Neogen (NASDAQ:NEOG) Reaches New 12-Month Low – Here’s Why

Shares of Neogen Co. (NASDAQ:NEOG) hit a new 52-week low on Tuesday . The stock traded as low as $10.65 and last traded at $10.72, with a volume of 172208 shares trading hands. The stock had previously closed at $10.94.

Analyst Ratings Changes

Several equities research analysts have recently commented on NEOG shares. Piper Sandler restated a “neutral” rating and set a $13.00 price target (down previously from $16.50) on shares of Neogen in a research note on Tuesday, January 21st. Guggenheim started coverage on shares of Neogen in a research report on Thursday, December 19th. They set a “buy” rating and a $15.00 price objective for the company.

Neogen Stock Down 2.2 %

The company has a quick ratio of 2.46, a current ratio of 3.77 and a debt-to-equity ratio of 0.33. The company has a market cap of $2.32 billion, a PE ratio of -4.88 and a beta of 1.23. The firm’s fifty day simple moving average is $12.36 and its 200-day simple moving average is $14.59.

Neogen (NASDAQ:NEOG) last released its quarterly earnings results on Friday, January 10th. The company reported $0.11 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.12. The company had revenue of $231.30 million during the quarter, compared to analysts’ expectations of $227.16 million. Neogen had a positive return on equity of 2.89% and a negative net margin of 52.12%. The business’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.11 earnings per share. As a group, equities research analysts expect that Neogen Co. will post 0.38 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO David H. Naemura bought 14,800 shares of the stock in a transaction dated Thursday, January 16th. The stock was acquired at an average price of $11.11 per share, for a total transaction of $164,428.00. Following the completion of the purchase, the chief financial officer now owns 61,434 shares in the company, valued at $682,531.74. This represents a 31.74 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO John Edward Adent acquired 23,035 shares of the firm’s stock in a transaction on Thursday, January 16th. The shares were bought at an average cost of $11.03 per share, with a total value of $254,076.05. Following the completion of the acquisition, the chief executive officer now owns 269,164 shares in the company, valued at $2,968,878.92. This represents a 9.36 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.13% of the stock is owned by company insiders.

Hedge Funds Weigh In On Neogen

A number of hedge funds have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC lifted its holdings in Neogen by 142.6% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,982 shares of the company’s stock worth $33,000 after buying an additional 1,165 shares during the last quarter. Blue Trust Inc. boosted its holdings in Neogen by 196.7% in the fourth quarter. Blue Trust Inc. now owns 3,368 shares of the company’s stock worth $41,000 after purchasing an additional 2,233 shares during the period. Neo Ivy Capital Management bought a new stake in Neogen during the third quarter valued at $66,000. KBC Group NV raised its holdings in shares of Neogen by 39.1% during the fourth quarter. KBC Group NV now owns 8,464 shares of the company’s stock worth $103,000 after purchasing an additional 2,379 shares during the period. Finally, Marco Investment Management LLC bought a new position in shares of Neogen in the 3rd quarter worth about $169,000. 96.73% of the stock is currently owned by institutional investors and hedge funds.

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.