Neogen (NASDAQ:NEOG) Shares Down 6.3% – Here’s Why

Neogen Co. (NASDAQ:NEOG) shares dropped 6.3% on Tuesday . The company traded as low as $14.32 and last traded at $14.34. Approximately 122,908 shares traded hands during trading, a decline of 94% from the average daily volume of 1,900,513 shares. The stock had previously closed at $15.31.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. StockNews.com upgraded shares of Neogen to a “sell” rating in a research report on Monday, September 30th. Piper Sandler increased their price objective on Neogen from $17.00 to $17.50 and gave the company a “neutral” rating in a report on Tuesday, August 6th.

Neogen Stock Performance

The company has a market capitalization of $3.06 billion, a price-to-earnings ratio of -130.36 and a beta of 1.23. The stock has a 50 day moving average of $15.21 and a 200 day moving average of $15.59. The company has a quick ratio of 2.79, a current ratio of 4.41 and a debt-to-equity ratio of 0.28.

Neogen (NASDAQ:NEOG) last issued its quarterly earnings results on Thursday, October 10th. The company reported $0.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.03). Neogen had a positive return on equity of 2.80% and a negative net margin of 2.58%. The firm had revenue of $217.00 million during the quarter, compared to analyst estimates of $215.05 million. During the same quarter last year, the firm posted $0.11 EPS. The firm’s revenue for the quarter was down 5.2% on a year-over-year basis. As a group, analysts predict that Neogen Co. will post 0.5 EPS for the current year.

Insiders Place Their Bets

In related news, CEO John Edward Adent acquired 14,500 shares of Neogen stock in a transaction dated Friday, October 11th. The stock was bought at an average price of $13.80 per share, with a total value of $200,100.00. Following the transaction, the chief executive officer now directly owns 216,477 shares in the company, valued at $2,987,382.60. This represents a 7.18 % increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 1.13% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Susquehanna Fundamental Investments LLC acquired a new position in shares of Neogen during the second quarter valued at about $5,714,000. Oppenheimer Asset Management Inc. boosted its holdings in Neogen by 39.8% in the second quarter. Oppenheimer Asset Management Inc. now owns 103,611 shares of the company’s stock worth $1,619,000 after acquiring an additional 29,489 shares in the last quarter. Vanguard Group Inc. grew its stake in Neogen by 0.9% in the first quarter. Vanguard Group Inc. now owns 19,715,974 shares of the company’s stock valued at $311,118,000 after acquiring an additional 169,237 shares during the period. William Blair Investment Management LLC increased its holdings 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 valued at $187,764,000 after acquiring an additional 4,717,696 shares in the last quarter. Finally, Shapiro Capital Management LLC acquired a new position in shares of Neogen during the second quarter worth approximately $31,087,000. 96.73% of the stock is owned by institutional investors.

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.