Silvercrest Asset Management Group LLC Increases Stake in Neogen Co. (NASDAQ:NEOG)

Silvercrest Asset Management Group LLC raised its stake in shares of Neogen Co. (NASDAQ:NEOG) by 0.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 513,839 shares of the company’s stock after buying an additional 2,190 shares during the quarter. Silvercrest Asset Management Group LLC owned about 0.24% of Neogen worth $8,108,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in shares of Neogen by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 19,715,974 shares of the company’s stock valued at $311,118,000 after acquiring an additional 169,237 shares during the last quarter. Norges Bank bought a new position in shares of Neogen during the 4th quarter valued at approximately $365,794,000. Baillie Gifford & Co. boosted its position in shares of Neogen by 42.3% during the 1st quarter. Baillie Gifford & Co. now owns 11,789,521 shares of the company’s stock valued at $186,039,000 after acquiring an additional 3,502,807 shares during the last quarter. Bamco Inc. NY boosted its position in shares of Neogen by 10.3% during the 1st quarter. Bamco Inc. NY now owns 7,304,967 shares of the company’s stock valued at $115,272,000 after acquiring an additional 680,668 shares during the last quarter. Finally, Conestoga Capital Advisors LLC boosted its position in shares of Neogen by 0.7% during the 1st quarter. Conestoga Capital Advisors LLC now owns 6,865,041 shares of the company’s stock valued at $108,330,000 after acquiring an additional 47,441 shares during the last quarter. 96.73% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently commented on NEOG. Piper Sandler lowered their target price on Neogen from $19.00 to $17.00 and set a “neutral” rating for the company in a research report on Monday, April 15th. StockNews.com upgraded Neogen to a “sell” rating in a research report on Wednesday, July 10th.

Neogen Stock Up 1.6 %

Shares of NEOG opened at $17.58 on Wednesday. The company has a market cap of $3.81 billion, a PE ratio of 1,759.76 and a beta of 1.20. The business has a fifty day moving average of $15.80 and a 200 day moving average of $15.25. Neogen Co. has a 52-week low of $11.46 and a 52-week high of $24.09. The company has a quick ratio of 2.66, a current ratio of 3.82 and a debt-to-equity ratio of 0.28.

Neogen (NASDAQ:NEOG) last issued its quarterly earnings results on Tuesday, July 30th. The company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.02). The company had revenue of $236.80 million during the quarter, compared to the consensus estimate of $225.83 million. Neogen had a return on equity of 3.35% and a net margin of 0.17%. The firm’s quarterly revenue was down 2.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.14 earnings per share. On average, sell-side analysts expect that Neogen Co. will post 0.46 EPS for the current year.

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.