Neogen (NASDAQ:NEOG) Shares Gap Down - What's Next?

Neogen Co. (NASDAQ:NEOG - Get Free Report) gapped down before the market opened on Friday . The stock had previously closed at $13.07, but opened at $11.71. Neogen shares last traded at $12.20, with a volume of 703,816 shares.

Analyst Ratings Changes

NEOG has been the topic of several recent analyst reports. StockNews.com raised shares of Neogen to a "sell" rating in a research note on Monday, September 30th. Guggenheim assumed coverage on shares of Neogen in a report on Thursday, December 19th. They issued a "buy" rating and a $15.00 price target on the stock.

Neogen Trading Down 5.4 %

The company has a debt-to-equity ratio of 0.28, a current ratio of 4.41 and a quick ratio of 2.79. The business's 50-day simple moving average is $13.54 and its two-hundred day simple moving average is $15.11. The stock has a market capitalization of $2.68 billion, a price-to-earnings ratio of -112.36 and a beta of 1.23.

Neogen (NASDAQ:NEOG - Get Free Report) last announced its quarterly earnings results on Friday, January 10th. The company reported $0.11 earnings per share for the quarter, topping analysts' consensus estimates of ($0.01) by $0.12. The firm had revenue of $231.30 million during the quarter, compared to analysts' expectations of $227.16 million. Neogen had a negative net margin of 2.58% and a positive return on equity of 2.80%. The firm's revenue was up .7% on a year-over-year basis. During the same period in the prior year, the company earned $0.11 EPS. On average, research analysts anticipate that Neogen Co. will post 0.5 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Neogen

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NEOG. William Blair Investment Management LLC increased its position in shares of Neogen by 64.7% during the second quarter. William Blair Investment Management LLC now owns 12,013,072 shares of the company's stock worth $187,764,000 after acquiring an additional 4,717,696 shares during the last quarter. Select Equity Group L.P. raised its position in shares of Neogen by 23.1% in the 2nd quarter. Select Equity Group L.P. now owns 15,530,439 shares of the company's stock valued at $242,741,000 after purchasing an additional 2,914,893 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Neogen by 148.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,109,180 shares of the company's stock valued at $64,229,000 after buying an additional 2,454,566 shares during the last quarter. Shapiro Capital Management LLC acquired a new stake in shares of Neogen during the second quarter worth approximately $31,087,000. Finally, Fred Alger Management LLC increased its stake in shares of Neogen by 86.5% in the third quarter. Fred Alger Management LLC now owns 3,986,744 shares of the company's stock worth $67,017,000 after buying an additional 1,849,427 shares during the last quarter. Hedge funds and other 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.