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

Neogen Co. (NASDAQ:NEOG)’s share price hit a new 52-week low on Monday . The company traded as low as $10.25 and last traded at $10.35, with a volume of 89688 shares traded. The stock had previously closed at $10.37.

Wall Street Analyst Weigh In

Several analysts have commented on the company. Piper Sandler reissued a “neutral” rating and issued a $13.00 price objective (down from $16.50) on shares of Neogen in a report 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 target on the stock.

Neogen Price Performance

The company has a market capitalization of $2.26 billion, a PE ratio of -4.75 and a beta of 1.23. 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 stock’s 50 day simple moving average is $12.08 and its 200-day simple moving average is $14.42.

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

Insider Activity

In related news, CFO David H. Naemura purchased 14,800 shares of the firm’s stock in a transaction that occurred on Thursday, January 16th. The stock was 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 $682,531.74. This trade represents a 31.74 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO John Edward Adent bought 23,035 shares of the company’s stock in a transaction on Thursday, January 16th. The shares were acquired at an average price of $11.03 per share, for a total transaction of $254,076.05. Following the transaction, the chief executive officer now directly owns 269,164 shares in the company, valued at $2,968,878.92. This trade represents a 9.36 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 1.13% of the company’s stock.

Institutional Trading of Neogen

Several large investors have recently bought and sold shares of NEOG. Stephens Inc. AR boosted its position in Neogen by 2.6% during the third quarter. Stephens Inc. AR now owns 35,930 shares of the company’s stock worth $604,000 after acquiring an additional 909 shares during the last quarter. Connable Office Inc. boosted its holdings in shares of Neogen by 5.6% during the fourth quarter. Connable Office Inc. now owns 18,793 shares of the company’s stock worth $228,000 after purchasing an additional 1,000 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of Neogen by 142.6% in the third quarter. Allspring Global Investments Holdings LLC now owns 1,982 shares of the company’s stock valued at $33,000 after purchasing an additional 1,165 shares during the period. Inspire Advisors LLC increased its stake in Neogen by 10.1% in the fourth quarter. Inspire Advisors LLC now owns 14,226 shares of the company’s stock valued at $173,000 after purchasing an additional 1,304 shares during the last quarter. Finally, State of Alaska Department of Revenue lifted its position in Neogen by 7.3% during the third quarter. State of Alaska Department of Revenue now owns 22,810 shares of the company’s stock worth $383,000 after buying an additional 1,550 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.