Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its stake in shares of Neogen Co. (NASDAQ:NEOG) by 13.4% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 12,374 shares of the company’s stock after acquiring an additional 1,463 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Neogen were worth $885,000 at the end of the most recent quarter.
Several other institutional investors also recently bought and sold shares of NEOG. Tower Research Capital LLC TRC bought a new stake in shares of Neogen during the second quarter valued at approximately $106,000. Acadian Asset Management LLC bought a new stake in shares of Neogen during the third quarter valued at approximately $275,000. Granahan Investment Management Inc. MA bought a new stake in shares of Neogen during the second quarter valued at approximately $283,000. Everence Capital Management Inc. raised its stake in shares of Neogen by 26.0% during the third quarter. Everence Capital Management Inc. now owns 3,973 shares of the company’s stock valued at $284,000 after acquiring an additional 820 shares in the last quarter. Finally, Carlson Capital Management bought a new stake in shares of Neogen during the third quarter valued at approximately $306,000. 87.79% of the stock is owned by hedge funds and other institutional investors.
Shares of NEOG stock opened at $64.86 on Friday. The company has a market cap of $3.37 billion, a P/E ratio of 53.60 and a beta of 1.40. Neogen Co. has a 52-week low of $54.09 and a 52-week high of $97.38.
Neogen declared that its board has initiated a stock buyback program on Wednesday, October 10th that permits the company to repurchase 3,000,000 outstanding shares. This repurchase authorization permits the company to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s management believes its shares are undervalued.
In other Neogen news, Director James P. Tobin acquired 500 shares of the business’s stock in a transaction that occurred on Wednesday, September 26th. The shares were bought at an average cost of $73.37 per share, with a total value of $36,685.00. Following the completion of the acquisition, the director now directly owns 4,766 shares in the company, valued at approximately $349,681.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO John Edward Adent acquired 4,300 shares of the business’s stock in a transaction that occurred on Wednesday, September 26th. The shares were acquired at an average cost of $73.58 per share, for a total transaction of $316,394.00. Following the completion of the acquisition, the chief executive officer now owns 4,300 shares of the company’s stock, valued at $316,394. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 72,851 shares of company stock worth $4,482,628. 3.00% of the stock is currently owned by corporate insiders.
Several brokerages recently issued reports on NEOG. Zacks Investment Research raised shares of Neogen from a “sell” rating to a “hold” rating in a report on Monday, November 26th. BidaskClub raised shares of Neogen from a “sell” rating to a “hold” rating in a report on Tuesday, November 13th. Finally, ValuEngine lowered shares of Neogen from a “strong-buy” rating to a “buy” rating in a report on Wednesday, September 26th. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Neogen presently has an average rating of “Hold” and an average price target of $67.75.
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Neogen Company Profile
Neogen Corporation, together with its subsidiaries, develops, manufactures, and markets various products for food and animal safety worldwide. It operates through two segments, Food Safety and Animal Safety. The Food Safety segment primarily offers diagnostic test kits and complementary to detect dangerous and/or unintended substances in human food and animal feed, such as 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 for adenosine triphosphate, a chemical found in living cells.
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