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

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

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on NEOG. Piper Sandler restated a “neutral” rating and issued a $13.00 price target (down previously 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 issued a “buy” rating and a $15.00 price target for the company.

Neogen Trading Up 0.4 %

The company has a current ratio of 3.77, a quick ratio of 2.46 and a debt-to-equity ratio of 0.33. The company has a market capitalization of $1.95 billion, a price-to-earnings ratio of -4.14 and a beta of 1.27. The company has a fifty day moving average of $10.46 and a 200-day moving average of $12.96.

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

Insider Transactions at Neogen

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

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Harbour Investments Inc. acquired a new stake in shares of Neogen in the fourth quarter valued at $27,000. Blue Trust Inc. raised its stake in Neogen by 196.7% in the fourth quarter. Blue Trust Inc. now owns 3,368 shares of the company’s stock valued at $41,000 after buying an additional 2,233 shares in the last quarter. Johnson Financial Group Inc. acquired a new stake in Neogen in the fourth quarter valued at $43,000. Covestor Ltd raised its stake in Neogen by 41.4% in the fourth quarter. Covestor Ltd now owns 4,103 shares of the company’s stock valued at $50,000 after buying an additional 1,202 shares in the last quarter. Finally, Neo Ivy Capital Management acquired a new stake in Neogen in the third quarter valued at $66,000. 96.73% of the stock is currently owned by hedge funds and other institutional investors.

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.