Neogen (NASDAQ:NEOG) Hits New 1-Year Low – What’s Next?

Neogen Co. (NASDAQ:NEOG)’s stock price reached a new 52-week low on Monday . The stock traded as low as $8.79 and last traded at $9.30, with a volume of 3867105 shares trading hands. The stock had previously closed at $9.05.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on NEOG. Guggenheim began coverage on shares of Neogen in a report on Thursday, December 19th. They set a “buy” rating and a $15.00 target price for the company. Piper Sandler reaffirmed a “neutral” rating and set a $13.00 target price (down from $16.50) on shares of Neogen in a report on Tuesday, January 21st.

Neogen Stock Performance

The company has a market cap of $2.02 billion, a PE ratio of -4.25 and a beta of 1.27. The firm’s fifty day moving average is $10.83 and its 200 day moving average is $13.23. The company has a current ratio of 3.77, a quick ratio of 2.46 and a debt-to-equity ratio of 0.33.

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

Insider Buying and Selling

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 bought at an average price of $11.11 per share, with a total value of $164,428.00. Following the purchase, 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 position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO John Edward Adent bought 23,035 shares of the stock in a transaction on Thursday, January 16th. The shares were acquired at an average cost of $11.03 per share, for a total transaction 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. 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 owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Ascent Group LLC boosted its position in shares of Neogen by 17.8% during the 4th quarter. Ascent Group LLC now owns 14,340 shares of the company’s stock valued at $174,000 after acquiring an additional 2,165 shares during the last quarter. Mackenzie Financial Corp lifted its position in Neogen by 5.7% in the fourth quarter. Mackenzie Financial Corp now owns 7,826,349 shares of the company’s stock valued at $95,012,000 after buying an additional 423,923 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Neogen by 8.6% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 549,639 shares of the company’s stock valued at $6,673,000 after buying an additional 43,621 shares during the last quarter. Squarepoint Ops LLC acquired a new position in Neogen in the fourth quarter valued at about $840,000. Finally, State of Wyoming lifted its position in Neogen by 6.3% in the fourth quarter. State of Wyoming now owns 47,775 shares of the company’s stock valued at $580,000 after buying an additional 2,846 shares during the last quarter. 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.