Neogen (NASDAQ:NEOG) Hits New 1-Year Low - Here's Why

Neogen Co. (NASDAQ:NEOG - Get Free Report)'s stock price reached a new 52-week low during trading on Monday . The company traded as low as $10.25 and last traded at $10.35, with a volume of 89688 shares trading hands. The stock had previously closed at $10.37.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Guggenheim assumed coverage on Neogen in a report on Thursday, December 19th. They set a "buy" rating and a $15.00 price objective for the company. Piper Sandler restated a "neutral" rating and set 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 0.4 %

The firm has a market capitalization of $2.15 billion, a price-to-earnings ratio of -4.53 and a beta of 1.23. The company has a quick ratio of 2.46, a current ratio of 3.77 and a debt-to-equity ratio of 0.33. The company's 50 day moving average price is $11.89 and its 200 day moving average price is $14.29.

Neogen (NASDAQ:NEOG - Get Free Report) 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 business had revenue of $231.30 million for the quarter, compared to analyst estimates of $227.16 million. During the same period in the prior year, the company earned $0.11 earnings per share. The company's revenue was up .7% on a year-over-year basis. As a group, research analysts forecast that Neogen Co. will post 0.38 earnings per share for the current fiscal year.

Insider Buying and Selling at Neogen

In related news, CFO David H. Naemura bought 14,800 shares of the stock in a transaction dated Thursday, January 16th. The shares were purchased at an average price of $11.11 per share, for a total transaction of $164,428.00. Following the completion of the purchase, the chief financial officer now directly owns 61,434 shares of the company's stock, valued at $682,531.74. This represents a 31.74 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO John Edward Adent purchased 23,035 shares of Neogen stock in a transaction that occurred on Thursday, January 16th. The shares were bought at an average price of $11.03 per share, with a total value of $254,076.05. Following the completion of the transaction, the chief executive officer now owns 269,164 shares of the company's stock, valued at $2,968,878.92. This represents a 9.36 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 1.13% of the company's stock.

Institutional Trading of Neogen

Hedge funds have recently added to or reduced their stakes in the company. Harbour Investments Inc. acquired a new position in shares of Neogen in the fourth quarter worth about $27,000. Allspring Global Investments Holdings LLC raised its holdings in Neogen by 142.6% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,982 shares of the company's stock worth $33,000 after purchasing an additional 1,165 shares during the period. Blue Trust Inc. boosted its position in Neogen by 196.7% during the fourth quarter. Blue Trust Inc. now owns 3,368 shares of the company's stock worth $41,000 after purchasing an additional 2,233 shares in the last quarter. Covestor Ltd grew its holdings in Neogen by 41.4% in the fourth quarter. Covestor Ltd now owns 4,103 shares of the company's stock valued at $50,000 after purchasing an additional 1,202 shares during the period. Finally, Neo Ivy Capital Management purchased a new stake in shares of Neogen in the third quarter valued at approximately $66,000. 96.73% of the stock is 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.