Neogen (NASDAQ:NEOG) Hits New 12-Month Low – What’s Next?

Neogen Co. (NASDAQ:NEOG)’s share price reached a new 52-week low during trading on Monday . The company traded as low as $8.60 and last traded at $8.98, with a volume of 36396580 shares. The stock had previously closed at $8.97.

Analyst Ratings Changes

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

Neogen Price Performance

The stock has a market capitalization of $1.83 billion, a price-to-earnings ratio of -3.86 and a beta of 1.27. The stock’s 50 day simple moving average is $10.31 and its 200-day simple moving average is $12.86. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.77 and a quick ratio of 2.46.

Neogen (NASDAQ:NEOG) last announced its 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. Neogen had a positive return on equity of 2.89% and a negative net margin of 52.12%. The firm had revenue of $231.30 million during the quarter, compared to analysts’ expectations of $227.16 million. During the same quarter in the prior year, the business earned $0.11 earnings per share. The company’s revenue was up .7% on a year-over-year basis. On average, analysts expect that Neogen Co. will post 0.38 EPS for the current fiscal year.

Insider Activity

In other Neogen news, CFO David H. Naemura bought 14,800 shares of the stock in a transaction on Thursday, January 16th. The shares were purchased at an average price of $11.11 per share, with a total value of $164,428.00. Following the acquisition, the chief financial officer now directly owns 61,434 shares of the company’s stock, valued at $682,531.74. This represents a 31.74 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO John Edward Adent purchased 23,035 shares of the business’s stock in a transaction dated Thursday, January 16th. The shares were acquired 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 owns 269,164 shares of the company’s stock, valued at approximately $2,968,878.92. The trade was 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 currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Harbour Investments Inc. acquired a new stake in Neogen during the fourth quarter worth about $27,000. Blue Trust Inc. lifted its position in shares of Neogen by 196.7% in the 4th quarter. Blue Trust Inc. now owns 3,368 shares of the company’s stock worth $41,000 after acquiring an additional 2,233 shares during the period. Johnson Financial Group Inc. acquired a new stake in shares of Neogen during the 4th quarter worth approximately $43,000. Covestor Ltd increased its position in shares of Neogen by 41.4% during the fourth quarter. Covestor Ltd now owns 4,103 shares of the company’s stock valued at $50,000 after purchasing an additional 1,202 shares during the period. Finally, Neo Ivy Capital Management acquired a new position in shares of Neogen in the third quarter valued at $66,000. Institutional investors 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.