, the chief executive officer now directly owns 269,164 shares in the company, valued at approximately $2,968,878.92. The trade was a 9.36 % increase in their position. The disclosure for this purchase can be found here. 1.13% of the stock is currently owned by insiders.

Neogen Stock Performance

Shares of NEOG opened at $7.80 on Friday. Neogen Co. has a one year low of $7.68 and a one year high of $18.58. The company has a market cap of $1.69 billion, a PE ratio of -3.56 and a beta of 1.57. The stock has a 50-day moving average of $9.80 and a 200-day moving average of $12.47. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.77 and a quick ratio of 2.46.

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

Analysts Set New Price Targets

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

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.