Neogen (NASDAQ:NEOG) Trading Down 2.7% Following Analyst Downgrade

Neogen Co. (NASDAQ:NEOG) dropped 2.7% during mid-day trading on Tuesday after Piper Sandler lowered their price target on the stock from $6.40 to $5.00. Piper Sandler currently has a neutral rating on the stock. Neogen traded as low as $4.58 and last traded at $4.57. Approximately 628,116 shares changed hands during mid-day trading, a decline of 76% from the average daily volume of 2,671,546 shares. The stock had previously closed at $4.69.

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

Insider Activity

In related news, Director James P. Tobin purchased 10,000 shares of the firm’s stock in a transaction dated Tuesday, April 22nd. The shares were purchased at an average price of $4.73 per share, with a total value of $47,300.00. Following the acquisition, the director now directly owns 37,474 shares of the company’s stock, valued at approximately $177,252.02. This represents a 36.40 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.13% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Harbour Investments Inc. bought a new stake in Neogen during the fourth quarter worth about $27,000. Versant Capital Management Inc raised its holdings in shares of Neogen by 1,495.4% during the 1st quarter. Versant Capital Management Inc now owns 3,127 shares of the company’s stock valued at $27,000 after buying an additional 2,931 shares in the last quarter. Blue Trust Inc. lifted its position in Neogen by 196.7% in the 4th quarter. Blue Trust Inc. now owns 3,368 shares of the company’s stock worth $41,000 after buying an additional 2,233 shares during the last quarter. Johnson Financial Group Inc. purchased a new stake in Neogen in the fourth quarter worth approximately $43,000. Finally, Covestor Ltd grew its position in Neogen by 41.4% during the fourth quarter. Covestor Ltd now owns 4,103 shares of the company’s stock valued at $50,000 after acquiring an additional 1,202 shares during the last quarter. 96.73% of the stock is currently owned by hedge funds and other institutional investors.

Neogen Price Performance

The stock has a market capitalization of $1.03 billion, a PE ratio of -2.17 and a beta of 1.57. The firm’s 50 day simple moving average is $8.30 and its 200 day simple moving average is $11.42. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.77 and a quick ratio of 2.46.

Neogen (NASDAQ:NEOG) last issued its earnings results on Wednesday, April 9th. The company reported $0.10 EPS 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 during the quarter, compared to analysts’ expectations of $225.27 million. During the same quarter in the previous year, the business earned $0.12 EPS. Neogen’s revenue for the quarter was down 3.4% compared to the same quarter last year. As a group, equities analysts forecast that Neogen Co. will post 0.38 EPS for the current fiscal year.

Neogen Company Profile

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.