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

Neogen Co. (NASDAQ:NEOG)’s share price reached a new 52-week low on Monday . The company 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 equities analysts have issued reports on the company. Piper Sandler reaffirmed a “neutral” rating and set a $13.00 price objective (down previously from $16.50) on shares of Neogen in a report on Tuesday, January 21st. 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.

Neogen Stock Performance

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

Neogen (NASDAQ:NEOG) last announced its quarterly earnings data 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 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 company earned $0.11 EPS. The firm’s revenue for the quarter was up .7% compared to the same quarter last year. On average, equities analysts forecast that Neogen Co. will post 0.38 EPS for the current year.

Insider Activity

In related news, CEO John Edward Adent purchased 23,035 shares of Neogen stock in a transaction dated 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 transaction, the chief executive officer now owns 269,164 shares in the company, valued at approximately $2,968,878.92. The trade was a 9.36 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO David H. Naemura acquired 14,800 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the chief financial officer now directly owns 61,434 shares in the company, valued at approximately $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. Insiders own 1.13% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of NEOG. Norges Bank acquired a new position in shares of Neogen during the 4th quarter worth approximately $212,171,000. Clarkston Capital Partners LLC acquired a new position in Neogen in the 4th quarter valued at $34,801,000. Vanguard Group Inc. raised its holdings in Neogen by 9.8% in 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 raised its holdings in 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 acquiring an additional 1,849,427 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. raised its holdings in 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 valued at $86,373,000 after acquiring an additional 1,521,560 shares during the last quarter. 96.73% of the stock is currently owned by institutional investors and hedge funds.

Neogen Company Profile

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.