Neogen (NASDAQ:NEOG) Sets New 52-Week Low – Here’s What Happened

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

Analysts Set New Price Targets

A number of analysts have recently commented on NEOG shares. Piper Sandler reissued a “neutral” rating and issued a $13.00 price objective (down previously from $16.50) on shares of Neogen in a research note on Tuesday, January 21st. Guggenheim initiated 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 market capitalization of $2.32 billion, a price-to-earnings ratio of -4.88 and a beta of 1.23. 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 business has a 50-day moving average price of $12.36 and a 200-day moving average price of $14.59.

Neogen (NASDAQ:NEOG) last posted its quarterly earnings data 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. The firm had revenue of $231.30 million for the quarter, compared to analysts’ expectations of $227.16 million. Neogen had a negative net margin of 52.12% and a positive return on equity of 2.89%. The company’s quarterly revenue was up .7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.11 EPS. As a group, equities analysts anticipate that Neogen Co. will post 0.38 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Neogen news, CFO David H. Naemura acquired 14,800 shares of the company’s stock in a transaction dated Thursday, January 16th. The shares were acquired at an average cost 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 of the company’s stock, valued at approximately $682,531.74. This trade represents a 31.74 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO John Edward Adent bought 23,035 shares of the firm’s stock in a transaction that occurred on 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 purchase, the chief executive officer now owns 269,164 shares in the company, 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. 1.13% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC increased its holdings in shares of Neogen by 142.6% during the third 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 in the last quarter. Blue Trust Inc. grew its holdings in shares of Neogen by 196.7% during 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 last quarter. Neo Ivy Capital Management acquired a new stake in shares of Neogen in the third quarter valued at $66,000. KBC Group NV grew its holdings in Neogen by 39.1% during the 4th quarter. KBC Group NV now owns 8,464 shares of the company’s stock worth $103,000 after acquiring an additional 2,379 shares during the last quarter. Finally, Marco Investment Management LLC bought a new position in shares of Neogen in the third quarter worth about $169,000. 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.