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

Riverbridge Partners LLC decreased its holdings in Neogen Co. (NASDAQ:NEOG) by 11.1% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,667,025 shares of the company’s stock after selling 207,743 shares during the quarter. Riverbridge Partners LLC owned 0.77% of Neogen worth $20,238,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of NEOG. Stephens Inc. AR lifted its position in Neogen by 2.6% during the third quarter. Stephens Inc. AR now owns 35,930 shares of the company’s stock valued at $604,000 after purchasing an additional 909 shares during the period. Allspring Global Investments Holdings LLC raised its stake 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 buying an additional 1,165 shares during the last quarter. State of Alaska Department of Revenue lifted its holdings in shares of Neogen by 7.3% during the 3rd quarter. State of Alaska Department of Revenue now owns 22,810 shares of the company’s stock valued at $383,000 after buying an additional 1,550 shares during the period. Inspire Investing LLC boosted its stake in shares of Neogen by 6.6% in the 3rd quarter. Inspire Investing LLC now owns 27,803 shares of the company’s stock worth $467,000 after buying an additional 1,729 shares during the last quarter. Finally, Lindenwold Advisors INC grew its holdings in shares of Neogen by 19.1% in the third quarter. Lindenwold Advisors INC now owns 12,821 shares of the company’s stock worth $216,000 after acquiring an additional 2,055 shares during the period. Institutional investors own 96.73% of the company’s stock.

Insider Transactions at Neogen

In related news, CFO David H. Naemura bought 14,800 shares of the company’s stock in a transaction that occurred on Thursday, January 16th. The stock was purchased at an average price 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 $682,531.74. The trade was a 31.74 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO John Edward Adent purchased 23,035 shares of Neogen stock in a transaction on Thursday, January 16th. The stock was bought at an average price of $11.03 per share, for a total transaction of $254,076.05. Following the completion of the acquisition, the chief executive officer now owns 269,164 shares in the company, valued at $2,968,878.92. The trade was a 9.36 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 1.13% of the company’s stock.

Neogen Stock Performance

NASDAQ NEOG opened at $11.95 on Thursday. Neogen Co. has a 12 month low of $10.72 and a 12 month high of $18.58. The company’s 50 day moving average is $12.91 and its two-hundred day moving average is $14.87. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.46 and a current ratio of 3.77.

Neogen (NASDAQ:NEOG) last released its earnings results 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. Neogen had a negative net margin of 52.12% and a positive return on equity of 2.89%. The company had revenue of $231.30 million for the quarter, compared to analysts’ expectations of $227.16 million. During the same quarter in the previous year, the company earned $0.11 EPS. Neogen’s revenue for the quarter was up .7% on a year-over-year basis. As a group, equities research analysts expect that Neogen Co. will post 0.41 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have issued reports on NEOG. Piper Sandler reissued a “neutral” rating and issued a $13.00 target price (down from $16.50) on shares of Neogen in a research report on Tuesday. Guggenheim initiated coverage on shares of Neogen in a report on Thursday, December 19th. They issued a “buy” rating and a $15.00 price objective on the stock. Finally, StockNews.com upgraded shares of Neogen to a “sell” rating in a research report on Monday, September 30th.

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.