Neogen (NASDAQ:NEOG) Shares Down 4.9% – Here’s What Happened

Neogen Co. (NASDAQ:NEOG) was down 4.9% during mid-day trading on Thursday . The stock traded as low as $11.28 and last traded at $11.36. Approximately 538,078 shares were traded during trading, a decline of 83% from the average daily volume of 3,234,009 shares. The stock had previously closed at $11.95.

Analyst Ratings Changes

A number of research firms have weighed in on NEOG. StockNews.com raised shares of Neogen to a “sell” rating in a research note on Monday, September 30th. Piper Sandler reiterated a “neutral” rating and set a $13.00 price objective (down previously from $16.50) on shares of Neogen in a research report on Tuesday. Finally, Guggenheim began coverage on Neogen in a research note on Thursday, December 19th. They set a “buy” rating and a $15.00 price objective on the stock.

Neogen Stock Down 2.3 %

The firm’s fifty day simple moving average is $12.79 and its two-hundred day simple moving average is $14.82. The company has a current ratio of 3.77, a quick ratio of 2.46 and a debt-to-equity ratio of 0.33. The company has a market capitalization of $2.49 billion, a price-to-earnings ratio of -5.24 and a beta of 1.23.

Neogen (NASDAQ:NEOG) last released its quarterly earnings data on Friday, January 10th. The company reported $0.11 EPS for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $231.30 million for the quarter, compared to analysts’ expectations of $227.16 million. During the same period in the prior year, the firm posted $0.11 earnings per share. The firm’s quarterly revenue was up .7% on a year-over-year basis. Sell-side analysts anticipate that Neogen Co. will post 0.41 EPS for the current year.

Insider Buying and Selling

In other news, CEO John Edward Adent purchased 23,035 shares of the stock in a transaction dated Thursday, January 16th. The stock was acquired at an average cost of $11.03 per share, for a total transaction of $254,076.05. Following the completion of the transaction, the chief executive officer now directly owns 269,164 shares in the company, valued at approximately $2,968,878.92. This represents a 9.36 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO David H. Naemura acquired 14,800 shares of the company’s stock in a transaction dated Thursday, January 16th. The stock was purchased at an average cost of $11.11 per share, with a total value of $164,428.00. Following the completion of the purchase, the chief financial officer now directly owns 61,434 shares of the company’s stock, valued at approximately $682,531.74. This represents a 31.74 % increase in their position. 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

Hedge funds and other institutional investors have recently bought and sold shares of the company. Select Equity Group L.P. lifted its position in shares of Neogen by 23.1% during the second quarter. Select Equity Group L.P. now owns 15,530,439 shares of the company’s stock worth $242,741,000 after purchasing an additional 2,914,893 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Neogen by 148.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,109,180 shares of the company’s stock worth $64,229,000 after buying an additional 2,454,566 shares in the last quarter. Fred Alger Management LLC boosted its position in Neogen by 86.5% in the 3rd quarter. Fred Alger Management LLC now owns 3,986,744 shares of the company’s stock valued at $67,017,000 after buying an additional 1,849,427 shares during the period. Conestoga Capital Advisors LLC boosted its position in Neogen by 24.5% in the 3rd quarter. Conestoga Capital Advisors LLC now owns 8,706,224 shares of the company’s stock valued at $146,352,000 after buying an additional 1,711,238 shares during the period. Finally, Millennium Management LLC acquired a new position in shares of Neogen in the second quarter worth $19,338,000. 96.73% of the stock is currently 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.