Geode Capital Management LLC Acquires 20,387 Shares of Neogen Co. (NASDAQ:NEOG)

Geode Capital Management LLC increased its holdings in Neogen Co. (NASDAQ:NEOG) by 0.4% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 5,148,388 shares of the company’s stock after purchasing an additional 20,387 shares during the period. Geode Capital Management LLC’s holdings in Neogen were worth $86,559,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. William Blair Investment Management LLC grew its position in shares of Neogen by 64.7% in 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 during the last quarter. Select Equity Group L.P. boosted its holdings in Neogen by 23.1% in the second quarter. Select Equity Group L.P. now owns 15,530,439 shares of the company’s stock valued at $242,741,000 after acquiring an additional 2,914,893 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Neogen by 148.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,109,180 shares of the company’s stock valued at $64,229,000 after purchasing an additional 2,454,566 shares during the period. Shapiro Capital Management LLC bought a new position in Neogen during the 2nd quarter worth approximately $31,087,000. Finally, Fred Alger Management LLC lifted its position in shares of Neogen by 86.5% in the 3rd quarter. Fred Alger Management LLC now owns 3,986,744 shares of the company’s stock worth $67,017,000 after purchasing an additional 1,849,427 shares during the period. 96.73% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Guggenheim assumed coverage on shares of Neogen in a research report on Thursday. They set a “buy” rating and a $15.00 price objective for the company. StockNews.com raised shares of Neogen to a “sell” rating in a research report on Monday, September 30th.

Neogen Price Performance

Shares of NEOG opened at $12.02 on Friday. The firm has a market cap of $2.60 billion, a PE ratio of -109.27 and a beta of 1.21. Neogen Co. has a 52-week low of $11.46 and a 52-week high of $20.89. The business’s 50 day moving average price is $14.08 and its two-hundred day moving average price is $15.52. The company has a debt-to-equity ratio of 0.28, a quick ratio of 2.79 and a current ratio of 4.41.

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

Insider Transactions at Neogen

In other news, CEO John Edward Adent bought 14,500 shares of the stock in a transaction dated Friday, October 11th. The shares were bought at an average cost of $13.80 per share, with a total value of $200,100.00. Following the completion of the transaction, the chief executive officer now directly owns 216,477 shares of the company’s stock, valued at $2,987,382.60. This trade represents a 7.18 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 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.