Neogen (NASDAQ:NEOG) Trading Down 5.9% After Earnings Miss

Neogen Co. (NASDAQ:NEOG)’s stock price dropped 5.9% during trading on Thursday after the company announced weaker than expected quarterly earnings. The company traded as low as $13.69 and last traded at $13.97. Approximately 273,737 shares traded hands during trading, a decline of 86% from the average daily 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). The firm had revenue of $217.00 million during the quarter, compared to analysts’ expectations of $215.05 million. Neogen had a positive return on equity of 3.09% and a negative net margin of 1.02%. The firm’s quarterly revenue was down 5.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.11 earnings per share.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. StockNews.com upgraded Neogen to a “sell” rating in a report on Monday, September 30th. Piper Sandler raised their price target on Neogen from $17.00 to $17.50 and gave the stock a “neutral” rating in a research note on Tuesday, August 6th.

Insider Buying and Selling

In other news, Director James P. Tobin purchased 3,000 shares of Neogen stock in a transaction that occurred on Tuesday, August 6th. The shares were bought at an average cost of $16.86 per share, with a total value of $50,580.00. Following the completion of the purchase, the director now directly owns 23,392 shares in the company, valued at approximately $394,389.12. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.13% of the stock is owned by insiders.

Hedge Funds Weigh In On Neogen

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Covestor Ltd boosted 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 purchasing an additional 1,249 shares in the last quarter. Innealta Capital LLC bought a new stake in Neogen in the second quarter worth $46,000. Headlands Technologies LLC grew its stake in shares of Neogen by 264.1% in the second quarter. Headlands Technologies LLC now owns 3,397 shares of the company’s stock worth $53,000 after acquiring an additional 2,464 shares during the last quarter. Family Firm Inc. bought a new position in shares of Neogen during the second quarter valued at $90,000. Finally, Quantum Private Wealth LLC bought a new position in Neogen in the 2nd quarter worth about $156,000. Institutional investors own 96.73% of the company’s stock.

Neogen Stock Up 4.6 %

The company has a market capitalization of $3.13 billion, a PE ratio of -360.75 and a beta of 1.21. The company has a debt-to-equity ratio of 0.28, a quick ratio of 2.59 and a current ratio of 3.82. The company’s 50-day moving average is $16.22 and its 200 day moving average is $15.19.

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.