William Blair Investment Management LLC Purchases 4,717,696 Shares of Neogen Co. (NASDAQ:NEOG)

William Blair Investment Management LLC grew its position in shares of Neogen Co. (NASDAQ:NEOG) by 64.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 12,013,072 shares of the company’s stock after buying an additional 4,717,696 shares during the period. William Blair Investment Management LLC owned 5.55% of Neogen worth $187,764,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the company. Covestor Ltd boosted its holdings in Neogen by 173.2% in the 1st quarter. Covestor Ltd now owns 1,970 shares of the company’s stock worth $31,000 after buying an additional 1,249 shares during the period. Innealta Capital LLC purchased a new stake in shares of Neogen during the second quarter worth $46,000. Headlands Technologies LLC boosted its holdings in shares of Neogen by 264.1% in the second quarter. Headlands Technologies LLC now owns 3,397 shares of the company’s stock worth $53,000 after acquiring an additional 2,464 shares during the period. Family Firm Inc. purchased a new position in shares of Neogen in the second quarter valued at $90,000. Finally, Quantum Private Wealth LLC bought a new stake in shares of Neogen during the 2nd quarter valued at $156,000. Hedge funds and other institutional investors own 96.73% of the company’s stock.

Neogen Stock Up 4.1 %

Shares of Neogen stock opened at $16.13 on Friday. The stock has a market capitalization of $3.49 billion, a price-to-earnings ratio of 1,613.00 and a beta of 1.21. The company has a debt-to-equity ratio of 0.28, a quick ratio of 2.59 and a current ratio of 3.82. The company’s 50 day moving average price is $16.47 and its 200-day moving average price is $15.21. Neogen Co. has a 52-week low of $11.46 and a 52-week high of $21.88.

Neogen (NASDAQ:NEOG) last released its quarterly earnings results on Tuesday, July 30th. The company reported $0.10 earnings per share 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 company had revenue of $236.80 million during the quarter, compared to the consensus estimate of $225.83 million. During the same quarter last year, the firm earned $0.14 EPS. The business’s revenue was down 2.1% on a year-over-year basis. Equities research analysts forecast that Neogen Co. will post 0.54 EPS for the current year.

Wall Street Analyst Weigh In

NEOG has been the subject of a number of recent analyst reports. Piper Sandler boosted 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. StockNews.com upgraded Neogen to a “sell” rating in a research note on Friday.

Insider Activity at Neogen

In related news, Director James P. Tobin purchased 3,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The stock was bought at an average cost of $16.86 per share, with a total value of $50,580.00. Following the completion of the purchase, the director now directly owns 23,392 shares in the company, valued at $394,389.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.71% of the stock is owned by corporate insiders.

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.