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

Neogen Co. (NASDAQ:NEOG)’s share price reached a new 52-week low during trading on Monday . The stock 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

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

Neogen Price Performance

The company has a 50 day moving average of $10.69 and a 200-day moving average of $13.12. The stock has a market capitalization of $2.01 billion, a P/E ratio of -4.21 and a beta of 1.27. 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 issued its quarterly earnings results on Friday, January 10th. The company reported $0.11 EPS for the quarter, beating 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 positive return on equity of 2.89% and a negative net margin of 52.12%. The company’s quarterly revenue was up .7% compared to the same quarter last year. During the same period last year, the company earned $0.11 earnings per share. Sell-side analysts predict that Neogen Co. will post 0.38 EPS for the current year.

Insider Activity

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

Hedge Funds Weigh In On Neogen

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Connable Office Inc. boosted its position in Neogen by 5.6% during the 4th quarter. Connable Office Inc. now owns 18,793 shares of the company’s stock worth $228,000 after acquiring an additional 1,000 shares during the period. Covestor Ltd boosted its position in Neogen by 41.4% during the 4th quarter. Covestor Ltd now owns 4,103 shares of the company’s stock worth $50,000 after acquiring an additional 1,202 shares during the period. Inspire Advisors LLC boosted its position in Neogen by 10.1% during the 4th quarter. Inspire Advisors LLC now owns 14,226 shares of the company’s stock worth $173,000 after acquiring an additional 1,304 shares during the period. Lindenwold Advisors INC boosted its position in Neogen by 19.1% during the 3rd quarter. Lindenwold Advisors INC now owns 12,821 shares of the company’s stock worth $216,000 after acquiring an additional 2,055 shares during the period. Finally, Ascent Group LLC boosted its position in Neogen by 17.8% during the 4th quarter. Ascent Group LLC now owns 14,340 shares of the company’s stock worth $174,000 after acquiring an additional 2,165 shares during the period. Institutional investors and hedge funds own 96.73% of the company’s stock.

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.