Aristeia Capital L.L.C. Increases Stake in Neogen Co. (NASDAQ:NEOG)

Aristeia Capital L.L.C. grew its position in Neogen Co. (NASDAQ:NEOG) by 84.4% in the 4th quarter, Holdings Channel reports. The institutional investor owned 39,639 shares of the company’s stock after purchasing an additional 18,145 shares during the quarter. Aristeia Capital L.L.C.’s holdings in Neogen were worth $481,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in Neogen by 9.8% in the 4th quarter. Vanguard Group Inc. now owns 21,637,251 shares of the company’s stock worth $262,676,000 after acquiring an additional 1,928,491 shares during the last quarter. Norges Bank bought a new position in shares of Neogen during the fourth quarter valued at $212,171,000. William Blair Investment Management LLC boosted its position in shares of Neogen by 8.1% during the fourth quarter. William Blair Investment Management LLC now owns 14,346,759 shares of the company’s stock valued at $174,170,000 after buying an additional 1,074,825 shares during the last quarter. T. Rowe Price Investment Management Inc. increased its holdings in Neogen by 27.2% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 7,114,702 shares of the company’s stock worth $86,373,000 after buying an additional 1,521,560 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Neogen by 24.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 6,939,984 shares of the company’s stock worth $84,254,000 after buying an additional 1,345,056 shares during the last quarter. Institutional investors own 96.73% of the company’s stock.

Neogen Stock Up 11.7 %

NEOG opened at $5.75 on Friday. The company has a market capitalization of $1.25 billion, a PE ratio of -2.63 and a beta of 1.57. The firm has a 50-day simple moving average of $7.50 and a two-hundred day simple moving average of $10.93. 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 Co. has a 52 week low of $3.87 and a 52 week high of $18.58.

Neogen (NASDAQ:NEOG) last announced its quarterly earnings results on Wednesday, April 9th. The company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.12 by ($0.02). Neogen had a positive return on equity of 2.89% and a negative net margin of 52.12%. The business had revenue of $221.00 million during the quarter, compared to the consensus estimate of $225.27 million. During the same quarter in the prior year, the firm posted $0.12 EPS. The company’s revenue for the quarter was down 3.4% on a year-over-year basis. Analysts forecast that Neogen Co. will post 0.38 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Guggenheim dropped their price target on Neogen from $15.00 to $13.00 and set a “buy” rating on the stock in a research note on Thursday, April 10th. Piper Sandler lowered their target price on shares of Neogen from $6.40 to $5.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 22nd.

Insider Transactions at Neogen

In related news, Director James C. Borel bought 35,000 shares of the stock in a transaction dated Thursday, April 24th. The stock was purchased at an average cost of $4.89 per share, with a total value of $171,150.00. Following the completion of the purchase, the director now owns 60,474 shares of the company’s stock, valued at $295,717.86. This trade represents a 137.39 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director James P. Tobin purchased 10,000 shares of Neogen stock in a transaction that occurred on Tuesday, April 22nd. The stock was bought at an average cost of $4.73 per share, for a total transaction of $47,300.00. Following the purchase, the director now directly owns 37,474 shares in the company, valued at $177,252.02. This trade represents a 36.40 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 67,500 shares of company stock worth $331,525. 1.13% of the stock is currently owned by company insiders.

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.