Neogen (NASDAQ:NEOG) Shares Down 6% – Here’s What Happened

Neogen Co. (NASDAQ:NEOG)’s share price was down 6% during mid-day trading on Tuesday . The company traded as low as $8.33 and last traded at $8.15. Approximately 257,298 shares traded hands during mid-day trading, a decline of 89% from the average daily volume of 2,242,323 shares. The stock had previously closed at $8.67.

Analyst Ratings Changes

NEOG has been the subject of several research reports. Guggenheim initiated coverage on shares of Neogen in a report on Thursday, December 19th. They issued a “buy” rating and a $15.00 target price for the company. Piper Sandler reiterated a “neutral” rating and issued a $13.00 price objective (down previously from $16.50) on shares of Neogen in a report on Tuesday, January 21st.

Neogen Stock Performance

The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.46 and a current ratio of 3.77. The stock has a market capitalization of $1.86 billion, a PE ratio of -3.92 and a beta of 1.27. The firm’s 50 day moving average is $9.95 and its two-hundred day moving average is $12.59.

Neogen (NASDAQ:NEOG) last announced its quarterly earnings data on Friday, January 10th. The company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.12. Neogen had a positive return on equity of 2.89% and a negative net margin of 52.12%. The business had revenue of $231.30 million for the quarter, compared to analysts’ expectations of $227.16 million. During the same period last year, the firm earned $0.11 earnings per share. The company’s revenue for the quarter was up .7% compared to the same quarter last year. As a group, research analysts predict that Neogen Co. will post 0.38 earnings per share for the current year.

Insider Transactions at Neogen

In other news, CEO John Edward Adent bought 23,035 shares of the stock in a transaction that occurred on Thursday, January 16th. The stock was purchased at an average price of $11.03 per share, for a total transaction of $254,076.05. Following the completion of the purchase, the chief executive officer now owns 269,164 shares in the company, valued at approximately $2,968,878.92. This trade represents a 9.36 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO David H. Naemura purchased 14,800 shares of the firm’s stock in a transaction on Thursday, January 16th. The shares were acquired at an average cost of $11.11 per share, with a total value of $164,428.00. Following the completion of the acquisition, the chief financial officer now directly owns 61,434 shares in the company, valued at $682,531.74. The trade was a 31.74 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 1.13% of the company’s stock.

Hedge Funds Weigh In On Neogen

Several hedge funds have recently added to or reduced their stakes in NEOG. Harbour Investments Inc. acquired a new position in shares of Neogen in the 4th quarter valued at $27,000. Blue Trust Inc. grew its holdings in shares of Neogen by 196.7% during the fourth quarter. Blue Trust Inc. now owns 3,368 shares of the company’s stock worth $41,000 after purchasing an additional 2,233 shares during the last quarter. Johnson Financial Group Inc. acquired a new stake in shares of Neogen during the fourth quarter worth about $43,000. Covestor Ltd lifted its holdings in shares of Neogen by 41.4% in the 4th quarter. Covestor Ltd now owns 4,103 shares of the company’s stock valued at $50,000 after purchasing an additional 1,202 shares during the last quarter. Finally, Neo Ivy Capital Management acquired a new stake in shares of Neogen in the 3rd quarter valued at about $66,000. 96.73% of the stock is currently owned by hedge funds and other 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.