Neogen (NASDAQ:NEOG) Trading Down 3.2% After Analyst Downgrade

Neogen Co. (NASDAQ:NEOG)’s share price dropped 3.2% during mid-day trading on Monday after Piper Sandler lowered their price target on the stock from $13.00 to $6.50. Piper Sandler currently has a neutral rating on the stock. Neogen traded as low as $5.38 and last traded at $5.40. Approximately 3,917,491 shares changed hands during trading, an increase of 54% from the average daily volume of 2,549,049 shares. The stock had previously closed at $5.58.

Separately, Guggenheim reduced their price objective on Neogen from $15.00 to $13.00 and set a “buy” rating on the stock in a research report on Thursday, April 10th.

Insider Buying and Selling

In other Neogen news, CEO John Edward Adent purchased 23,035 shares of the stock in a transaction on Thursday, January 16th. The stock was bought at an average price of $11.03 per share, for a total transaction of $254,076.05. Following the acquisition, the chief executive officer now directly owns 269,164 shares of the company’s stock, valued at $2,968,878.92. This represents a 9.36 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, CAO John Patrick Moylan acquired 10,000 shares of the business’s stock in a transaction dated Thursday, April 10th. The shares were bought at an average price of $5.07 per share, for a total transaction of $50,700.00. Following the completion of the acquisition, the chief accounting officer now owns 10,000 shares in the company, valued at approximately $50,700. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 47,835 shares of company stock worth $469,204. 1.13% of the stock is owned by insiders.

Institutional Trading of Neogen

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Barclays PLC grew its position in Neogen by 129.8% during the third quarter. Barclays PLC now owns 366,753 shares of the company’s stock valued at $6,165,000 after acquiring an additional 207,160 shares during the period. Geode Capital Management LLC increased its position in Neogen by 0.4% during the 3rd quarter. Geode Capital Management LLC now owns 5,148,388 shares of the company’s stock worth $86,559,000 after purchasing an additional 20,387 shares in the last quarter. Franklin Resources Inc. raised its holdings in Neogen by 33.9% in the third quarter. Franklin Resources Inc. now owns 923,918 shares of the company’s stock valued at $15,531,000 after buying an additional 233,796 shares during the period. Diversified Trust Co lifted its position in Neogen by 7.1% during the fourth quarter. Diversified Trust Co now owns 74,446 shares of the company’s stock valued at $904,000 after buying an additional 4,961 shares in the last quarter. Finally, Harbor Capital Advisors Inc. grew its stake in Neogen by 32.1% during the fourth quarter. Harbor Capital Advisors Inc. now owns 1,303,465 shares of the company’s stock worth $15,824,000 after buying an additional 316,457 shares during the period. 96.73% of the stock is currently owned by institutional investors and hedge funds.

Neogen Trading Down 3.2 %

The firm’s 50 day simple moving average is $8.97 and its 200-day simple moving average is $11.86. The company has a market capitalization of $1.17 billion, a PE ratio of -2.47 and a beta of 1.57. The company has a quick ratio of 2.46, a current ratio of 3.77 and a debt-to-equity ratio of 0.33.

Neogen (NASDAQ:NEOG) last announced its quarterly earnings results on Wednesday, April 9th. The company reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.02). Neogen had a positive return on equity of 2.89% and a negative net margin of 52.12%. The business had revenue of $221.00 million for the quarter, compared to analysts’ expectations of $225.27 million. During the same period last year, the company posted $0.12 earnings per share. The firm’s revenue for the quarter was down 3.4% on a year-over-year basis. As a group, equities research analysts anticipate that Neogen Co. will post 0.38 EPS for the current year.

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.