Neogen (NASDAQ:NEOG) Trading Down 5.8%

Neogen Co. (NASDAQ:NEOG) was down 5.8% during mid-day trading on Monday . The company traded as low as $14.69 and last traded at $14.73. Approximately 1,221,152 shares were traded during mid-day trading, a decline of 43% from the average daily volume of 2,149,806 shares. The stock had previously closed at $15.63.

Analyst Ratings Changes

Separately, Piper Sandler cut their price objective on Neogen from $19.00 to $17.00 and set a “neutral” rating on the stock in a report on Monday, April 15th.

Neogen Price Performance

The firm has a 50-day simple moving average of $14.17 and a two-hundred day simple moving average of $15.78. The company has a market capitalization of $3.22 billion, a price-to-earnings ratio of 1,531.53 and a beta of 1.20. The company has a current ratio of 3.82, a quick ratio of 2.66 and a debt-to-equity ratio of 0.28.

Neogen (NASDAQ:NEOG) last posted its earnings results on Tuesday, April 9th. The company reported $0.12 EPS for the quarter, missing the consensus estimate of $0.14 by ($0.02). Neogen had a return on equity of 3.35% and a net margin of 0.17%. The company had revenue of $228.80 million for the quarter, compared to analyst estimates of $230.01 million. During the same period last year, the business earned $0.12 earnings per share. The firm’s revenue was up 4.8% on a year-over-year basis. As a group, analysts predict that Neogen Co. will post 0.46 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Neogen news, CFO David H. Naemura bought 12,500 shares of the firm’s stock in a transaction dated Wednesday, April 10th. The shares were purchased at an average price of $12.51 per share, for a total transaction of $156,375.00. Following the transaction, the chief financial officer now directly owns 30,040 shares of the company’s stock, valued at approximately $375,800.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CFO David H. Naemura acquired 12,500 shares of the firm’s stock in a transaction on Wednesday, April 10th. The shares were acquired at an average cost of $12.51 per share, with a total value of $156,375.00. Following the completion of the acquisition, the chief financial officer now directly owns 30,040 shares in the company, valued at approximately $375,800.40. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO Douglas Edward Jones bought 10,000 shares of the company’s stock in a transaction dated Wednesday, April 17th. The stock was bought at an average price of $12.36 per share, for a total transaction of $123,600.00. Following the transaction, the chief operating officer now owns 46,131 shares of the company’s stock, valued at $570,179.16. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 53,000 shares of company stock valued at $662,205. Corporate insiders own 0.71% of the company’s stock.

Hedge Funds Weigh In On Neogen

Hedge funds and other institutional investors have recently made changes to their positions in the company. Raymond James Financial Services Advisors Inc. lifted its holdings in Neogen by 5.8% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 12,900 shares of the company’s stock valued at $259,000 after purchasing an additional 711 shares in the last quarter. United Services Automobile Association boosted its position in Neogen by 5.4% during the third quarter. United Services Automobile Association now owns 14,747 shares of the company’s stock worth $273,000 after acquiring an additional 759 shares during the last quarter. Sheets Smith Wealth Management grew its stake in Neogen by 2.6% during the 4th quarter. Sheets Smith Wealth Management now owns 30,795 shares of the company’s stock valued at $619,000 after acquiring an additional 771 shares in the last quarter. Northwest Investment Counselors LLC raised its holdings in Neogen by 1.1% in the 1st quarter. Northwest Investment Counselors LLC now owns 71,621 shares of the company’s stock valued at $1,130,000 after acquiring an additional 809 shares during the last quarter. Finally, Retirement Systems of Alabama lifted its stake in Neogen by 0.3% in the 4th quarter. Retirement Systems of Alabama now owns 246,534 shares of the company’s stock worth $4,958,000 after purchasing an additional 827 shares in 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.