Riverbridge Partners LLC Sells 207,743 Shares of Neogen Co. (NASDAQ:NEOG)

Riverbridge Partners LLC trimmed its position in shares of Neogen Co. (NASDAQ:NEOG) by 11.1% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,667,025 shares of the company’s stock after selling 207,743 shares during the quarter. Riverbridge Partners LLC’s holdings in Neogen were worth $20,238,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Allspring Global Investments Holdings LLC boosted its stake in shares of Neogen by 142.6% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,982 shares of the company’s stock worth $33,000 after purchasing an additional 1,165 shares during the period. Neo Ivy Capital Management purchased a new position in shares of Neogen during the third quarter valued at approximately $66,000. Marco Investment Management LLC bought a new position in shares of Neogen during the third quarter valued at approximately $169,000. Raymond James Trust N.A. purchased a new stake in shares of Neogen in the third quarter worth approximately $182,000. Finally, International Assets Investment Management LLC grew its position in Neogen by 1,581.0% in the 3rd quarter. International Assets Investment Management LLC now owns 11,666 shares of the company’s stock valued at $196,000 after acquiring an additional 10,972 shares during the last quarter. Hedge funds and other institutional investors own 96.73% of the company’s stock.

Analysts Set New Price Targets

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

Neogen Stock Up 1.8 %

NASDAQ NEOG opened at $11.95 on Thursday. Neogen Co. has a 52-week low of $10.72 and a 52-week high of $18.58. The company has a current ratio of 3.77, a quick ratio of 2.46 and a debt-to-equity ratio of 0.33. The firm’s 50 day moving average price is $12.91 and its 200-day moving average price is $14.87.

Neogen (NASDAQ:NEOG) last issued 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 the consensus estimate 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% compared to the same quarter last year. During the same quarter last year, the company earned $0.11 earnings per share. On average, equities analysts forecast that Neogen Co. will post 0.41 EPS for the current year.

Insider Buying and Selling at Neogen

In related news, CFO David H. Naemura purchased 14,800 shares of the business’s stock in a transaction on Thursday, January 16th. The shares were acquired at an average price of $11.11 per share, for a total transaction 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO John Edward Adent acquired 23,035 shares of the stock in a transaction dated Thursday, January 16th. The shares were bought at an average price of $11.03 per share, with a total value of $254,076.05. Following the completion of the purchase, the chief executive officer now directly owns 269,164 shares of the company’s stock, valued at approximately $2,968,878.92. This trade represents a 9.36 % increase in their position. The disclosure for this purchase can be found here. 1.13% of the stock is owned by insiders.

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.