Neogen (NASDAQ:NEOG) Stock Price Down 2.9% - Here's What Happened

Shares of Neogen Co. (NASDAQ:NEOG - Get Free Report) were down 2.9% during trading on Wednesday . The company traded as low as $5.68 and last traded at $5.67. Approximately 172,898 shares traded hands during mid-day trading, a decline of 95% from the average daily volume of 3,195,038 shares. The stock had previously closed at $5.84.

Analyst Ratings Changes

A number of analysts recently weighed in on NEOG shares. Piper Sandler decreased their price target on shares of Neogen from $6.40 to $5.00 and set a "neutral" rating for the company in a research report on Tuesday, April 22nd. Guggenheim reduced their price objective on Neogen from $15.00 to $13.00 and set a "buy" rating on the stock in a research note on Thursday, April 10th.

Neogen Price Performance

The company has a market cap of $1.22 billion, a price-to-earnings ratio of -2.57 and a beta of 1.84. The company's 50-day simple moving average is $5.69 and its 200-day simple moving average is $9.24. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.77 and a quick ratio of 2.46.

Neogen (NASDAQ:NEOG - Get Free Report) last issued its quarterly earnings data on Wednesday, April 9th. The company reported $0.10 earnings per share for the quarter, missing analysts' consensus estimates of $0.12 by ($0.02). The business had revenue of $221.00 million for the quarter, compared to analyst estimates of $225.27 million. Neogen had a negative net margin of 52.12% and a positive return on equity of 2.89%. Neogen's revenue for the quarter was down 3.4% compared to the same quarter last year. During the same quarter last year, the business earned $0.12 EPS. On average, equities research analysts anticipate that Neogen Co. will post 0.38 EPS for the current year.

Insider Activity

In other Neogen news, Director James C. Borel bought 35,000 shares of the stock in a transaction on Thursday, April 24th. The stock was purchased at an average price of $4.89 per share, for a total transaction of $171,150.00. Following the completion of the purchase, the director now directly owns 60,474 shares in the company, valued at approximately $295,717.86. This trade represents a 137.39% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO John Patrick Moylan purchased 10,000 shares of Neogen stock in a transaction dated Thursday, April 10th. The stock was acquired at an average price of $5.07 per share, for a total transaction of $50,700.00. Following the completion of the transaction, the chief accounting officer now owns 10,000 shares in the company, valued at approximately $50,700. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 83,500 shares of company stock worth $431,525. 1.13% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Neogen

Institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in Neogen by 8.8% in the first quarter. Vanguard Group Inc. now owns 23,550,128 shares of the company's stock valued at $204,180,000 after acquiring an additional 1,912,877 shares during the period. Norges Bank acquired a new position in Neogen during the 4th quarter valued at approximately $212,171,000. William Blair Investment Management LLC boosted its position in Neogen by 8.1% during the 4th quarter. William Blair Investment Management LLC now owns 14,346,759 shares of the company's stock valued at $174,170,000 after purchasing an additional 1,074,825 shares during the period. Gates Capital Management Inc. bought a new position in Neogen during the 1st quarter worth $79,391,000. Finally, Conestoga Capital Advisors LLC lifted its stake in Neogen by 0.4% in the first quarter. Conestoga Capital Advisors LLC now owns 8,540,859 shares of the company's stock valued at $74,049,000 after buying an additional 37,271 shares during the last quarter. Institutional investors and hedge funds own 96.73% of the company's stock.

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.