Sheets Smith Wealth Management Sells 2,817 Shares of Neogen Co. (NASDAQ:NEOG)

Sheets Smith Wealth Management reduced its stake in Neogen Co. (NASDAQ:NEOG) by 9.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 27,978 shares of the company’s stock after selling 2,817 shares during the period. Sheets Smith Wealth Management’s holdings in Neogen were worth $340,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the stock. Stephens Inc. AR grew its position in Neogen by 2.6% in the third quarter. Stephens Inc. AR now owns 35,930 shares of the company’s stock valued at $604,000 after acquiring an additional 909 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in shares of Neogen by 142.6% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,982 shares of the company’s stock valued at $33,000 after purchasing an additional 1,165 shares in the last quarter. State of Alaska Department of Revenue grew its holdings in shares of Neogen by 7.3% in the 3rd quarter. State of Alaska Department of Revenue now owns 22,810 shares of the company’s stock worth $383,000 after purchasing an additional 1,550 shares during the last quarter. Inspire Investing LLC increased its position in shares of Neogen by 6.6% during the 3rd quarter. Inspire Investing LLC now owns 27,803 shares of the company’s stock worth $467,000 after purchasing an additional 1,729 shares in the last quarter. Finally, Lindenwold Advisors INC lifted its holdings in Neogen by 19.1% during the 3rd quarter. Lindenwold Advisors INC now owns 12,821 shares of the company’s stock valued at $216,000 after purchasing an additional 2,055 shares during the last quarter. 96.73% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Neogen news, CFO David H. Naemura bought 14,800 shares of Neogen stock in a transaction dated Thursday, January 16th. The shares were bought at an average price of $11.11 per share, with a total value of $164,428.00. Following the purchase, the chief financial officer now owns 61,434 shares of the company’s stock, valued at $682,531.74. This trade represents a 31.74 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO John Edward Adent purchased 23,035 shares of the company’s stock in a transaction that occurred on Thursday, January 16th. The shares were acquired at an average cost of $11.03 per share, with a total value of $254,076.05. Following the completion of the purchase, the chief executive officer now owns 269,164 shares of the company’s stock, valued at $2,968,878.92. The trade was a 9.36 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 1.13% of the company’s stock.

Neogen Trading Up 1.8 %

NEOG opened at $11.95 on Thursday. Neogen Co. has a 1-year low of $10.72 and a 1-year high of $18.58. The firm has a 50-day moving average price of $12.91 and a two-hundred day moving average price of $14.87. The stock has a market capitalization of $2.59 billion, a PE ratio of -5.46 and a beta of 1.23. The company has a current ratio of 3.77, a quick ratio of 2.46 and a debt-to-equity ratio of 0.33.

Neogen (NASDAQ:NEOG) last announced its quarterly earnings data on Friday, January 10th. The company reported $0.11 EPS for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.12. The firm had revenue of $231.30 million for the quarter, compared to analyst estimates of $227.16 million. Neogen had a positive return on equity of 2.89% and a negative net margin of 52.12%. The business’s quarterly revenue was up .7% compared to the same quarter last year. During the same period last year, the company earned $0.11 EPS. As a group, equities analysts anticipate that Neogen Co. will post 0.41 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages have weighed in on NEOG. Guggenheim initiated coverage on shares of Neogen in a research note on Thursday, December 19th. They set a “buy” rating and a $15.00 price objective on the stock. StockNews.com upgraded Neogen to a “sell” rating in a research report on Monday, September 30th. Finally, Piper Sandler reiterated a “neutral” rating and issued a $13.00 price objective (down previously from $16.50) on shares of Neogen in a research report on Tuesday.

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.