Neogen (NASDAQ:NEOG) Trading 4.5% Higher – What’s Next?

Shares of Neogen Co. (NASDAQ:NEOG) rose 4.5% during mid-day trading on Thursday . The stock traded as high as $12.16 and last traded at $12.16. Approximately 395,725 shares were traded during trading, a decline of 79% from the average daily volume of 1,906,530 shares. The stock had previously closed at $11.64.

Wall Street Analysts Forecast Growth

NEOG has been the topic of several recent research reports. Guggenheim assumed coverage on Neogen in a research report on Thursday. They set a “buy” rating and a $15.00 price objective on the stock. StockNews.com upgraded shares of Neogen to a “sell” rating in a research report on Monday, September 30th.

Neogen Stock Up 0.2 %

The firm has a market capitalization of $2.61 billion, a PE ratio of -109.45 and a beta of 1.21. The company’s fifty day simple moving average is $14.08 and its 200 day simple moving average is $15.52. The company has a quick ratio of 2.79, a current ratio of 4.41 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 for the quarter, missing the consensus estimate of $0.10 by ($0.03). Neogen had a positive return on equity of 2.80% and a negative net margin of 2.58%. The firm had revenue of $217.00 million during the quarter, compared to analysts’ expectations of $215.05 million. During the same period in the previous year, the company earned $0.11 earnings per share. Neogen’s revenue for the quarter was down 5.2% on a year-over-year basis. Analysts anticipate that Neogen Co. will post 0.5 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO John Edward Adent bought 14,500 shares of the firm’s stock in a transaction on 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 completion of the acquisition, the chief executive officer now owns 216,477 shares of the company’s stock, valued at approximately $2,987,382.60. This represents a 7.18 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.13% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Neogen

Several institutional investors have recently modified their holdings of the business. Allspring Global Investments Holdings LLC raised its position in Neogen by 142.6% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,982 shares of the company’s stock worth $33,000 after buying an additional 1,165 shares during the last quarter. Innealta Capital LLC bought a new position in Neogen during the second quarter valued at approximately $46,000. Headlands Technologies LLC boosted its holdings in 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 purchasing an additional 2,464 shares during the last quarter. Neo Ivy Capital Management bought a new stake in Neogen in the 3rd quarter worth approximately $66,000. Finally, Marco Investment Management LLC purchased a new stake in Neogen during the 3rd quarter valued at $169,000. 96.73% of the stock is owned by hedge funds and other institutional investors.

Neogen Company Profile

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.