MetLife Investment Management LLC Decreases Stake in Neogen Co. (NASDAQ:NEOG)

MetLife Investment Management LLC decreased its position in Neogen Co. (NASDAQ:NEOG) by 0.8% during the third quarter, HoldingsChannel.com reports. The fund owned 223,637 shares of the company’s stock after selling 1,803 shares during the quarter. MetLife Investment Management LLC’s holdings in Neogen were worth $3,759,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of NEOG. Susquehanna Fundamental Investments LLC bought a new stake in Neogen in the second quarter worth $5,714,000. Oppenheimer Asset Management Inc. increased its holdings in shares of Neogen by 39.8% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 103,611 shares of the company’s stock worth $1,619,000 after buying an additional 29,489 shares during the last quarter. William Blair Investment Management LLC raised its position in shares of Neogen by 64.7% during the 2nd quarter. William Blair Investment Management LLC now owns 12,013,072 shares of the company’s stock valued at $187,764,000 after buying an additional 4,717,696 shares in the last quarter. Shapiro Capital Management LLC bought a new position in shares of Neogen in the 2nd quarter valued at about $31,087,000. Finally, Wealth Enhancement Advisory Services LLC purchased a new position in Neogen in the second quarter worth about $560,000. 96.73% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. StockNews.com upgraded Neogen to a “sell” rating in a research report on Monday, September 30th. Piper Sandler raised their price target on Neogen from $17.00 to $17.50 and gave the stock a “neutral” rating in a research report on Tuesday, August 6th.

Neogen Stock Performance

Neogen stock opened at $13.77 on Tuesday. The company has a debt-to-equity ratio of 0.28, a current ratio of 4.41 and a quick ratio of 2.79. The firm has a market capitalization of $2.98 billion, a P/E ratio of -125.18 and a beta of 1.23. Neogen Co. has a 1-year low of $11.46 and a 1-year high of $20.89. The company’s 50-day moving average is $14.96 and its 200 day moving average is $15.62.

Neogen (NASDAQ:NEOG) last released its earnings results on Thursday, October 10th. The company reported $0.07 earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.03). The business had revenue of $217.00 million for the quarter, compared to the consensus estimate of $215.05 million. Neogen had a positive return on equity of 2.80% and a negative net margin of 2.58%. The firm’s revenue for the quarter was down 5.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.11 earnings per share. Research analysts forecast that Neogen Co. will post 0.5 EPS for the current year.

Insider Activity

In related news, CEO John Edward Adent purchased 14,500 shares of Neogen stock in a transaction dated Friday, October 11th. The stock was purchased at an average cost of $13.80 per share, with a total value of $200,100.00. Following the transaction, the chief executive officer now owns 216,477 shares in the company, valued at approximately $2,987,382.60. The trade was a 7.18 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company 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.