Balyasny Asset Management LLC Cuts Stock Holdings in Neogen Co. (NASDAQ:NEOG)
Balyasny Asset Management LLC cut its stake in shares of Neogen Co. (NASDAQ:NEOG) by 73.7% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 5,510 shares of the company’s stock after selling 15,408 shares during the period. Balyasny Asset Management LLC’s holdings in Neogen were worth $428,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in NEOG. Northwestern Mutual Wealth Management Co. purchased a new position in shares of Neogen in the 1st quarter worth $27,000. Citizens Financial Group Inc RI raised its holdings in shares of Neogen by 88.6% in the 2nd quarter. Citizens Financial Group Inc RI now owns 347 shares of the company’s stock worth $27,000 after purchasing an additional 163 shares during the period. Campbell Wealth Management acquired a new position in shares of Neogen in the 2nd quarter valued at about $31,000. Private Capital Group LLC grew its holdings in shares of Neogen by 79.5% during the 1st quarter. Private Capital Group LLC now owns 926 shares of the company’s stock worth $62,000 after purchasing an additional 410 shares during the period. Finally, Bartlett & Co. LLC acquired a new stake in Neogen during the 1st quarter worth approximately $74,000. 92.55% of the stock is owned by institutional investors.
In related news, VP Jason Warren Lilly sold 5,681 shares of the business’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $80.08, for a total value of $454,934.48. Following the transaction, the vice president now owns 16,090 shares in the company, valued at $1,288,487.20. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.90% of the stock is currently owned by insiders.
Neogen (NASDAQ:NEOG) last released its quarterly earnings results on Tuesday, July 21st. The company reported $0.31 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.30 by $0.01. The firm had revenue of $109.10 million for the quarter, compared to the consensus estimate of $112.15 million. Neogen had a net margin of 14.22% and a return on equity of 8.53%. The firm’s quarterly revenue was down .8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.30 EPS. On average, equities analysts forecast that Neogen Co. will post 1.21 earnings per share for the current fiscal year.
Several equities research analysts have issued reports on NEOG shares. Roth Capital boosted their price objective on shares of Neogen from $67.00 to $75.00 and gave the stock a “neutral” rating in a research note on Thursday, July 23rd. Stephens reiterated a “buy” rating and issued a $88.00 price target on shares of Neogen in a report on Tuesday, July 14th. BidaskClub raised Neogen from a “hold” rating to a “buy” rating in a research report on Tuesday. Finally, William Blair reaffirmed a “market perform” rating on shares of Neogen in a research report on Tuesday, July 21st. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $75.67.
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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