Neogen (NASDAQ:NEOG) Trading Down 6.3% – Here’s What Happened

Neogen Co. (NASDAQ:NEOG) shares fell 6.3% during trading on Tuesday . The stock traded as low as $14.32 and last traded at $14.34. 122,908 shares changed hands during mid-day trading, a decline of 94% from the average session volume of 1,900,513 shares. The stock had previously closed at $15.31.

Analyst Upgrades and Downgrades

Several research firms recently commented on NEOG. Piper Sandler raised their target price on 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 report on Monday, September 30th.

Neogen Trading Down 0.2 %

The company has a market capitalization of $3.06 billion, a price-to-earnings ratio of -128.55 and a beta of 1.23. The firm has a 50-day moving average price of $15.16 and a 200-day moving average price of $15.60. The company has a current ratio of 4.41, a quick ratio of 2.79 and a debt-to-equity ratio of 0.28.

Neogen (NASDAQ:NEOG) last issued its quarterly earnings results on Thursday, October 10th. The company reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.03). Neogen had a negative net margin of 2.58% and a positive return on equity of 2.80%. The firm had revenue of $217.00 million for the quarter, compared to analyst estimates of $215.05 million. During the same quarter last year, the business posted $0.11 earnings per share. The firm’s revenue for the quarter was down 5.2% compared to the same quarter last year. As a group, sell-side analysts predict that Neogen Co. will post 0.5 EPS for the current year.

Insider Transactions at Neogen

In related news, CEO John Edward Adent acquired 14,500 shares of Neogen stock in a transaction dated Friday, October 11th. The stock was acquired at an average cost of $13.80 per share, with a total value of $200,100.00. Following the purchase, the chief executive officer now directly owns 216,477 shares in the company, valued at $2,987,382.60. The trade was a 7.18 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 1.13% of the company’s stock.

Institutional Investors Weigh In On Neogen

Several large investors have recently modified their holdings of NEOG. Price T Rowe Associates Inc. MD boosted its stake in shares of Neogen by 6.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 126,095 shares of the company’s stock worth $1,990,000 after acquiring an additional 7,946 shares in the last quarter. Bayesian Capital Management LP bought a new stake in shares of Neogen during the 1st quarter worth $175,000. Moody National Bank Trust Division boosted its stake in shares of Neogen by 14.5% during the 2nd quarter. Moody National Bank Trust Division now owns 11,650 shares of the company’s stock worth $182,000 after acquiring an additional 1,478 shares in the last quarter. Harbor Capital Advisors Inc. bought a new stake in shares of Neogen during the 2nd quarter worth $6,221,000. Finally, Linden Thomas Advisory Services LLC boosted its position in shares of Neogen by 1.6% in the second quarter. Linden Thomas Advisory Services LLC now owns 73,490 shares of the company’s stock worth $1,149,000 after buying an additional 1,191 shares during the period. 96.73% of the stock is owned by institutional investors.

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.