Neogen (NASDAQ:NEOG) Sets New 12-Month Low – Here’s Why

Shares of Neogen Co. (NASDAQ:NEOG) hit a new 52-week low during trading on Wednesday . The company traded as low as $11.46 and last traded at $11.47, with a volume of 2751990 shares. The stock had previously closed at $12.00.

Wall Street Analysts Forecast Growth

Several research analysts have commented on NEOG shares. StockNews.com upgraded shares of Neogen to a “sell” rating in a report on Monday, September 30th. Guggenheim assumed coverage on Neogen in a research report on Thursday, December 19th. They set a “buy” rating and a $15.00 price target on the stock.

Neogen Stock Performance

The company has a market capitalization of $2.51 billion, a P/E ratio of -5.28 and a beta of 1.23. The company’s 50 day moving average is $13.24 and its 200-day moving average is $14.97. The company has a current ratio of 4.41, a quick ratio of 2.79 and a debt-to-equity ratio of 0.28.

Neogen (NASDAQ:NEOG) last announced its earnings results on Friday, January 10th. The company reported $0.11 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.12. Neogen had a negative net margin of 2.58% and a positive return on equity of 2.80%. The business had revenue of $231.30 million during the quarter, compared to the consensus estimate of $227.16 million. During the same quarter last year, the firm earned $0.11 earnings per share. The business’s revenue for the quarter was up .7% on a year-over-year basis. Equities analysts anticipate that Neogen Co. will post 0.5 EPS for the current fiscal year.

Insider Buying and Selling at Neogen

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

Institutional Investors Weigh In On Neogen

A number of large investors have recently made changes to their positions in NEOG. Allspring Global Investments Holdings LLC boosted its holdings 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 worth $33,000 after buying an additional 1,165 shares during the last quarter. Neo Ivy Capital Management purchased a new position in shares of Neogen during the 3rd quarter worth $66,000. Marco Investment Management LLC purchased a new stake in shares of Neogen in the 3rd quarter worth $169,000. Avanza Fonder AB bought a new position in Neogen in the 4th quarter worth $169,000. Finally, Raymond James Trust N.A. purchased a new position in Neogen during the third quarter valued at $182,000. 96.73% of the stock is currently owned by 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.