Neogen (NASDAQ:NEOG) Shares Down 5.9% Following Weak Earnings

Neogen Co. (NASDAQ:NEOG) shares fell 5.9% during trading on Thursday following a weaker than expected earnings announcement. The company traded as low as $13.69 and last traded at $13.97. 273,737 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 1,949,298 shares. The stock had previously closed at $14.85.

The company reported $0.07 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.03). Neogen had a negative net margin of 1.02% and a positive return on equity of 3.09%. The company had revenue of $217.00 million for the quarter, compared to analyst estimates of $215.05 million. During the same quarter last year, the business earned $0.11 EPS. The company’s revenue for the quarter was down 5.2% on a year-over-year basis.

Wall Street Analyst Weigh In

NEOG has been the subject of a number of research analyst reports. Piper Sandler boosted their target price on shares of Neogen from $17.00 to $17.50 and gave the stock a “neutral” rating in a research report on Tuesday, August 6th. StockNews.com raised Neogen to a “sell” rating in a research report on Monday, September 30th.

Insider Activity

In related news, Director James P. Tobin bought 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The shares were acquired at an average price of $16.86 per share, with a total value of $50,580.00. Following the completion of the transaction, the director now owns 23,392 shares of the company’s stock, valued at $394,389.12. The trade was a 0.00 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.13% of the stock is owned by company insiders.

Institutional Investors Weigh In On Neogen

Institutional investors have recently added to or reduced their stakes in the company. Covestor Ltd lifted its position in shares of Neogen by 173.2% in the 1st quarter. Covestor Ltd now owns 1,970 shares of the company’s stock worth $31,000 after acquiring an additional 1,249 shares during the period. Innealta Capital LLC bought a new position in Neogen in the second quarter worth $46,000. Headlands Technologies LLC boosted its stake in Neogen by 264.1% during the second quarter. Headlands Technologies LLC now owns 3,397 shares of the company’s stock worth $53,000 after buying an additional 2,464 shares in the last quarter. Family Firm Inc. bought a new stake in Neogen in the 2nd quarter valued at $90,000. Finally, Quantum Private Wealth LLC acquired a new position in shares of Neogen in the 2nd quarter valued at $156,000. 96.73% of the stock is owned by institutional investors and hedge funds.

Neogen Stock Up 4.6 %

The company has a current ratio of 3.82, a quick ratio of 2.59 and a debt-to-equity ratio of 0.28. The business’s fifty day moving average price is $16.22 and its 200 day moving average price is $15.19. The company has a market capitalization of $3.13 billion, a P/E ratio of -360.75 and a beta of 1.21.

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.