Neogen (NASDAQ:NEOG) Sees Large Volume Increase – Time to Buy?

Shares of Neogen Co. (NASDAQ:NEOG) saw an uptick in trading volume on Thursday . 2,144,322 shares changed hands 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.

Wall Street Analysts Forecast Growth

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

Neogen Stock Down 4.7 %

The company has a debt-to-equity ratio of 0.33, a current ratio of 3.77 and a quick ratio of 2.46. The company’s 50-day simple moving average is $8.74 and its 200 day simple moving average is $11.76. The firm has a market cap of $951.30 million, a P/E ratio of -2.00 and a beta of 1.57.

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

Insider Buying and Selling

In other news, CAO John Patrick Moylan purchased 10,000 shares of the firm’s stock in a transaction dated Thursday, April 10th. The shares were acquired at an average price of $5.07 per share, with a total value of $50,700.00. Following the purchase, the chief accounting officer now directly owns 10,000 shares of the company’s stock, valued at $50,700. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. 1.13% of the stock is owned by insiders.

Institutional Trading of Neogen

Several large investors have recently bought and sold shares of NEOG. Norges Bank acquired a new position in shares of Neogen during the fourth quarter worth approximately $212,171,000. Vanguard Group Inc. boosted its stake in shares of Neogen by 9.8% during the 4th quarter. Vanguard Group Inc. now owns 21,637,251 shares of the company’s stock worth $262,676,000 after acquiring an additional 1,928,491 shares in the last quarter. Private Advisor Group LLC boosted its position in shares of Neogen by 135.3% in the fourth quarter. Private Advisor Group LLC now owns 67,298 shares of the company’s stock valued at $817,000 after acquiring an additional 38,703 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Neogen by 2.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,061,927 shares of the company’s stock worth $25,032,000 after buying an additional 52,663 shares in the last quarter. Finally, Pictet Asset Management Holding SA increased its position in shares of Neogen by 26.9% during the 4th quarter. Pictet Asset Management Holding SA now owns 2,369,595 shares of the company’s stock worth $28,767,000 after purchasing an additional 501,957 shares in the last quarter. Institutional investors and hedge funds 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.