State of New Jersey Common Pension Fund D Sells 24,538 Shares of Neogen Co. (NASDAQ:NEOG)

State of New Jersey Common Pension Fund D decreased its stake in Neogen Co. (NASDAQ:NEOG) by 17.4% during the third quarter, Holdings Channel.com reports. The institutional investor owned 116,681 shares of the company’s stock after selling 24,538 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Neogen were worth $1,961,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Covestor Ltd lifted its position in shares of Neogen by 173.2% in the 1st quarter. Covestor Ltd now owns 1,970 shares of the company’s stock worth $31,000 after purchasing an additional 1,249 shares during the period. Allspring Global Investments Holdings LLC lifted its position in Neogen by 142.6% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,982 shares of the company’s stock valued at $33,000 after acquiring an additional 1,165 shares during the period. Innealta Capital LLC purchased a new position in Neogen during the 2nd quarter valued at about $46,000. Headlands Technologies LLC lifted its position in Neogen by 264.1% during the 2nd quarter. Headlands Technologies LLC now owns 3,397 shares of the company’s stock valued at $53,000 after acquiring an additional 2,464 shares during the period. Finally, Family Firm Inc. purchased a new position in Neogen during the 2nd quarter valued at about $90,000. Institutional investors own 96.73% of the company’s stock.

Neogen Price Performance

Neogen stock opened at $14.60 on Monday. The company has a market cap of $3.16 billion, a price-to-earnings ratio of -132.73 and a beta of 1.23. The firm’s fifty day moving average is $15.29 and its 200 day moving average is $15.47. The company has a quick ratio of 2.79, a current ratio of 4.41 and a debt-to-equity ratio of 0.28. Neogen Co. has a 52-week low of $11.46 and a 52-week high of $20.89.

Neogen (NASDAQ:NEOG) last posted its quarterly earnings data on Thursday, October 10th. The company reported $0.07 earnings per share for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.03). The firm had revenue of $217.00 million for the quarter, compared to the consensus estimate of $215.05 million. Neogen had a negative net margin of 2.58% and a positive return on equity of 2.80%. The company’s revenue was down 5.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.11 EPS. Sell-side analysts forecast that Neogen Co. will post 0.5 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have weighed in on NEOG shares. StockNews.com upgraded shares of Neogen to a “sell” rating in a research note on Monday, September 30th. Piper Sandler boosted their target price on shares of Neogen from $17.00 to $17.50 and gave the company a “neutral” rating in a research report on Tuesday, August 6th.

Insider Buying and Selling

In other Neogen news, CEO John Edward Adent purchased 14,500 shares of the business’s stock in a transaction that occurred on Friday, October 11th. The shares were bought at an average price of $13.80 per share, for a total transaction of $200,100.00. Following the acquisition, the chief executive officer now owns 216,477 shares in the company, valued at $2,987,382.60. This represents a 7.18 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.13% of the stock is owned by insiders.

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.