Neogen (NASDAQ:NEOG) Sees Strong Trading Volume – Still a Buy?

Neogen Co. (NASDAQ:NEOG) saw unusually-strong trading volume on Thursday . Approximately 2,144,322 shares were traded during trading, a decline of 18% from the previous session’s volume of 2,603,012 shares.The stock last traded at $4.45 and had previously closed at $4.60.

Analysts Set New Price Targets

A number of equities research analysts have commented on NEOG shares. Piper Sandler decreased their target price on shares of Neogen from $13.00 to $6.50 and set a “neutral” rating on the stock in a research note on Monday, April 14th. Guggenheim lowered their price objective on Neogen from $15.00 to $13.00 and set a “buy” rating on the stock in a research report on Thursday, April 10th.

Neogen Stock Down 4.6 %

The company has a fifty day moving average price of $8.51 and a 200-day moving average price of $11.60. The stock has a market capitalization of $952.38 million, a P/E ratio of -2.00 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.

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

Insider Transactions at Neogen

In other news, CAO John Patrick Moylan purchased 10,000 shares of the business’s stock in a transaction that occurred on Thursday, April 10th. The shares were bought at an average cost of $5.07 per share, for a total transaction of $50,700.00. Following the acquisition, the chief accounting officer now owns 10,000 shares of the company’s stock, valued at approximately $50,700. This trade represents a ? increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.13% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of NEOG. Conestoga Capital Advisors LLC boosted its holdings in Neogen by 0.4% during the 1st quarter. Conestoga Capital Advisors LLC now owns 8,540,859 shares of the company’s stock valued at $74,049,000 after acquiring an additional 37,271 shares during the period. QRG Capital Management Inc. lifted its position in shares of Neogen by 28.6% during the first quarter. QRG Capital Management Inc. now owns 15,674 shares of the company’s stock worth $136,000 after purchasing an additional 3,486 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Neogen by 212.9% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 107,395 shares of the company’s stock valued at $931,000 after purchasing an additional 73,071 shares during the period. SG Americas Securities LLC bought a new position in shares of Neogen in the first quarter worth about $952,000. Finally, Yousif Capital Management LLC increased its stake in Neogen by 3.9% in the 1st quarter. Yousif Capital Management LLC now owns 74,508 shares of the company’s stock worth $646,000 after buying an additional 2,769 shares during the period. Hedge funds and other institutional investors own 96.73% of the company’s stock.

About Neogen

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.