Neogen Co. (NASDAQ:NEOG) shares fell 15.8% during mid-day trading on Tuesday . The stock traded as low as $73.47 and last traded at $74.69. 1,228,600 shares traded hands during trading, an increase of 517% from the average session volume of 199,143 shares. The stock had previously closed at $88.68.

Several research firms have recently weighed in on NEOG. BidaskClub lowered Neogen from a “strong-buy” rating to a “buy” rating in a research report on Thursday, September 20th. ValuEngine lowered Neogen from a “strong-buy” rating to a “buy” rating in a research report on Wednesday. Zacks Investment Research lowered Neogen from a “hold” rating to a “sell” rating in a research report on Thursday, May 31st. Finally, Craig Hallum lifted their price objective on Neogen from $65.00 to $70.00 and gave the stock a “hold” rating in a research report on Wednesday, July 18th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $67.75.

The stock has a market capitalization of $3.87 billion, a price-to-earnings ratio of 58.56 and a beta of 1.36.

Neogen (NASDAQ:NEOG) last posted its quarterly earnings data on Tuesday, September 25th. The company reported $0.29 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.28 by $0.01. Neogen had a return on equity of 12.29% and a net margin of 16.35%. The firm had revenue of $99.60 million during the quarter, compared to analyst estimates of $104.43 million. During the same period last year, the company posted $0.31 EPS. The business’s quarterly revenue was up 5.7% on a year-over-year basis. research analysts anticipate that Neogen Co. will post 1.24 EPS for the current fiscal year.

In other news, VP Terri A. Morrical sold 15,468 shares of the firm’s stock in a transaction dated Friday, July 20th. The stock was sold at an average price of $82.14, for a total value of $1,270,541.52. Following the completion of the sale, the vice president now directly owns 53,043 shares in the company, valued at approximately $4,356,952.02. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Jack C. Parnell sold 2,418 shares of the firm’s stock in a transaction dated Friday, August 10th. The shares were sold at an average price of $83.97, for a total value of $203,039.46. Following the completion of the sale, the director now owns 14,073 shares of the company’s stock, valued at $1,181,709.81. The disclosure for this sale can be found here. Over the last three months, insiders sold 281,450 shares of company stock valued at $23,364,113. Corporate insiders own 3.00% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. boosted its stake in Neogen by 38.1% during the 1st quarter. BlackRock Inc. now owns 6,466,176 shares of the company’s stock valued at $433,168,000 after purchasing an additional 1,784,124 shares during the last quarter. Ardevora Asset Management LLP acquired a new position in Neogen during the 2nd quarter valued at about $35,617,000. Northern Trust Corp boosted its stake in Neogen by 31.3% during the 1st quarter. Northern Trust Corp now owns 689,306 shares of the company’s stock valued at $46,177,000 after purchasing an additional 164,222 shares during the last quarter. Wells Fargo & Company MN boosted its stake in Neogen by 85.2% during the 1st quarter. Wells Fargo & Company MN now owns 342,166 shares of the company’s stock valued at $22,921,000 after purchasing an additional 157,425 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Neogen by 28.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 689,983 shares of the company’s stock valued at $46,222,000 after purchasing an additional 152,505 shares during the last quarter. Institutional investors own 89.47% of the company’s stock.

About Neogen (NASDAQ:NEOG)

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 primarily offers diagnostic test kits and complementary to detect dangerous and/or unintended substances in human food and animal feed, such as 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 for adenosine triphosphate, a chemical found in living cells.

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