Neogen (NASDAQ:NEOG) Trading Up 5.9% - Here's What Happened

Neogen Co. (NASDAQ:NEOG - Get Free Report)'s share price was up 5.9% during trading on Thursday . The stock traded as high as $8.93 and last traded at $8.93. Approximately 1,404,961 shares changed hands during mid-day trading, a decline of 35% from the average daily volume of 2,148,215 shares. The stock had previously closed at $8.43.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on NEOG. Piper Sandler reiterated a "neutral" rating and issued a $13.00 target price (down from $16.50) on shares of Neogen in a research note on Tuesday, January 21st. Guggenheim began coverage on shares of Neogen in a research note on Thursday, December 19th. They set a "buy" rating and a $15.00 target price on the stock.

Neogen Trading Up 0.3 %

The company has a 50 day moving average price of $10.14 and a two-hundred day moving average price of $12.72. The firm has a market capitalization of $1.88 billion, a price-to-earnings ratio of -3.96 and a beta of 1.27. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.46 and a current ratio of 3.77.

Neogen (NASDAQ:NEOG - Get Free Report) last posted its quarterly earnings data on Friday, January 10th. The company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.12. The business had revenue of $231.30 million for the quarter, compared to the consensus estimate of $227.16 million. Neogen had a negative net margin of 52.12% and a positive return on equity of 2.89%. The company's revenue was up .7% compared to the same quarter last year. During the same period last year, the firm posted $0.11 earnings per share. On average, research analysts forecast that Neogen Co. will post 0.38 EPS for the current year.

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Insider Buying and Selling

In other Neogen news, CFO David H. Naemura bought 14,800 shares of Neogen stock in a transaction dated Thursday, January 16th. The stock was acquired at an average cost of $11.11 per share, for a total transaction of $164,428.00. Following the completion of the transaction, 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 ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO John Edward Adent purchased 23,035 shares of the stock in a transaction that occurred on Thursday, January 16th. The shares were acquired at an average price 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 of the company's stock, valued at $2,968,878.92. The trade was a 9.36 % increase in their position. The disclosure for this purchase can be found here. 1.13% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Citigroup Inc. increased its holdings in shares of Neogen by 129.1% in the third quarter. Citigroup Inc. now owns 231,833 shares of the company's stock valued at $3,897,000 after purchasing an additional 130,641 shares during the last quarter. BNP Paribas Financial Markets grew its holdings in Neogen by 157.2% in the 3rd quarter. BNP Paribas Financial Markets now owns 61,464 shares of the company's stock valued at $1,033,000 after buying an additional 37,571 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Neogen by 17.9% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 38,166 shares of the company's stock worth $642,000 after acquiring an additional 5,804 shares during the period. American Capital Management Inc. boosted its position in shares of Neogen by 36.5% during the 3rd quarter. American Capital Management Inc. now owns 3,414,700 shares of the company's stock valued at $57,401,000 after acquiring an additional 913,604 shares during the last quarter. Finally, Bamco Inc. NY grew its holdings in shares of Neogen by 1.4% in the third quarter. Bamco Inc. NY now owns 7,303,115 shares of the company's stock valued at $122,765,000 after purchasing an additional 98,067 shares during the period. 96.73% of the stock is 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.