Neogen (NASDAQ:NEOG) Stock Price Down 4%

Neogen Co. (NASDAQ:NEOG)’s share price was down 4% during mid-day trading on Tuesday . The company traded as low as $16.66 and last traded at $16.73. Approximately 262,400 shares changed hands during mid-day trading, a decline of 87% from the average daily volume of 1,985,417 shares. The stock had previously closed at $17.43.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on NEOG shares. StockNews.com raised shares of Neogen to a “sell” rating in a research note on Friday, September 13th. Piper Sandler boosted their price target on shares of Neogen from $17.00 to $17.50 and gave the company a “neutral” rating in a research note on Tuesday, August 6th.

Neogen Stock Performance

The firm’s 50 day moving average is $16.64 and its two-hundred day moving average is $15.18. The stock has a market capitalization of $3.69 billion, a PE ratio of 1,737.00 and a beta of 1.21. The company has a debt-to-equity ratio of 0.28, a quick ratio of 2.59 and a current ratio of 3.82.

Neogen (NASDAQ:NEOG) last announced its earnings results on Tuesday, July 30th. The company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.12 by ($0.02). Neogen had a positive return on equity of 3.09% and a negative net margin of 1.02%. The business had revenue of $236.80 million for the quarter, compared to analysts’ expectations of $225.83 million. During the same period in the previous year, the company earned $0.14 earnings per share. Neogen’s quarterly revenue was down 2.1% on a year-over-year basis. As a group, research analysts predict that Neogen Co. will post 0.54 earnings per share for the current year.

Insider Buying and Selling

In other news, Director James P. Tobin acquired 3,000 shares of the company’s stock in a transaction on Tuesday, August 6th. The shares were bought at an average cost of $16.86 per share, with a total value of $50,580.00. Following the transaction, the director now owns 23,392 shares in the company, valued at approximately $394,389.12. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.71% of the stock is owned by insiders.

Institutional Investors Weigh In On Neogen

Large investors have recently modified their holdings of the company. Mitsubishi UFJ Trust & Banking Corp grew its position in shares of Neogen by 67.5% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 616,190 shares of the company’s stock valued at $9,723,000 after buying an additional 248,340 shares during the last quarter. Trigran Investments Inc. purchased a new position in shares of Neogen in the 4th quarter valued at $12,048,000. SG Americas Securities LLC grew its position in shares of Neogen by 277.1% in the 1st quarter. SG Americas Securities LLC now owns 45,558 shares of the company’s stock valued at $719,000 after buying an additional 33,478 shares during the last quarter. BNP Paribas Financial Markets grew its position in shares of Neogen by 73.4% in the 1st quarter. BNP Paribas Financial Markets now owns 115,830 shares of the company’s stock valued at $1,828,000 after buying an additional 49,041 shares during the last quarter. Finally, Connable Office Inc. purchased a new position in shares of Neogen in the 4th quarter valued at $202,000. 96.73% of the stock is owned by hedge funds and other institutional investors.

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.