Neogen (NASDAQ:NEOG) Shares Down 4.5% – Here’s What Happened

Neogen Corporation (NASDAQ:NEOG) dropped 4.5% on Tuesday. The company traded as low as $13.63 and last traded at $13.1020. 226,700 shares were traded during trading, a decline of 92% from the average session volume of 2,776,006 shares. The stock had previously closed at $13.72.

Analysts Set New Price Targets

Several equities analysts have recently commented on NEOG shares. Wall Street Zen cut Neogen from a “strong-buy” rating to a “buy” rating in a research note on Sunday, September 20th. Weiss Ratings raised shares of Neogen from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, August 7th. Finally, Piper Sandler upgraded shares of Neogen from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $13.00 to $14.00 in a research note on Wednesday, August 26th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $12.00.

Neogen Stock Performance

The company has a fifty day moving average of $11.73 and a two-hundred day moving average of $10.11. The stock has a market capitalization of $2.85 billion, a P/E ratio of -435.13, a price-to-earnings-growth ratio of 5.16 and a beta of 1.76. The company has a debt-to-equity ratio of 0.38, a current ratio of 3.82 and a quick ratio of 2.91.

Neogen (NASDAQ:NEOG) last released its earnings results on Thursday, July 30th. The company reported $0.09 EPS for the quarter, topping analysts’ consensus estimates of $0.06 by $0.03. The company had revenue of $225.30 million for the quarter, compared to the consensus estimate of $212.35 million. Neogen had a positive return on equity of 2.78% and a negative net margin of 0.91%.Neogen’s quarterly revenue was down .1% compared to the same quarter last year. During the same quarter last year, the business posted ($2.82) EPS. On average, equities analysts anticipate that Neogen Corporation will post 0.27 EPS for the current year.

Institutional Trading of Neogen

Several institutional investors have recently added to or reduced their stakes in NEOG. Nykredit A S bought a new position in shares of Neogen in the 2nd quarter worth about $28,000. Public Employees Retirement System of Ohio bought a new stake in shares of Neogen during the 2nd quarter valued at about $34,000. Hantz Financial Services Inc. raised its stake in Neogen by 816.9% during the fourth quarter. Hantz Financial Services Inc. now owns 7,592 shares of the company’s stock worth $53,000 after acquiring an additional 6,764 shares during the period. Integrated Wealth Concepts LLC bought a new position in Neogen in the second quarter worth about $73,000. Finally, Sequoia Financial Advisors LLC bought a new position in Neogen in the second quarter worth about $94,000. Institutional investors own 96.73% of the company’s stock.

About Neogen

Neogen Corporation develops and markets products and services designed to protect food, animals and people. The company’s offerings help customers detect, prevent and manage biological, chemical and physical hazards across the food production, agricultural and animal care industries.

Its food safety portfolio includes test kits and related technologies for detecting pathogens, allergens, mycotoxins, spoilage organisms, veterinary drug residues and other contaminants. Neogen also provides sanitation and hygiene products, diagnostic tools, laboratory services, software and training for food manufacturers, processors, retailers and other organizations involved in the food supply chain.

Neogen’s animal safety business serves livestock, poultry, companion animal and veterinary markets.