Principal Financial Group Inc. Sells 208,759 Shares of Neogen Co. (NASDAQ:NEOG)

Principal Financial Group Inc. reduced its position in shares of Neogen Co. (NASDAQ:NEOG) by 26.5% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 580,073 shares of the company’s stock after selling 208,759 shares during the period. Principal Financial Group Inc.’s holdings in Neogen were worth $9,751,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the business. Mitsubishi UFJ Trust & Banking Corp raised its position in shares of Neogen by 67.5% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 616,190 shares of the company’s stock valued at $9,723,000 after acquiring an additional 248,340 shares during the period. Susquehanna Fundamental Investments LLC bought a new position in shares of Neogen in the second quarter valued at about $5,714,000. Oppenheimer Asset Management Inc. lifted its holdings in shares of Neogen by 39.8% during the second quarter. Oppenheimer Asset Management Inc. now owns 103,611 shares of the company’s stock worth $1,619,000 after buying an additional 29,489 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Neogen by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 19,715,974 shares of the company’s stock valued at $311,118,000 after acquiring an additional 169,237 shares during the period. Finally, William Blair Investment Management LLC lifted its stake in Neogen by 64.7% during the second quarter. William Blair Investment Management LLC now owns 12,013,072 shares of the company’s stock worth $187,764,000 after purchasing an additional 4,717,696 shares during the last quarter. 96.73% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, CEO John Edward Adent acquired 14,500 shares of the firm’s stock in a transaction dated Friday, October 11th. The shares were purchased at an average price of $13.80 per share, for a total transaction of $200,100.00. Following the completion of the acquisition, the chief executive officer now owns 216,477 shares in the company, valued at approximately $2,987,382.60. This represents a 7.18 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 1.13% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on NEOG. StockNews.com raised Neogen to a “sell” rating in a research note on Monday, September 30th. Piper Sandler raised their price target 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.

Neogen Stock Up 4.1 %

NEOG opened at $15.20 on Tuesday. The company has a quick ratio of 2.79, a current ratio of 4.41 and a debt-to-equity ratio of 0.28. The company’s 50-day moving average price is $15.29 and its two-hundred day moving average price is $15.49. Neogen Co. has a twelve month low of $11.46 and a twelve month high of $20.89. The stock has a market cap of $3.29 billion, a price-to-earnings ratio of -138.18 and a beta of 1.23.

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

Neogen 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.