Riverbridge Partners LLC cut its position in shares of Neogen Corporation (NASDAQ:NEOG) by 31.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 842,899 shares of the company’s stock after selling 387,470 shares during the period. Riverbridge Partners LLC owned 2.21% of Neogen Corporation worth $58,253,000 as of its most recent SEC filing.
Several other hedge funds have also bought and sold shares of the stock. Brown Capital Management LLC increased its stake in Neogen Corporation by 0.3% in the first quarter. Brown Capital Management LLC now owns 5,385,695 shares of the company’s stock worth $353,032,000 after buying an additional 17,148 shares during the period. BlackRock Inc. increased its stake in Neogen Corporation by 149,314.6% in the first quarter. BlackRock Inc. now owns 4,466,002 shares of the company’s stock worth $292,745,000 after buying an additional 4,463,013 shares during the period. Vanguard Group Inc. increased its stake in Neogen Corporation by 5.7% in the first quarter. Vanguard Group Inc. now owns 3,257,469 shares of the company’s stock worth $213,527,000 after buying an additional 176,056 shares during the period. State Street Corp increased its stake in Neogen Corporation by 8.9% in the first quarter. State Street Corp now owns 905,938 shares of the company’s stock worth $59,385,000 after buying an additional 73,771 shares during the period. Finally, Conestoga Capital Advisors LLC increased its stake in Neogen Corporation by 7.2% in the second quarter. Conestoga Capital Advisors LLC now owns 797,614 shares of the company’s stock worth $55,123,000 after buying an additional 53,551 shares during the period. Institutional investors own 85.34% of the company’s stock.
Shares of Neogen Corporation (NASDAQ NEOG) traded up 0.51% during trading on Friday, reaching $66.80. 112,730 shares of the company were exchanged. The company has a market capitalization of $2.55 billion, a PE ratio of 58.60 and a beta of 1.52. Neogen Corporation has a one year low of $50.53 and a one year high of $69.97. The firm’s 50 day moving average price is $67.41 and its 200 day moving average price is $64.81.
Neogen Corporation (NASDAQ:NEOG) last posted its quarterly earnings results on Tuesday, July 18th. The company reported $0.32 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.32. The business had revenue of $98.80 million during the quarter, compared to the consensus estimate of $100.80 million. Neogen Corporation had a net margin of 12.11% and a return on equity of 9.87%. Neogen Corporation’s revenue was up 9.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.26 EPS. Equities research analysts forecast that Neogen Corporation will post $1.30 earnings per share for the current fiscal year.
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NEOG has been the topic of a number of recent research reports. BidaskClub upgraded shares of Neogen Corporation from a “hold” rating to a “buy” rating in a report on Saturday, June 10th. Zacks Investment Research upgraded shares of Neogen Corporation from a “hold” rating to a “buy” rating and set a $72.00 price objective on the stock in a report on Thursday, July 20th. Finally, CL King initiated coverage on shares of Neogen Corporation in a report on Friday, July 14th. They issued a “neutral” rating on the stock.
In other Neogen Corporation news, VP Edward Bradley sold 5,000 shares of Neogen Corporation stock in a transaction on Friday, May 19th. The shares were sold at an average price of $61.33, for a total transaction of $306,650.00. Following the transaction, the vice president now directly owns 96,512 shares of the company’s stock, valued at approximately $5,919,080.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director James P. Tobin acquired 500 shares of the business’s stock in a transaction on Thursday, July 27th. The shares were purchased at an average cost of $64.64 per share, for a total transaction of $32,320.00. Following the completion of the acquisition, the director now directly owns 3,200 shares in the company, valued at $206,848. The disclosure for this purchase can be found here. Insiders have sold a total of 71,576 shares of company stock worth $4,455,280 over the last ninety days. Insiders own 4.70% of the company’s stock.
About Neogen Corporation
Neogen Corporation develops, manufactures and markets a range of products and services dedicated to food and animal safety. The Company operates through two segments: Food Safety and Animal Safety. The Food Safety segment produces and markets diagnostic test kits and related products used by food producers and processors to detect harmful natural toxins, foodborne bacteria, allergens and levels of general sanitation.
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