Neogen (NASDAQ:NEOG) Hits New 1-Year Low – What’s Next?

Neogen Co. (NASDAQ:NEOG) reached a new 52-week low during trading on Monday . The company traded as low as $8.79 and last traded at $9.30, with a volume of 3867105 shares changing hands. The stock had previously closed at $9.05.

Analyst Ratings Changes

A number of research analysts have commented on NEOG shares. Guggenheim started coverage on shares of Neogen in a research report on Thursday, December 19th. They issued a “buy” rating and a $15.00 target price on the stock. Piper Sandler reiterated a “neutral” rating and set a $13.00 price target (down from $16.50) on shares of Neogen in a research note on Tuesday, January 21st.

Neogen Price Performance

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 has a market capitalization of $2.02 billion, a PE ratio of -4.25 and a beta of 1.27. The stock’s 50 day simple moving average is $10.83 and its 200-day simple moving average is $13.23.

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

Insider Activity at Neogen

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

Institutional Trading of Neogen

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NEOG. Norges Bank acquired a new stake in Neogen during the fourth quarter worth approximately $212,171,000. Clarkston Capital Partners LLC acquired a new stake in Neogen during the fourth quarter worth approximately $34,801,000. Vanguard Group Inc. raised its holdings in Neogen by 9.8% during the fourth quarter. Vanguard Group Inc. now owns 21,637,251 shares of the company’s stock worth $262,676,000 after purchasing an additional 1,928,491 shares in the last quarter. Fred Alger Management LLC raised its holdings in Neogen by 86.5% during the third quarter. Fred Alger Management LLC now owns 3,986,744 shares of the company’s stock worth $67,017,000 after purchasing an additional 1,849,427 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. raised its holdings in Neogen by 27.2% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 7,114,702 shares of the company’s stock worth $86,373,000 after purchasing an additional 1,521,560 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.