King Luther Capital Management Corp Has $59.58 Million Stake in Neogen Co. (NASDAQ:NEOG)

King Luther Capital Management Corp trimmed its position in shares of Neogen Co. (NASDAQ:NEOG) by 3.4% in the 4th quarter, Holdings Channel reports. The institutional investor owned 4,907,531 shares of the company’s stock after selling 174,531 shares during the period. King Luther Capital Management Corp’s holdings in Neogen were worth $59,577,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in NEOG. Fred Alger Management LLC lifted its holdings in shares of Neogen by 86.5% during the 3rd quarter. Fred Alger Management LLC now owns 3,986,744 shares of the company’s stock valued at $67,017,000 after buying an additional 1,849,427 shares during the last quarter. American Capital Management Inc. lifted its holdings in Neogen by 36.5% in the 3rd quarter. American Capital Management Inc. now owns 3,414,700 shares of the company’s stock worth $57,401,000 after purchasing an additional 913,604 shares during the last quarter. Champlain Investment Partners LLC lifted its holdings in Neogen by 10.7% in the 3rd quarter. Champlain Investment Partners LLC now owns 7,110,530 shares of the company’s stock worth $119,528,000 after purchasing an additional 690,029 shares during the last quarter. Harbor Capital Advisors Inc. lifted its holdings in Neogen by 32.1% in the 4th quarter. Harbor Capital Advisors Inc. now owns 1,303,465 shares of the company’s stock worth $15,824,000 after purchasing an additional 316,457 shares during the last quarter. Finally, State Street Corp lifted its holdings in Neogen by 3.1% in the 3rd quarter. State Street Corp now owns 7,932,192 shares of the company’s stock worth $133,340,000 after purchasing an additional 236,762 shares during the last quarter. 96.73% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Piper Sandler restated a “neutral” rating and issued a $13.00 target price (down from $16.50) on shares of Neogen in a report on Tuesday, January 21st. Guggenheim assumed coverage on Neogen in a report on Thursday, December 19th. They issued a “buy” rating and a $15.00 target price for the company.

Neogen Stock Performance

Shares of NASDAQ NEOG opened at $9.98 on Tuesday. The company has a quick ratio of 2.46, a current ratio of 3.77 and a debt-to-equity ratio of 0.33. The business’s 50 day moving average is $11.05 and its two-hundred day moving average is $13.44. The company has a market cap of $2.17 billion, a P/E ratio of -4.56 and a beta of 1.27. Neogen Co. has a 12 month low of $9.01 and a 12 month high of $18.58.

Neogen (NASDAQ:NEOG) last issued its quarterly earnings results on Friday, January 10th. The company reported $0.11 EPS for the quarter, topping the consensus estimate 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 company’s revenue for the quarter was up .7% on a year-over-year basis. During the same period in the previous year, the business posted $0.11 EPS. On average, equities analysts expect that Neogen Co. will post 0.38 EPS for the current year.

Insiders Place Their Bets

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