ProShare Advisors LLC reduced its stake in Neogen Corporation (NASDAQ:NEOG) by 24.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,847 shares of the company’s stock after selling 1,232 shares during the period. ProShare Advisors LLC’s holdings in Neogen Corporation were worth $266,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds have also added to or reduced their stakes in the stock. BlackRock Inc. lifted its stake in Neogen Corporation by 149,314.6% during the first quarter. BlackRock Inc. now owns 4,466,002 shares of the company’s stock valued at $292,745,000 after purchasing an additional 4,463,013 shares during the last quarter. Vanguard Group Inc. lifted its stake in Neogen Corporation by 5.7% during the first quarter. Vanguard Group Inc. now owns 3,257,469 shares of the company’s stock valued at $213,527,000 after purchasing an additional 176,056 shares during the last quarter. State Street Corp lifted its stake in Neogen Corporation by 8.9% during the first quarter. State Street Corp now owns 905,938 shares of the company’s stock valued at $59,385,000 after purchasing an additional 73,771 shares during the last quarter. Conestoga Capital Advisors LLC lifted its stake in Neogen Corporation by 7.2% during the second quarter. Conestoga Capital Advisors LLC now owns 797,614 shares of the company’s stock valued at $55,123,000 after purchasing an additional 53,551 shares during the last quarter. Finally, Nationwide Fund Advisors lifted its stake in Neogen Corporation by 4.8% during the second quarter. Nationwide Fund Advisors now owns 375,012 shares of the company’s stock valued at $25,917,000 after purchasing an additional 17,101 shares during the last quarter. 86.12% of the stock is owned by institutional investors and hedge funds.
Neogen Corporation (NASDAQ:NEOG) last issued its quarterly earnings results on Tuesday, September 19th. The company reported $0.31 EPS for the quarter, topping the consensus estimate of $0.30 by $0.01. Neogen Corporation had a net margin of 12.28% and a return on equity of 9.93%. The company had revenue of $95.30 million during the quarter, compared to analysts’ expectations of $94.87 million. During the same quarter in the previous year, the company earned $0.26 EPS. Neogen Corporation’s revenue was up 14.0% on a year-over-year basis.
In other news, CFO Steven J. Quinlan sold 2,772 shares of the business’s stock in a transaction on Monday, September 25th. The shares were sold at an average price of $73.54, for a total value of $203,852.88. Following the sale, the chief financial officer now owns 12,875 shares of the company’s stock, valued at $946,827.50. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Edward Bradley sold 5,000 shares of the business’s stock in a transaction on Wednesday, July 19th. The stock was sold at an average price of $66.33, for a total transaction of $331,650.00. Following the completion of the sale, the vice president now directly owns 86,512 shares in the company, valued at approximately $5,738,340.96. The disclosure for this sale can be found here. Insiders have sold a total of 158,543 shares of company stock worth $11,750,418 in the last three months. 4.20% of the stock is owned by insiders.
Several analysts recently commented on NEOG shares. BidaskClub raised shares of Neogen Corporation from a “buy” rating to a “strong-buy” rating in a research note on Friday, June 30th. CL King started coverage on shares of Neogen Corporation in a research note on Friday, July 14th. They set a “neutral” rating for the company. Finally, Zacks Investment Research raised shares of Neogen Corporation from a “hold” rating to a “buy” rating and set a $72.00 target price for the company in a research note on Thursday, July 20th.
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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