Neogen (NASDAQ:NEOG) Shares Down 5.8%

Neogen Co. (NASDAQ:NEOG) dropped 5.8% during mid-day trading on Monday . The company traded as low as $14.69 and last traded at $14.73. Approximately 1,221,152 shares traded hands during mid-day trading, a decline of 43% from the average daily volume of 2,149,806 shares. The stock had previously closed at $15.63.

Analyst Ratings Changes

Separately, Piper Sandler dropped their price target on Neogen from $19.00 to $17.00 and set a “neutral” rating on the stock in a research report on Monday, April 15th.

Neogen Trading Down 4.9 %

The company has a debt-to-equity ratio of 0.28, a current ratio of 3.82 and a quick ratio of 2.66. The firm’s fifty day moving average price is $14.17 and its 200-day moving average price is $15.78. The company has a market cap of $3.22 billion, a price-to-earnings ratio of 1,531.53 and a beta of 1.20.

Neogen (NASDAQ:NEOG) last posted its earnings results on Tuesday, April 9th. The company reported $0.12 EPS for the quarter, missing the consensus estimate of $0.14 by ($0.02). The firm had revenue of $228.80 million during the quarter, compared to the consensus estimate of $230.01 million. Neogen had a return on equity of 3.35% and a net margin of 0.17%. Neogen’s revenue for the quarter was up 4.8% on a year-over-year basis. During the same quarter last year, the company posted $0.12 EPS. On average, equities analysts expect that Neogen Co. will post 0.46 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO David H. Naemura bought 12,500 shares of the stock in a transaction on Wednesday, April 10th. The shares were purchased at an average price of $12.51 per share, with a total value of $156,375.00. Following the purchase, the chief financial officer now owns 30,040 shares in the company, valued at $375,800.40. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO David H. Naemura acquired 12,500 shares of the firm’s stock in a transaction dated Wednesday, April 10th. The stock was acquired at an average cost of $12.51 per share, for a total transaction of $156,375.00. Following the completion of the acquisition, the chief financial officer now directly owns 30,040 shares of the company’s stock, valued at approximately $375,800.40. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Douglas Edward Jones bought 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, April 17th. The shares were purchased at an average cost of $12.36 per share, for a total transaction of $123,600.00. Following the acquisition, the chief operating officer now owns 46,131 shares of the company’s stock, valued at $570,179.16. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 53,000 shares of company stock worth $662,205. 0.71% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in shares of Neogen by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 19,715,974 shares of the company’s stock valued at $311,118,000 after acquiring an additional 169,237 shares during the last quarter. Norges Bank purchased a new stake in shares of Neogen during the fourth quarter valued at $365,794,000. Baillie Gifford & Co. boosted its position in shares of Neogen by 42.3% in the 1st quarter. Baillie Gifford & Co. now owns 11,789,521 shares of the company’s stock valued at $186,039,000 after purchasing an additional 3,502,807 shares during the period. Bamco Inc. NY increased its stake in Neogen by 10.3% in the 1st quarter. Bamco Inc. NY now owns 7,304,967 shares of the company’s stock worth $115,272,000 after purchasing an additional 680,668 shares in the last quarter. Finally, Conestoga Capital Advisors LLC raised its holdings in Neogen by 0.7% during the 1st quarter. Conestoga Capital Advisors LLC now owns 6,865,041 shares of the company’s stock worth $108,330,000 after buying an additional 47,441 shares during the period. 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.