Neogen (NASDAQ:NEOG) Stock Price Down 6.4%

Neogen Co. (NASDAQ:NEOG) shares traded down 6.4% during trading on Tuesday . The stock traded as low as $15.73 and last traded at $15.73. 658,379 shares changed hands during trading, a decline of 67% from the average session volume of 1,966,070 shares. The stock had previously closed at $16.81.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Piper Sandler boosted their price target on Neogen from $17.00 to $17.50 and gave the stock a “neutral” rating in a research note on Tuesday, August 6th. StockNews.com upgraded Neogen to a “sell” rating in a report on Monday.

Neogen Trading Down 7.1 %

The company has a debt-to-equity ratio of 0.28, a current ratio of 3.82 and a quick ratio of 2.59. The company has a market cap of $3.38 billion, a P/E ratio of 1,573.00 and a beta of 1.21. The stock’s 50-day moving average is $16.61 and its two-hundred day moving average is $15.21.

Neogen (NASDAQ:NEOG) last released its quarterly earnings results on Tuesday, July 30th. The company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $236.80 million during the quarter, compared to analysts’ expectations of $225.83 million. During the same quarter last year, the business earned $0.14 earnings per share. The business’s quarterly revenue was down 2.1% on a year-over-year basis. As a group, equities research analysts predict that Neogen Co. will post 0.54 earnings per share for the current fiscal year.

Insider Activity

In other Neogen news, Director James P. Tobin bought 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The stock was bought at an average cost of $16.86 per share, for a total transaction of $50,580.00. Following the completion of the transaction, the director now owns 23,392 shares of the company’s stock, valued at approximately $394,389.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.71% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of NEOG. Mitsubishi UFJ Trust & Banking Corp raised its holdings in Neogen by 67.5% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 616,190 shares of the company’s stock worth $9,723,000 after purchasing an additional 248,340 shares during the period. Trigran Investments Inc. bought a new position in shares of Neogen in the fourth quarter worth about $12,048,000. SG Americas Securities LLC lifted its position in shares of Neogen by 277.1% during 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 in the last quarter. BNP Paribas Financial Markets grew its stake in shares of Neogen by 73.4% during the 1st quarter. BNP Paribas Financial Markets now owns 115,830 shares of the company’s stock valued at $1,828,000 after acquiring an additional 49,041 shares during the period. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in Neogen in the 2nd quarter worth approximately $5,714,000. Hedge funds and other institutional investors own 96.73% of the company’s stock.

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.