Neogen Corporation (NEOG) Shares Sold by Fred Alger Management Inc.
Fred Alger Management Inc. cut its position in Neogen Corporation (NASDAQ:NEOG) by 10.6% during the fourth quarter, Holdings Channel reports. The fund owned 409,346 shares of the company’s stock after selling 48,477 shares during the period. Fred Alger Management Inc. owned 1.08% of Neogen Corporation worth $27,017,000 at the end of the most recent quarter.
Several other large investors have also made changes to their positions in NEOG. Bank of New York Mellon Corp raised its stake in shares of Neogen Corporation by 1.8% in the third quarter. Bank of New York Mellon Corp now owns 496,605 shares of the company’s stock worth $27,782,000 after buying an additional 8,606 shares during the last quarter. BlackRock Advisors LLC raised its stake in shares of Neogen Corporation by 146.0% in the third quarter. BlackRock Advisors LLC now owns 43,002 shares of the company’s stock worth $2,406,000 after buying an additional 25,519 shares during the last quarter. BlackRock Fund Advisors raised its stake in shares of Neogen Corporation by 7.8% in the third quarter. BlackRock Fund Advisors now owns 2,529,639 shares of the company’s stock worth $141,508,000 after buying an additional 183,014 shares during the last quarter. Nationwide Fund Advisors raised its stake in shares of Neogen Corporation by 3.4% in the third quarter. Nationwide Fund Advisors now owns 353,071 shares of the company’s stock worth $19,751,000 after buying an additional 11,705 shares during the last quarter. Finally, Conestoga Capital Advisors LLC raised its stake in shares of Neogen Corporation by 12.3% in the third quarter. Conestoga Capital Advisors LLC now owns 877,779 shares of the company’s stock worth $49,103,000 after buying an additional 96,293 shares during the last quarter. Hedge funds and other institutional investors own 83.47% of the company’s stock.
Shares of Neogen Corporation (NASDAQ:NEOG) traded down 0.76% during midday trading on Thursday, hitting $65.31. 70,649 shares of the stock were exchanged. Neogen Corporation has a 52-week low of $43.79 and a 52-week high of $69.09. The firm’s 50-day moving average is $65.20 and its 200 day moving average is $60.00. The firm has a market cap of $2.48 billion, a PE ratio of 63.41 and a beta of 1.55.
Neogen Corporation (NASDAQ:NEOG) last released its earnings results on Wednesday, December 21st. The company reported $0.29 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.27 by $0.02. The company earned $90.70 million during the quarter. Neogen Corporation had a net margin of 11.49% and a return on equity of 9.54%. The company’s revenue was up 14.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.24 earnings per share. On average, analysts forecast that Neogen Corporation will post $1.15 earnings per share for the current year.
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Separately, Zacks Investment Research lowered shares of Neogen Corporation from a “buy” rating to a “hold” rating in a report on Thursday, December 29th.
In related news, Director Jack C. Parnell sold 6,000 shares of the stock in a transaction that occurred on Monday, January 9th. The shares were sold at an average price of $66.04, for a total value of $396,240.00. Following the completion of the sale, the director now directly owns 16,555 shares of the company’s stock, valued at approximately $1,093,292.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Edward Bradley sold 21,600 shares of the stock in a transaction that occurred on Tuesday, November 22nd. The stock was sold at an average price of $61.16, for a total transaction of $1,321,056.00. Following the completion of the sale, the vice president now directly owns 144,130 shares of the company’s stock, valued at $8,814,990.80. The disclosure for this sale can be found here. Insiders sold a total of 83,152 shares of company stock valued at $5,380,150 over the last three months. 4.70% of the stock is currently owned by insiders.
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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