Neogen (NASDAQ:NEOG) Shares Down 6% – Should You Sell?

Neogen Co. (NASDAQ:NEOG) fell 6% during trading on Tuesday . The company traded as low as $8.33 and last traded at $8.15. 257,298 shares were traded during trading, a decline of 89% from the average session volume of 2,242,323 shares. The stock had previously closed at $8.67.

Analyst Ratings Changes

Several brokerages recently commented on NEOG. Guggenheim assumed coverage on shares of Neogen in a research report on Thursday, December 19th. They set a “buy” rating and a $15.00 price target for the company. Piper Sandler restated a “neutral” rating and set a $13.00 price objective (down from $16.50) on shares of Neogen in a report on Tuesday, January 21st.

Neogen Stock Down 4.6 %

The company has a current ratio of 3.77, a quick ratio of 2.46 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $1.80 billion, a price-to-earnings ratio of -3.78 and a beta of 1.27. The firm has a 50 day moving average price of $10.08 and a two-hundred day moving average price of $12.67.

Neogen (NASDAQ:NEOG) last announced its quarterly earnings results on Friday, January 10th. The company reported $0.11 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.12. Neogen had a negative net margin of 52.12% and a positive return on equity of 2.89%. The firm had revenue of $231.30 million for the quarter, compared to analysts’ expectations of $227.16 million. During the same period in the previous year, the company posted $0.11 earnings per share. Neogen’s revenue was up .7% compared to the same quarter last year. On average, equities analysts expect that Neogen Co. will post 0.38 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO David H. Naemura acquired 14,800 shares of the stock in a transaction on Thursday, January 16th. The stock was bought at an average price of $11.11 per share, with a total value of $164,428.00. Following the completion of the transaction, the chief financial officer now directly owns 61,434 shares of the company’s stock, valued at $682,531.74. The trade was a 31.74 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO John Edward Adent bought 23,035 shares of Neogen stock in a transaction dated Thursday, January 16th. The shares were purchased at an average cost of $11.03 per share, for a total transaction of $254,076.05. Following the completion of the transaction, the chief executive officer now owns 269,164 shares of the company’s stock, valued at approximately $2,968,878.92. This represents a 9.36 % increase in their position. The disclosure for this purchase can be found here. 1.13% of the stock is owned by corporate insiders.

Institutional Trading of Neogen

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Citigroup Inc. grew its stake in Neogen by 129.1% during the 3rd quarter. Citigroup Inc. now owns 231,833 shares of the company’s stock valued at $3,897,000 after purchasing an additional 130,641 shares in the last quarter. BNP Paribas Financial Markets increased its stake in shares of Neogen by 157.2% in the third quarter. BNP Paribas Financial Markets now owns 61,464 shares of the company’s stock worth $1,033,000 after buying an additional 37,571 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Neogen by 17.9% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 38,166 shares of the company’s stock valued at $642,000 after acquiring an additional 5,804 shares in the last quarter. Bamco Inc. NY boosted its stake in Neogen by 1.4% during the 3rd quarter. Bamco Inc. NY now owns 7,303,115 shares of the company’s stock valued at $122,765,000 after acquiring an additional 98,067 shares during the last quarter. Finally, Ascent Group LLC acquired a new position in Neogen during the 3rd quarter worth $205,000. 96.73% of the stock is owned by hedge funds and other institutional investors.

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.