Banque Pictet & Cie SA Reduces Stake in Neogen Co. (NASDAQ:NEOG)

Banque Pictet & Cie SA reduced its position in Neogen Co. (NASDAQ:NEOG) by 0.9% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,644,650 shares of the company’s stock after selling 24,650 shares during the period. Banque Pictet & Cie SA owned approximately 1.22% of Neogen worth $41,336,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Mitsubishi UFJ Trust & Banking Corp boosted its stake 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 worth $9,723,000 after buying an additional 248,340 shares during the last quarter. Trigran Investments Inc. bought a new position in Neogen in the 4th quarter worth $12,048,000. SG Americas Securities LLC raised its holdings in Neogen by 277.1% in the 1st quarter. SG Americas Securities LLC now owns 45,558 shares of the company’s stock worth $719,000 after purchasing an additional 33,478 shares during the period. BNP Paribas Financial Markets raised its holdings in Neogen by 73.4% in the 1st quarter. BNP Paribas Financial Markets now owns 115,830 shares of the company’s stock worth $1,828,000 after purchasing an additional 49,041 shares during the period. Finally, Simmons Bank raised its holdings in Neogen by 24.6% in the 4th quarter. Simmons Bank now owns 24,590 shares of the company’s stock worth $495,000 after purchasing an additional 4,850 shares during the period. 96.73% of the stock is currently owned by hedge funds and other institutional investors.

Neogen Price Performance

NASDAQ:NEOG traded up $0.73 on Friday, reaching $16.78. 1,281,462 shares of the company’s stock traded hands, compared to its average volume of 2,056,140. The stock has a 50-day simple moving average of $16.38 and a 200-day simple moving average of $15.27. Neogen Co. has a 12 month low of $11.46 and a 12 month high of $23.64. The firm has a market cap of $3.63 billion, a PE ratio of 1,678.00 and a beta of 1.20. The company has a quick ratio of 2.66, a current ratio of 3.82 and a debt-to-equity ratio of 0.28.

Neogen (NASDAQ:NEOG) last announced its quarterly earnings data on Tuesday, July 30th. The company reported $0.10 EPS for the quarter, missing the consensus estimate of $0.12 by ($0.02). Neogen had a negative net margin of 1.02% and a positive return on equity of 3.09%. The business had revenue of $236.80 million during the quarter, compared to analysts’ expectations of $225.83 million. During the same quarter in the previous year, the firm earned $0.14 earnings per share. Neogen’s revenue was down 2.1% on a year-over-year basis. Equities research analysts forecast that Neogen Co. will post 0.56 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. StockNews.com raised Neogen to a “sell” rating in a report on Thursday, August 15th. Piper Sandler raised their target price on Neogen from $17.00 to $17.50 and gave the stock a “neutral” rating in a report on Tuesday, August 6th.

Insider Activity

In other Neogen news, Director James P. Tobin acquired 3,000 shares of the stock in a transaction dated Tuesday, August 6th. The shares were acquired at an average cost of $16.86 per share, for a total transaction of $50,580.00. Following the completion of the transaction, the director now directly owns 23,392 shares of the company’s stock, valued at $394,389.12. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 0.71% of the company’s stock.

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.