Grantham Mayo Van Otterloo & Co. LLC Boosts Holdings in Neogen Co. (NASDAQ:NEOG)

Grantham Mayo Van Otterloo & Co. LLC raised its stake in shares of Neogen Co. (NASDAQ:NEOG) by 4.1% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 2,209,259 shares of the company’s stock after buying an additional 87,410 shares during the period. Grantham Mayo Van Otterloo & Co. LLC’s holdings in Neogen were worth $26,820,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of NEOG. Vanguard Group Inc. raised its position in Neogen by 9.8% during the fourth quarter. Vanguard Group Inc. now owns 21,637,251 shares of the company’s stock valued at $262,676,000 after acquiring an additional 1,928,491 shares in the last quarter. Norges Bank purchased a new position in shares of Neogen during the 4th quarter valued at approximately $212,171,000. William Blair Investment Management LLC boosted its holdings in Neogen by 8.1% during the fourth quarter. William Blair Investment Management LLC now owns 14,346,759 shares of the company’s stock worth $174,170,000 after buying an additional 1,074,825 shares in the last quarter. State Street Corp grew its position in Neogen by 3.1% during the third quarter. State Street Corp now owns 7,932,192 shares of the company’s stock valued at $133,340,000 after buying an additional 236,762 shares during the period. Finally, Geode Capital Management LLC increased its holdings in Neogen by 0.4% in the third quarter. Geode Capital Management LLC now owns 5,148,388 shares of the company’s stock valued at $86,559,000 after buying an additional 20,387 shares in the last quarter. Hedge funds and other institutional investors own 96.73% of the company’s stock.

Neogen Price Performance

NASDAQ:NEOG opened at $7.80 on Friday. The stock has a 50 day moving average of $9.80 and a two-hundred day moving average of $12.47. Neogen Co. has a 12 month low of $7.68 and a 12 month high of $18.58. The firm has a market cap of $1.69 billion, a P/E ratio of -3.56 and a beta of 1.57. 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 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.12. The company 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 firm’s revenue for the quarter was up .7% on a year-over-year basis. During the same quarter last year, the firm posted $0.11 EPS. On average, analysts expect that Neogen Co. will post 0.38 earnings per share for the current fiscal year.

Insider Buying and Selling at Neogen

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

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on NEOG shares. Guggenheim began coverage on Neogen in a research report on Thursday, December 19th. They set a “buy” rating and a $15.00 target price on the stock. Piper Sandler reaffirmed a “neutral” rating and set a $13.00 target price (down from $16.50) on shares of Neogen in a research note on Tuesday, January 21st.

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.