Neogen Co. (NASDAQ:NEOG) Shares Purchased by Azimuth Capital Investment Management LLC

Azimuth Capital Investment Management LLC grew its position in shares of Neogen Co. (NASDAQ:NEOG) by 2.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 146,932 shares of the company’s stock after purchasing an additional 3,570 shares during the period. Azimuth Capital Investment Management LLC’s holdings in Neogen were worth $1,784,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of NEOG. Harbour Investments Inc. purchased a new stake in Neogen during 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 worth $41,000 after buying an additional 2,233 shares during the period. Neo Ivy Capital Management acquired a new stake in Neogen during the 3rd quarter worth approximately $66,000. KBC Group NV lifted its holdings in Neogen by 39.1% during the 4th quarter. KBC Group NV now owns 8,464 shares of the company’s stock worth $103,000 after buying an additional 2,379 shares in the last quarter. Finally, Brown Brothers Harriman & Co. boosted its position in Neogen by 4,955.8% in the 4th quarter. Brown Brothers Harriman & Co. now owns 10,415 shares of the company’s stock valued at $126,000 after buying an additional 10,209 shares during the period. 96.73% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on NEOG. Piper Sandler restated a “neutral” rating and set a $13.00 price target (down previously from $16.50) on shares of Neogen in a report on Tuesday, January 21st. Guggenheim began coverage on shares of Neogen in a research note on Thursday, December 19th. They set a “buy” rating and a $15.00 target price on the stock.

Neogen Price Performance

NEOG stock opened at $5.02 on Thursday. The business has a 50 day simple moving average of $9.29 and a 200-day simple moving average of $12.12. The company has a market capitalization of $1.09 billion, a P/E ratio of -2.29 and a beta of 1.57. Neogen Co. has a twelve month low of $3.87 and a twelve month 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.

Neogen (NASDAQ:NEOG) last posted its quarterly earnings data on Friday, January 10th. The company reported $0.11 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.12. Neogen had a positive return on equity of 2.89% and a negative net margin of 52.12%. The firm had revenue of $231.30 million during the quarter, compared to the consensus estimate of $227.16 million. During the same period in the prior year, the business earned $0.11 EPS. The firm’s revenue was up .7% compared to the same quarter last year. As a group, equities analysts anticipate that Neogen Co. will post 0.38 EPS for the current year.

Insider Activity

In related news, CEO John Edward Adent acquired 23,035 shares of the firm’s stock in a transaction that occurred on Thursday, January 16th. The shares were 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 approximately $2,968,878.92. This represents a 9.36 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO David H. Naemura purchased 14,800 shares of the firm’s stock in a transaction dated Thursday, January 16th. The shares were purchased 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 in the company, valued at approximately $682,531.74. This represents a 31.74 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 1.13% of the company’s stock.

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.