Neogen Co. (NASDAQ:NEOG - Get Free Report)'s share price gapped down prior to trading on Wednesday following a dissappointing earnings announcement. The stock had previously closed at $7.04, but opened at $5.50. Neogen shares last traded at $4.63, with a volume of 7,150,616 shares trading hands.
The company reported $0.10 earnings per share for the quarter, missing analysts' consensus estimates of $0.12 by ($0.02). The business had revenue of $221.00 million during the quarter, compared to analysts' expectations of $225.27 million. Neogen had a positive return on equity of 2.89% and a negative net margin of 52.12%. Neogen's quarterly revenue was down 3.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.12 EPS.
Wall Street Analyst Weigh In
NEOG has been the topic of a number of research analyst reports. Guggenheim cut their price target on shares of Neogen from $15.00 to $13.00 and set a "buy" rating on the stock in a report on Thursday. Piper Sandler dropped their target price on shares of Neogen from $13.00 to $6.50 and set a "neutral" rating on the stock in a research note on Monday.
Get Our Latest Stock Report on NEOG
Insider Activity
In other Neogen news, CAO John Patrick Moylan purchased 10,000 shares of the stock in a transaction dated Thursday, April 10th. The shares were bought at an average price of $5.07 per share, with a total value of $50,700.00. Following the completion of the transaction, the chief accounting officer now directly owns 10,000 shares in the company, valued at approximately $50,700. This trade represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO David H. Naemura bought 14,800 shares of the company's stock in a transaction on Thursday, January 16th. The shares were bought at an average price of $11.11 per share, for a total transaction of $164,428.00. Following the transaction, the chief financial officer now owns 61,434 shares of the company's stock, valued at approximately $682,531.74. This represents a 31.74 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought 47,835 shares of company stock valued at $469,204 in the last 90 days. Insiders own 1.13% of the company's stock.
Institutional Trading of Neogen
A number of hedge funds and other institutional investors have recently made changes to their positions in NEOG. GAMMA Investing LLC increased its position in shares of Neogen by 4,700.8% during the first quarter. GAMMA Investing LLC now owns 18,675 shares of the company's stock valued at $162,000 after buying an additional 18,286 shares during the period. Moody National Bank Trust Division grew its position in shares of Neogen by 163.2% during the 1st quarter. Moody National Bank Trust Division now owns 39,136 shares of the company's stock valued at $339,000 after purchasing an additional 24,268 shares in the last quarter. Versant Capital Management Inc increased its holdings in shares of Neogen by 1,495.4% in the first quarter. Versant Capital Management Inc now owns 3,127 shares of the company's stock worth $27,000 after purchasing an additional 2,931 shares during the period. Ascent Group LLC boosted its stake in Neogen by 17.8% during the fourth quarter. Ascent Group LLC now owns 14,340 shares of the company's stock valued at $174,000 after buying an additional 2,165 shares during the period. Finally, Mackenzie Financial Corp grew its position in Neogen by 5.7% during the fourth quarter. Mackenzie Financial Corp now owns 7,826,349 shares of the company's stock worth $95,012,000 after buying an additional 423,923 shares in the last quarter. 96.73% of the stock is currently owned by institutional investors.
Neogen Price Performance
The business has a 50 day simple moving average of $9.08 and a two-hundred day simple moving average of $11.93. The firm has a market capitalization of $1.21 billion, a P/E ratio of -2.54 and a beta of 1.57. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.46 and a current ratio of 3.77.
About Neogen
(
Get Free Report)
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.
Further Reading
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