Neogen (NASDAQ:NEOG) Shares Gap Down – What’s Next?

Neogen Co. (NASDAQ:NEOG)’s stock price gapped down before the market opened on Friday . The stock had previously closed at $13.07, but opened at $11.71. Neogen shares last traded at $12.20, with a volume of 703,816 shares traded.

Analyst Upgrades and Downgrades

NEOG has been the subject of several research analyst reports. StockNews.com upgraded shares of Neogen to a “sell” rating in a report on Monday, September 30th. Guggenheim started coverage on shares of Neogen in a research note on Thursday, December 19th. They issued a “buy” rating and a $15.00 price objective on the stock.

Neogen Price Performance

The stock has a market capitalization of $2.67 billion, a PE ratio of -111.82 and a beta of 1.23. The company has a debt-to-equity ratio of 0.28, a current ratio of 4.41 and a quick ratio of 2.79. The company has a 50-day moving average of $13.54 and a two-hundred day moving average of $15.11.

Neogen (NASDAQ:NEOG) last announced its quarterly earnings results on Friday, January 10th. The company reported $0.11 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.12. Neogen had a negative net margin of 2.58% and a positive return on equity of 2.80%. The firm had revenue of $231.30 million for the quarter, compared to analysts’ expectations of $227.16 million. During the same period in the previous year, the company posted $0.11 earnings per share. Neogen’s revenue was up .7% compared to the same quarter last year. Sell-side analysts predict that Neogen Co. will post 0.5 EPS for the current fiscal year.

Institutional Investors Weigh In On Neogen

Hedge funds have recently made changes to their positions in the business. Commonwealth Equity Services LLC boosted its holdings in shares of Neogen by 3.4% in the second quarter. Commonwealth Equity Services LLC now owns 36,630 shares of the company’s stock worth $573,000 after buying an additional 1,190 shares during the period. Natixis Advisors LLC raised its stake in shares of Neogen by 12.6% in the 2nd quarter. Natixis Advisors LLC now owns 71,313 shares of the company’s stock valued at $1,115,000 after buying an additional 7,954 shares in the last quarter. Rhumbline Advisers lifted its holdings in shares of Neogen by 0.3% during the second quarter. Rhumbline Advisers now owns 715,254 shares of the company’s stock valued at $11,179,000 after acquiring an additional 1,860 shares during the period. TD Asset Management Inc boosted its holdings in shares of Neogen by 14.1% in the 2nd quarter. TD Asset Management Inc now owns 160,316 shares of the company’s stock worth $2,506,000 after acquiring an additional 19,800 shares in the last quarter. Finally, Victory Capital Management Inc. increased its holdings in Neogen by 26.5% during the 2nd quarter. Victory Capital Management Inc. now owns 495,028 shares of the company’s stock valued at $7,737,000 after purchasing an additional 103,815 shares in the last quarter. 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.