Neogen (NASDAQ:NEOG) Shares Down 2.9% - Here's Why

Neogen Co. (NASDAQ:NEOG - Get Free Report)'s share price dropped 2.9% during trading on Wednesday . The stock traded as low as $5.68 and last traded at $5.67. Approximately 172,898 shares traded hands during mid-day trading, a decline of 95% from the average daily volume of 3,195,038 shares. The stock had previously closed at $5.84.

Analysts Set New Price Targets

Several equities analysts recently issued reports on NEOG shares. 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. Piper Sandler dropped their price target on Neogen from $6.40 to $5.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 22nd.

Neogen Stock Performance

The company has a market capitalization of $1.20 billion, a price-to-earnings ratio of -2.53 and a beta of 1.84. The stock has a fifty day moving average price of $5.62 and a two-hundred day moving average price of $9.08. The company has a quick ratio of 2.46, a current ratio of 3.77 and a debt-to-equity ratio of 0.33.

Neogen (NASDAQ:NEOG - Get Free Report) last posted its quarterly earnings results on Wednesday, April 9th. The company reported $0.10 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.12 by ($0.02). The firm had revenue of $221.00 million for the quarter, compared to analysts' expectations of $225.27 million. Neogen had a negative net margin of 52.12% and a positive return on equity of 2.89%. Neogen's revenue was down 3.4% on a year-over-year basis. During the same period last year, the firm posted $0.12 EPS. As a group, analysts forecast that Neogen Co. will post 0.38 EPS for the current fiscal year.

Insider Transactions at Neogen

In related news, Director James C. Borel acquired 35,000 shares of Neogen stock in a transaction dated Thursday, April 24th. The stock was acquired at an average cost of $4.89 per share, with a total value of $171,150.00. Following the purchase, the director now directly owns 60,474 shares in the company, valued at $295,717.86. The trade was a 137.39% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Aashima Gupta purchased 16,000 shares of the stock in a transaction dated Monday, May 12th. The shares were acquired at an average price of $6.25 per share, for a total transaction of $100,000.00. Following the acquisition, the director now directly owns 21,917 shares of the company's stock, valued at $136,981.25. This represents a 270.41% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 83,500 shares of company stock worth $431,525. 1.13% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of NEOG. Inspire Investing LLC raised its holdings in shares of Neogen by 28.3% during the 1st quarter. Inspire Investing LLC now owns 46,663 shares of the company's stock valued at $405,000 after purchasing an additional 10,280 shares in the last quarter. Intech Investment Management LLC raised its holdings in Neogen by 23.6% during the first quarter. Intech Investment Management LLC now owns 249,197 shares of the company's stock valued at $2,161,000 after buying an additional 47,586 shares in the last quarter. United Services Automobile Association acquired a new stake in shares of Neogen in the first quarter worth about $112,000. Clearline Capital LP bought a new stake in shares of Neogen during the 1st quarter worth about $1,143,000. Finally, Goldman Sachs Group Inc. increased its holdings in shares of Neogen by 14.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,678,493 shares of the company's stock valued at $14,553,000 after acquiring an additional 209,990 shares during the last quarter. 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.