Neogen (NASDAQ:NEOG) Reaches New 1-Year Low - Should You Sell?

Neogen Co. (NASDAQ:NEOG - Get Free Report) hit a new 52-week low during mid-day trading on Monday . The company traded as low as $8.79 and last traded at $9.30, with a volume of 3867105 shares changing hands. The stock had previously closed at $9.05.

Analysts Set New Price Targets

Several research firms have commented on NEOG. Guggenheim initiated 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. Piper Sandler reaffirmed a "neutral" rating and set a $13.00 price objective (down from $16.50) on shares of Neogen in a research report on Tuesday, January 21st.

Neogen Stock Performance

The stock's 50-day moving average is $10.53 and its 200 day moving average is $13.06. The stock has a market cap of $1.92 billion, a price-to-earnings ratio of -4.04 and a beta of 1.27. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.77 and a quick ratio of 2.46.

Neogen (NASDAQ:NEOG - Get Free Report) last posted its quarterly earnings results on Friday, January 10th. The company reported $0.11 EPS for the quarter, beating the consensus estimate 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 business had revenue of $231.30 million during the quarter, compared to analysts' expectations of $227.16 million. During the same period last year, the firm earned $0.11 EPS. The company's quarterly revenue was up .7% compared to the same quarter last year. As a group, analysts predict that Neogen Co. will post 0.38 earnings per share for the current fiscal year.

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Insider Transactions at Neogen

In other news, CFO David H. Naemura acquired 14,800 shares of the company's stock in a transaction that occurred on Thursday, January 16th. The stock was purchased at an average cost 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 of the company's stock, valued at approximately $682,531.74. This trade represents a 31.74 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO John Edward Adent acquired 23,035 shares of Neogen stock in a transaction that occurred on Thursday, January 16th. The shares were purchased at an average cost of $11.03 per share, with a total value of $254,076.05. Following the completion of 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 position. The disclosure for this purchase can be found here. Corporate insiders own 1.13% of the company's stock.

Hedge Funds Weigh In On Neogen

Hedge funds have recently added to or reduced their stakes in the business. Citigroup Inc. lifted its position in shares of Neogen by 129.1% in the third quarter. Citigroup Inc. now owns 231,833 shares of the company's stock valued at $3,897,000 after acquiring an additional 130,641 shares in the last quarter. American Capital Management Inc. lifted its stake in shares of Neogen by 36.5% during the third quarter. American Capital Management Inc. now owns 3,414,700 shares of the company's stock valued at $57,401,000 after buying an additional 913,604 shares during the period. Private Advisor Group LLC boosted its position in Neogen by 135.3% during the fourth quarter. Private Advisor Group LLC now owns 67,298 shares of the company's stock worth $817,000 after acquiring an additional 38,703 shares during the last quarter. State Street Corp grew its stake in Neogen by 3.1% in the 3rd quarter. State Street Corp now owns 7,932,192 shares of the company's stock worth $133,340,000 after acquiring an additional 236,762 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Neogen by 17.9% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 38,166 shares of the company's stock valued at $642,000 after purchasing an additional 5,804 shares during the last quarter. 96.73% of the stock is currently owned by hedge funds and other institutional investors.

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.