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

Shares of Neogen Co. (NASDAQ:NEOG) traded down 6.3% during mid-day trading on Tuesday . The company traded as low as $14.32 and last traded at $14.34. 122,908 shares traded 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.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Piper Sandler increased their price target on Neogen from $17.00 to $17.50 and gave the company a “neutral” rating in a report on Tuesday, August 6th. StockNews.com raised Neogen to a “sell” rating in a report on Monday, September 30th.

Neogen Price Performance

The stock has a market cap of $3.06 billion, a PE ratio of -128.55 and a beta of 1.23. The company has a debt-to-equity ratio of 0.28, a current ratio of 4.41 and a quick ratio of 2.79. The business has a fifty day moving average of $15.16 and a 200 day moving average of $15.60.

Neogen (NASDAQ:NEOG) last issued its quarterly earnings results on Thursday, October 10th. The company reported $0.07 EPS for the quarter, missing analysts’ consensus estimates 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 business had revenue of $217.00 million during the quarter, compared to analysts’ expectations of $215.05 million. During the same period in the prior year, the company posted $0.11 EPS. The company’s revenue for the quarter was down 5.2% on a year-over-year basis. Sell-side analysts anticipate that Neogen Co. will post 0.5 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO John Edward Adent bought 14,500 shares of Neogen stock in a transaction on Friday, October 11th. The shares were bought at an average price of $13.80 per share, with a total value of $200,100.00. Following the acquisition, the chief executive officer now directly owns 216,477 shares in the company, valued at approximately $2,987,382.60. This represents a 7.18 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.13% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of NEOG. Price T Rowe Associates Inc. MD lifted its holdings in shares of Neogen by 6.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 126,095 shares of the company’s stock worth $1,990,000 after purchasing an additional 7,946 shares during the last quarter. Bayesian Capital Management LP bought a new stake in shares of Neogen in the 1st quarter worth approximately $175,000. Moody National Bank Trust Division lifted its holdings in shares of Neogen by 14.5% in the 2nd quarter. Moody National Bank Trust Division now owns 11,650 shares of the company’s stock worth $182,000 after purchasing an additional 1,478 shares during the last quarter. Harbor Capital Advisors Inc. bought a new stake in shares of Neogen in the 2nd quarter worth approximately $6,221,000. Finally, Linden Thomas Advisory Services LLC lifted its holdings in shares of Neogen by 1.6% in the 2nd quarter. Linden Thomas Advisory Services LLC now owns 73,490 shares of the company’s stock worth $1,149,000 after purchasing an additional 1,191 shares during the last quarter. Institutional investors own 96.73% of the company’s stock.

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.