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

Shares of Neogen Co. (NASDAQ:NEOG - Get Free Report) traded down 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. 628,116 shares were traded during mid-day trading, a decline of 76% from the average session volume of 2,671,546 shares. The stock had previously closed at $4.69.

Separately, Guggenheim decreased their target price on Neogen from $15.00 to $13.00 and set a "buy" rating on the stock in a research note on Thursday, April 10th.

Insider Activity at Neogen

In other news, CAO John Patrick Moylan acquired 10,000 shares of the business's stock in a transaction dated Thursday, April 10th. The stock was purchased at an average price of $5.07 per share, for a total transaction of $50,700.00. Following the completion of the transaction, the chief accounting officer now directly owns 10,000 shares in the company, valued at approximately $50,700. This trade represents a ∞ increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director James C. Borel bought 35,000 shares of the firm's stock in a transaction that occurred on Thursday, April 24th. The stock was purchased at an average price of $4.89 per share, for a total transaction of $171,150.00. Following the completion of the transaction, the director now directly owns 60,474 shares of the company's stock, valued at $295,717.86. This represents a 137.39 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 67,500 shares of company stock valued at $331,525. Corporate insiders own 1.13% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of NEOG. Harbour Investments Inc. bought a new position in Neogen during the fourth quarter valued at $27,000. Versant Capital Management Inc raised its position 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 holdings in shares of Neogen by 196.7% in the 4th quarter. Blue Trust Inc. now owns 3,368 shares of the company's stock valued at $41,000 after acquiring an additional 2,233 shares during the last quarter. Johnson Financial Group Inc. purchased a new position in Neogen in the fourth quarter worth about $43,000. Finally, Covestor Ltd lifted its stake in shares of Neogen by 41.4% in the 4th quarter. Covestor Ltd now owns 4,103 shares of the company's stock valued at $50,000 after purchasing an additional 1,202 shares during the last quarter. 96.73% of the stock is owned by hedge funds and other institutional investors.

Neogen Price Performance

The company has a market capitalization of $1.12 billion, a PE ratio of -2.35 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. The firm's 50 day simple moving average is $8.11 and its 200 day simple moving average is $11.31.

Neogen (NASDAQ:NEOG - Get Free Report) last issued its quarterly earnings results on Wednesday, April 9th. The company reported $0.10 EPS for the quarter, missing the consensus estimate of $0.12 by ($0.02). The firm had revenue of $221.00 million for the quarter, compared to the consensus estimate of $225.27 million. Neogen had a negative net margin of 52.12% and a positive return on equity of 2.89%. The business's revenue for the quarter was down 3.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.12 earnings per share. As a group, research analysts anticipate 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.