Neogen (NASDAQ:NEOG) Stock Price Down 4%

Neogen Co. (NASDAQ:NEOG)’s stock price dropped 4% on Tuesday . The company traded as low as $16.66 and last traded at $16.73. Approximately 262,400 shares were traded during 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

NEOG has been the subject of a number of recent research reports. StockNews.com upgraded shares of Neogen to a “sell” rating in a research note on Friday, September 13th. Piper Sandler increased their price target on shares of Neogen from $17.00 to $17.50 and gave the stock a “neutral” rating in a research note on Tuesday, August 6th.

Neogen Stock Performance

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

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

Insider Transactions at Neogen

In other news, Director James P. Tobin bought 3,000 shares of Neogen stock in a transaction dated Tuesday, August 6th. The stock was bought at an average price of $16.86 per share, for a total transaction of $50,580.00. Following the purchase, the director now owns 23,392 shares of the company’s stock, valued at $394,389.12. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 0.71% of the company’s stock.

Institutional Trading of Neogen

Several hedge funds and other institutional investors have recently made changes to their positions in NEOG. Covestor Ltd lifted its stake in shares of Neogen by 173.2% in the first quarter. Covestor Ltd now owns 1,970 shares of the company’s stock valued at $31,000 after purchasing an additional 1,249 shares during the period. Innealta Capital LLC purchased a new position in Neogen during the 2nd quarter valued at about $46,000. Headlands Technologies LLC increased its holdings in Neogen by 264.1% during the 2nd quarter. Headlands Technologies LLC now owns 3,397 shares of the company’s stock valued at $53,000 after acquiring an additional 2,464 shares in the last quarter. Family Firm Inc. purchased a new position in Neogen during the 2nd quarter valued at about $90,000. Finally, Quantum Private Wealth LLC purchased a new position in Neogen during the 2nd quarter valued at about $156,000. Institutional investors and hedge funds own 96.73% of the company’s stock.

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.