Neogen (NASDAQ:NEOG) Reaches New 1-Year Low – Here’s Why

Neogen Co. (NASDAQ:NEOG)’s stock price reached a new 52-week low during mid-day trading on Monday . The stock 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.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on NEOG. Guggenheim assumed coverage on Neogen in a report on Thursday, December 19th. They set a “buy” rating and a $15.00 price objective on the stock. Piper Sandler reaffirmed 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.

Neogen Stock Down 4.6 %

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

Neogen (NASDAQ:NEOG) last posted its quarterly earnings data on Friday, January 10th. The company reported $0.11 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 company had revenue of $231.30 million for the quarter, compared to analyst estimates of $227.16 million. During the same quarter in the previous year, the firm earned $0.11 earnings per share. The business’s revenue was up .7% on a year-over-year basis. On average, equities analysts predict that Neogen Co. will post 0.38 EPS for the current year.

Insider Transactions at Neogen

In other news, CFO David H. Naemura bought 14,800 shares of the company’s stock in a transaction dated Thursday, January 16th. The stock was bought at an average price of $11.11 per share, for a total transaction of $164,428.00. Following the completion of the transaction, the chief financial officer now directly owns 61,434 shares in the company, valued at $682,531.74. The trade was a 31.74 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO John Edward Adent purchased 23,035 shares of the firm’s stock in a transaction that occurred on Thursday, January 16th. The stock was purchased at an average price of $11.03 per share, for a total transaction of $254,076.05. Following the acquisition, the chief executive officer now owns 269,164 shares of the company’s stock, 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 company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in NEOG. Norges Bank acquired a new stake in shares of Neogen during the 4th quarter worth approximately $212,171,000. Clarkston Capital Partners LLC acquired a new stake in Neogen during the 4th quarter worth $34,801,000. Vanguard Group Inc. raised its position in shares of Neogen by 9.8% during the 4th quarter. Vanguard Group Inc. now owns 21,637,251 shares of the company’s stock valued at $262,676,000 after acquiring an additional 1,928,491 shares during the last quarter. Fred Alger Management LLC lifted its stake in shares of Neogen by 86.5% in the 3rd quarter. Fred Alger Management LLC now owns 3,986,744 shares of the company’s stock valued at $67,017,000 after purchasing an additional 1,849,427 shares during the period. Finally, T. Rowe Price Investment Management Inc. boosted its position in shares of Neogen by 27.2% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 7,114,702 shares of the company’s stock worth $86,373,000 after purchasing an additional 1,521,560 shares during the last quarter. 96.73% of the stock is currently owned by institutional investors and hedge funds.

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.