Neogen Co. (NASDAQ:NEOG – Get Rating)’s share price was up 1.7% during mid-day trading on Thursday after an insider bought additional shares in the company. The stock traded as high as $14.88 and last traded at $14.65. Approximately 100,745 shares were traded during mid-day trading, a decline of 99% from the average daily volume of 9,923,138 shares. The stock had previously closed at $14.41.Specifically, Director Ronald D. Green acquired 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, August 2nd. The shares were purchased at an average cost of $22.50 per share, for a total transaction of $33,750.00. Following the transaction, the director now directly owns 10,694 shares in the company, valued at approximately $240,615. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO John Edward Adent bought 22,000 shares of the stock in a transaction on Wednesday, September 28th. The shares were purchased at an average price of $14.37 per share, with a total value of $316,140.00. Following the purchase, the chief executive officer now owns 80,103 shares in the company, valued at $1,151,080.11. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ronald D. Green purchased 1,500 shares of the company’s stock in a transaction on Tuesday, August 2nd. The shares were bought at an average price of $22.50 per share, for a total transaction of $33,750.00. Following the completion of the transaction, the director now directly owns 10,694 shares in the company, valued at approximately $240,615. The disclosure for this purchase can be found here. Insiders acquired a total of 51,100 shares of company stock valued at $923,758 in the last quarter. Insiders own 0.73% of the company’s stock.
Analyst Ratings Changes
Separately, Piper Sandler dropped their target price on Neogen from $26.00 to $20.00 and set a “neutral” rating on the stock in a report on Tuesday, August 30th.
Neogen Stock Performance
The stock’s fifty day simple moving average is $19.61 and its two-hundred day simple moving average is $24.62. The company has a market capitalization of $1.58 billion, a price-to-earnings ratio of 42.38 and a beta of 0.61.
Neogen (NASDAQ:NEOG – Get Rating) last posted its quarterly earnings results on Tuesday, July 26th. The company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.02. Neogen had a net margin of 6.86% and a return on equity of 7.62%. The firm had revenue of $140.09 million for the quarter, compared to analyst estimates of $138.37 million. On average, equities analysts anticipate that Neogen Co. will post 0.6 EPS for the current fiscal year.
Institutional Investors Weigh In On Neogen
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Resonant Capital Advisors LLC raised its holdings in Neogen by 11.7% during the 1st quarter. Resonant Capital Advisors LLC now owns 7,673 shares of the company’s stock worth $242,000 after buying an additional 801 shares during the period. Nuveen Asset Management LLC grew its position in Neogen by 8.3% during the 4th quarter. Nuveen Asset Management LLC now owns 1,387,218 shares of the company’s stock worth $58,547,000 after purchasing an additional 106,315 shares in the last quarter. Stephens Inc. AR raised its stake in Neogen by 4.9% during the 1st quarter. Stephens Inc. AR now owns 11,213 shares of the company’s stock valued at $346,000 after purchasing an additional 528 shares during the period. Stephens Investment Management Group LLC lifted its holdings in shares of Neogen by 0.5% in the fourth quarter. Stephens Investment Management Group LLC now owns 1,222,958 shares of the company’s stock valued at $55,535,000 after purchasing an additional 5,760 shares in the last quarter. Finally, RMB Capital Management LLC grew its holdings in shares of Neogen by 12.3% during the first quarter. RMB Capital Management LLC now owns 260,545 shares of the company’s stock valued at $8,035,000 after buying an additional 28,581 shares in the last quarter. 97.86% of the stock is owned by institutional investors and hedge funds.
About Neogen
Neogen Corporation, together with its subsidiaries, develops, manufactures, and markets various products for 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.