Neogen (NASDAQ:NEOG) Shares Gap Up on Insider Buying Activity

Neogen Co. (NASDAQ:NEOG)’s stock price gapped up before the market opened on Tuesday following insider buying activity. The stock had previously closed at $14.02, but opened at $14.40. Neogen shares last traded at $14.64, with a volume of 107,213 shares.

Specifically, CEO John Edward Adent bought 14,500 shares of the business’s stock in a transaction dated Friday, October 11th. The shares were purchased 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 owns 216,477 shares in the company, valued at $2,987,382.60. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Wall Street Analyst Weigh In

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

Neogen Stock Up 5.1 %

The company has a current ratio of 3.82, a quick ratio of 2.59 and a debt-to-equity ratio of 0.28. The business has a 50-day moving average price of $16.14 and a 200-day moving average price of $15.17. The firm has a market cap of $3.19 billion, a P/E ratio of 1,473.00 and a beta of 1.21.

Neogen (NASDAQ:NEOG) last posted 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 3.09% and a negative net margin of 1.02%. The firm had revenue of $217.00 million for the quarter, compared to the consensus estimate of $215.05 million. During the same period in the previous year, the company posted $0.11 EPS. Neogen’s quarterly revenue was down 5.2% compared to the same quarter last year. On average, equities analysts forecast that Neogen Co. will post 0.54 EPS for the current fiscal year.

Hedge Funds Weigh In On Neogen

A number of hedge funds and other institutional investors have recently made changes to their positions in NEOG. Procyon Advisors LLC lifted its stake in shares of Neogen by 21.8% during the 3rd quarter. Procyon Advisors LLC now owns 29,046 shares of the company’s stock worth $488,000 after purchasing an additional 5,208 shares during the last quarter. Inspire Investing LLC lifted its stake in shares of Neogen by 6.6% during the 3rd quarter. Inspire Investing LLC now owns 27,803 shares of the company’s stock worth $467,000 after purchasing an additional 1,729 shares during the last quarter. Diversified Trust Co lifted its stake in shares of Neogen by 22.0% during the 3rd quarter. Diversified Trust Co now owns 69,485 shares of the company’s stock worth $1,168,000 after purchasing an additional 12,545 shares during the last quarter. Handelsbanken Fonder AB lifted its stake in shares of Neogen by 11.4% during the 3rd quarter. Handelsbanken Fonder AB now owns 64,264 shares of the company’s stock worth $1,080,000 after purchasing an additional 6,600 shares during the last quarter. Finally, SG Americas Securities LLC purchased a new stake in shares of Neogen during the 3rd quarter worth $1,086,000. 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.