Neogen (NASDAQ:NEOG) Shares Down 4.9% - Here's What Happened

Neogen Co. (NASDAQ:NEOG - Get Free Report)'s share price dropped 4.9% during trading on Thursday . The company traded as low as $11.28 and last traded at $11.36. Approximately 538,078 shares changed hands 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 analysts recently weighed in on NEOG shares. Piper Sandler reissued a "neutral" rating and set a $13.00 target price (down from $16.50) on shares of Neogen in a report on Tuesday. StockNews.com raised Neogen to a "sell" rating in a report on Monday, September 30th. Finally, Guggenheim initiated coverage on Neogen in a report on Thursday, December 19th. They set a "buy" rating and a $15.00 target price for the company.

Neogen Trading Down 3.7 %

The business's 50 day simple moving average is $12.91 and its two-hundred day simple moving average is $14.87. The stock has a market cap of $2.50 billion, a P/E ratio of -5.25 and a beta of 1.23. The company has a quick ratio of 2.46, a current ratio of 3.77 and a debt-to-equity ratio of 0.33.

Neogen (NASDAQ:NEOG - Get Free Report) last announced its quarterly earnings results 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 negative net margin of 52.12% and a positive return on equity of 2.89%. The business had revenue of $231.30 million during the quarter, compared to analyst estimates of $227.16 million. During the same quarter in the previous year, the business posted $0.11 EPS. Neogen's quarterly revenue was up .7% on a year-over-year basis. As a group, analysts expect that Neogen Co. will post 0.41 EPS for the current year.

Insider Buying and Selling

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

Institutional Investors Weigh In On Neogen

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NEOG. Allspring Global Investments Holdings LLC lifted its holdings in shares of Neogen by 142.6% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,982 shares of the company's stock valued at $33,000 after purchasing an additional 1,165 shares during the last quarter. Blue Trust Inc. boosted its position in shares of Neogen by 196.7% during the fourth quarter. Blue Trust Inc. now owns 3,368 shares of the company's stock valued at $41,000 after buying an additional 2,233 shares during the last quarter. Neo Ivy Capital Management purchased a new stake in shares of Neogen during the 3rd quarter valued at about $66,000. KBC Group NV grew its position in Neogen by 39.1% in the 4th quarter. KBC Group NV now owns 8,464 shares of the company's stock worth $103,000 after purchasing an additional 2,379 shares during the period. Finally, Marco Investment Management LLC bought a new stake in shares of Neogen in the third quarter worth $169,000. 96.73% of the stock is 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.

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