Procyon Advisors LLC Acquires 6,467 Shares of Neogen Co. (NASDAQ:NEOG)

Procyon Advisors LLC raised its stake in shares of Neogen Co. (NASDAQ:NEOG) by 22.3% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 35,513 shares of the company’s stock after purchasing an additional 6,467 shares during the period. Procyon Advisors LLC’s holdings in Neogen were worth $431,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC raised its position in shares of Neogen by 142.6% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,982 shares of the company’s stock worth $33,000 after acquiring an additional 1,165 shares during the last quarter. Neo Ivy Capital Management bought a new position in Neogen during the 3rd quarter worth approximately $66,000. Marco Investment Management LLC acquired a new position in shares of Neogen in the 3rd quarter worth approximately $169,000. Raymond James Trust N.A. bought a new stake in shares of Neogen in the 3rd quarter valued at $182,000. Finally, International Assets Investment Management LLC increased its position in shares of Neogen by 1,581.0% during the third quarter. International Assets Investment Management LLC now owns 11,666 shares of the company’s stock worth $196,000 after buying an additional 10,972 shares during the period. 96.73% of the stock is owned by institutional investors and hedge funds.

Neogen Stock Down 0.3 %

Neogen stock opened at $11.56 on Friday. The company has a quick ratio of 2.79, a current ratio of 4.41 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $2.51 billion, a PE ratio of -5.28 and a beta of 1.23. The firm’s fifty day moving average is $13.14 and its 200 day moving average is $14.94. Neogen Co. has a 12-month low of $10.72 and a 12-month high of $18.58.

Neogen (NASDAQ:NEOG) last released its quarterly earnings data on Friday, January 10th. The company reported $0.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.12. Neogen had a negative net margin of 2.58% and a positive return on equity of 2.80%. The company had revenue of $231.30 million for the quarter, compared to analysts’ expectations of $227.16 million. During the same quarter in the prior year, the firm earned $0.11 EPS. The business’s revenue was up .7% on a year-over-year basis. As a group, sell-side analysts predict that Neogen Co. will post 0.5 EPS for the current fiscal year.

Insider Buying and Selling at Neogen

In related news, CEO John Edward Adent acquired 23,035 shares of the firm’s stock in a transaction on Thursday, January 16th. The stock was purchased at an average cost of $11.03 per share, with a total value of $254,076.05. Following the acquisition, the chief executive officer now 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 position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO David H. Naemura bought 14,800 shares of the company’s stock in a transaction dated Thursday, January 16th. The stock was 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. This represents a 31.74 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 1.13% of the company’s stock.

Wall Street Analysts Forecast Growth

NEOG has been the topic of several recent analyst reports. StockNews.com upgraded shares of Neogen to a “sell” rating in a report on Monday, September 30th. Guggenheim started coverage on Neogen in a research note on Thursday, December 19th. They issued a “buy” rating and a $15.00 price objective on the stock.

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.