Neogen (NASDAQ:NEOG) Reaches New 52-Week Low - Time to Sell?

Neogen Co. (NASDAQ:NEOG - Get Free Report) hit 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. The stock had previously closed at $10.94.

Analyst Ratings Changes

A number of brokerages have recently issued reports on NEOG. Piper Sandler reiterated a "neutral" rating and set a $13.00 price target (down previously from $16.50) on shares of Neogen in a research report on Tuesday, January 21st. Guggenheim initiated coverage on shares of Neogen in a research report on Thursday, December 19th. They set a "buy" rating and a $15.00 target price for the company.

Neogen Stock Performance

The company has a 50 day simple moving average of $12.16 and a 200-day simple moving average of $14.50. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.77 and a quick ratio of 2.46. The stock has a market cap of $2.25 billion, a P/E ratio of -4.74 and a beta of 1.23.

Neogen (NASDAQ:NEOG - Get Free Report) last released its earnings results on Friday, January 10th. The company reported $0.11 earnings per share 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 during the quarter, compared to the consensus estimate of $227.16 million. During the same quarter in the previous year, the company posted $0.11 EPS. Neogen's quarterly revenue was up .7% compared to the same quarter last year. On average, equities analysts expect that Neogen Co. will post 0.38 earnings per share for the current fiscal year.

Insider Activity at Neogen

In other Neogen news, CEO John Edward Adent purchased 23,035 shares of the stock in a transaction on Thursday, January 16th. The stock was acquired at an average price of $11.03 per share, with a total value of $254,076.05. Following the transaction, the chief executive officer now directly owns 269,164 shares of the company's stock, valued at approximately $2,968,878.92. This trade represents a 9.36 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO David H. Naemura bought 14,800 shares of the firm's stock in a transaction that occurred on Thursday, January 16th. The shares were acquired at an average price of $11.11 per share, with a total value 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. This represents 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 currently owned by company insiders.

Institutional Investors Weigh In On Neogen

A number of large investors have recently modified their holdings of NEOG. Conestoga Capital Advisors LLC raised its holdings in Neogen by 24.5% in the third quarter. Conestoga Capital Advisors LLC now owns 8,706,224 shares of the company's stock worth $146,352,000 after purchasing an additional 1,711,238 shares in the last quarter. State Street Corp increased its stake in shares of Neogen by 3.1% during the third quarter. State Street Corp now owns 7,932,192 shares of the company's stock valued at $133,340,000 after purchasing an additional 236,762 shares in the last quarter. Bamco Inc. NY boosted its holdings in Neogen by 1.4% in the third quarter. Bamco Inc. NY now owns 7,303,115 shares of the company's stock worth $122,765,000 after acquiring an additional 98,067 shares in the last quarter. Champlain Investment Partners LLC raised its position in shares of Neogen by 10.7% in the 3rd quarter. Champlain Investment Partners LLC now owns 7,110,530 shares of the company's stock worth $119,528,000 after purchasing an additional 690,029 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of Neogen by 0.4% in the third quarter. Geode Capital Management LLC now owns 5,148,388 shares of the company's stock worth $86,559,000 after buying an additional 20,387 shares in 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.