Neogen (NASDAQ:NEOG) Stock Price Down 6.3% – Time to Sell?

Neogen Co. (NASDAQ:NEOG)’s share price dropped 6.3% during trading on Tuesday . The company traded as low as $14.32 and last traded at $14.34. Approximately 122,908 shares traded hands during trading, a decline of 94% from the average daily volume of 1,900,513 shares. The stock had previously closed at $15.31.

Analyst Upgrades and Downgrades

Several analysts have issued reports on NEOG shares. StockNews.com upgraded Neogen to a “sell” rating in a research note on Monday, September 30th. Piper Sandler raised their price target on Neogen from $17.00 to $17.50 and gave the company a “neutral” rating in a report on Tuesday, August 6th.

Neogen Stock Down 7.8 %

The company has a quick ratio of 2.79, a current ratio of 4.41 and a debt-to-equity ratio of 0.28. The stock has a fifty day moving average price of $15.21 and a two-hundred day moving average price of $15.59. The company has a market cap of $3.06 billion, a price-to-earnings ratio of -130.36 and a beta of 1.23.

Neogen (NASDAQ:NEOG) last announced its earnings results on Thursday, October 10th. The company reported $0.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.03). The business had revenue of $217.00 million for the quarter, compared to analyst estimates of $215.05 million. Neogen had a positive return on equity of 2.80% and a negative net margin of 2.58%. The business’s revenue for the quarter was down 5.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.11 EPS. As a group, sell-side analysts expect that Neogen Co. will post 0.5 EPS for the current year.

Insider Activity at Neogen

In other Neogen news, CEO John Edward Adent bought 14,500 shares of the stock in a transaction on Friday, October 11th. The stock was purchased at an average price of $13.80 per share, with a total value of $200,100.00. Following the completion of the purchase, the chief executive officer now owns 216,477 shares in the company, valued at $2,987,382.60. The trade was a 7.18 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. 1.13% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Neogen

Several hedge funds and other institutional investors have recently made changes to their positions in NEOG. Neo Ivy Capital Management acquired a new stake in Neogen in the third quarter valued at approximately $66,000. Geode Capital Management LLC boosted its holdings in shares of Neogen by 0.4% during the 3rd quarter. Geode Capital Management LLC now owns 5,148,388 shares of the company’s stock valued at $86,559,000 after acquiring an additional 20,387 shares in the last quarter. Barclays PLC grew its position in Neogen by 129.8% during the 3rd quarter. Barclays PLC now owns 366,753 shares of the company’s stock worth $6,165,000 after acquiring an additional 207,160 shares during the last quarter. State Street Corp increased its holdings in Neogen by 3.1% in the 3rd quarter. State Street Corp now owns 7,932,192 shares of the company’s stock worth $133,340,000 after purchasing an additional 236,762 shares in the last quarter. Finally, Centiva Capital LP acquired a new position in Neogen in the 3rd quarter worth about $345,000. 96.73% of the stock is owned by 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.