ACK Asset Management LLC Sells 452,604 Shares of Neogen Co. (NASDAQ:NEOG)

ACK Asset Management LLC lessened its stake in Neogen Co. (NASDAQ:NEOG) by 27.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,206,796 shares of the company’s stock after selling 452,604 shares during the quarter. Neogen comprises 2.0% of ACK Asset Management LLC’s investment portfolio, making the stock its 17th biggest position. ACK Asset Management LLC’s holdings in Neogen were worth $14,651,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Harbour Investments Inc. purchased a new position in shares of Neogen in the fourth quarter worth about $27,000. Blue Trust Inc. increased its stake in Neogen by 196.7% during the 4th quarter. Blue Trust Inc. now owns 3,368 shares of the company’s stock valued at $41,000 after purchasing an additional 2,233 shares in the last quarter. Neo Ivy Capital Management purchased a new stake in Neogen in the third quarter worth approximately $66,000. KBC Group NV raised its stake in shares of Neogen by 39.1% in the fourth quarter. KBC Group NV now owns 8,464 shares of the company’s stock worth $103,000 after buying an additional 2,379 shares during the period. Finally, Brown Brothers Harriman & Co. boosted its position in shares of Neogen by 4,955.8% during the fourth quarter. Brown Brothers Harriman & Co. now owns 10,415 shares of the company’s stock worth $126,000 after acquiring an additional 10,209 shares during the last quarter. 96.73% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

NEOG has been the topic of a number of research reports. Piper Sandler reissued a “neutral” rating and set a $13.00 target price (down previously from $16.50) on shares of Neogen in a research report on Tuesday, January 21st. Guggenheim initiated coverage on shares of Neogen in a report on Thursday, December 19th. They set a “buy” rating and a $15.00 price target for the company.

Neogen Stock Performance

Neogen stock opened at $7.85 on Tuesday. 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 Co. has a 52 week low of $7.47 and a 52 week high of $18.58. The stock has a 50 day moving average of $9.72 and a 200-day moving average of $12.37. The stock has a market cap of $1.70 billion, a P/E ratio of -3.58 and a beta of 1.57.

Neogen (NASDAQ:NEOG) last issued its earnings results on Friday, January 10th. The company reported $0.11 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.12. The firm had revenue of $231.30 million during the quarter, compared to analysts’ expectations of $227.16 million. Neogen had a negative net margin of 52.12% and a positive return on equity of 2.89%. The firm’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period last year, the firm posted $0.11 earnings per share. On average, analysts expect that Neogen Co. will post 0.38 EPS 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 acquired at an average cost of $11.03 per share, for a total transaction of $254,076.05. Following the completion of the purchase, the chief executive officer now owns 269,164 shares in the company, valued at approximately $2,968,878.92. This represents a 9.36 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO David H. Naemura bought 14,800 shares of the stock in a transaction on Thursday, January 16th. The shares were acquired at an average cost 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 approximately $682,531.74. This represents a 31.74 % increase in their position. The disclosure for this purchase can be found here. Insiders own 1.13% of the company’s stock.

Neogen Company 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.