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

Neogen Co. (NASDAQ:NEOG) 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 trading hands. The stock had previously closed at $10.94.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Guggenheim initiated coverage on shares of Neogen in a research report on Thursday, December 19th. They issued a “buy” rating and a $15.00 price target for the company. Piper Sandler reissued a “neutral” rating and issued a $13.00 target price (down from $16.50) on shares of Neogen in a report on Tuesday, January 21st.

Neogen Price Performance

The company’s fifty day moving average price is $12.23 and its two-hundred day moving average price is $14.53. 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 released its quarterly 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. The firm had revenue of $231.30 million during 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%. The business’s revenue was up .7% on a year-over-year basis. During the same period last year, the firm posted $0.11 EPS. Equities analysts predict that Neogen Co. will post 0.38 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO John Edward Adent purchased 23,035 shares of the business’s stock in a transaction dated 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 completion of the purchase, the chief executive officer now directly owns 269,164 shares of the company’s stock, valued at $2,968,878.92. The trade was a 9.36 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO David H. Naemura purchased 14,800 shares of the firm’s stock in a transaction that occurred on Thursday, January 16th. The stock was purchased at an average price of $11.11 per share, for a total transaction of $164,428.00. Following the acquisition, the chief financial officer now owns 61,434 shares of the company’s stock, valued at $682,531.74. The trade was a 31.74 % 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

Several hedge funds have recently modified their holdings of the business. Connable Office Inc. raised its stake in shares of Neogen by 5.6% during the fourth quarter. Connable Office Inc. now owns 18,793 shares of the company’s stock worth $228,000 after buying an additional 1,000 shares during the last quarter. Mutual of America Capital Management LLC grew its holdings in Neogen by 52.8% during the 4th quarter. Mutual of America Capital Management LLC now owns 594,390 shares of the company’s stock worth $7,216,000 after acquiring an additional 205,436 shares during the period. Hardy Reed LLC bought a new stake in shares of Neogen during the 4th quarter valued at $133,000. Handelsbanken Fonder AB lifted its stake in shares of Neogen by 10.0% in the 4th quarter. Handelsbanken Fonder AB now owns 70,664 shares of the company’s stock valued at $858,000 after purchasing an additional 6,400 shares during the period. Finally, Private Advisor Group LLC boosted its position in shares of Neogen by 135.3% in the 4th quarter. Private Advisor Group LLC now owns 67,298 shares of the company’s stock worth $817,000 after purchasing an additional 38,703 shares during the last quarter. Institutional investors 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.