Neogen (NASDAQ:NEOG) Sets New 12-Month Low - Should You Sell?

Neogen Co. (NASDAQ:NEOG - Get Free Report) hit a new 52-week low during trading on Tuesday . The stock traded as low as $7.47 and last traded at $7.85, with a volume of 9147137 shares trading hands. The stock had previously closed at $7.80.

Analysts Set New Price Targets

NEOG has been the subject of several recent analyst reports. Guggenheim decreased their target price on shares of Neogen from $15.00 to $13.00 and set a "buy" rating for the company in a report on Thursday. Piper Sandler restated 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 Trading Down 0.9 %

The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.46 and a current ratio of 3.77. The stock has a market cap of $1.21 billion, a price-to-earnings ratio of -2.55 and a beta of 1.57. The company's 50 day simple moving average is $9.08 and its two-hundred day simple moving average is $11.97.

Neogen (NASDAQ:NEOG - Get Free Report) last posted its quarterly earnings results on Wednesday, April 9th. The company reported $0.10 earnings per share for the quarter, missing analysts' consensus estimates of $0.12 by ($0.02). The company had revenue of $221.00 million during the quarter, compared to analyst estimates of $225.27 million. Neogen had a positive return on equity of 2.89% and a negative net margin of 52.12%. The company's revenue was down 3.4% compared to the same quarter last year. During the same period last year, the company posted $0.12 earnings per share. Research analysts expect that Neogen Co. will post 0.38 EPS for the current fiscal year.

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Insider Activity

In related news, CEO John Edward Adent purchased 23,035 shares of Neogen stock in a transaction on Thursday, January 16th. The stock was 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 directly owns 269,164 shares of the company's stock, valued at approximately $2,968,878.92. This represents a 9.36 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO David H. Naemura acquired 14,800 shares of the stock in a transaction dated Thursday, January 16th. The shares were bought at an average cost 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 in the company, valued at $682,531.74. The trade was a 31.74 % increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 47,835 shares of company stock worth $469,204 in the last three months. 1.13% of the stock is owned by insiders.

Institutional Investors Weigh In On Neogen

A number of large investors have recently added to or reduced their stakes in NEOG. Vanguard Group Inc. lifted its stake in shares of Neogen by 9.8% in the fourth quarter. Vanguard Group Inc. now owns 21,637,251 shares of the company's stock worth $262,676,000 after buying an additional 1,928,491 shares during the last quarter. Norges Bank bought a new position in Neogen in the 4th quarter worth $212,171,000. William Blair Investment Management LLC lifted its position in Neogen by 8.1% during the 4th quarter. William Blair Investment Management LLC now owns 14,346,759 shares of the company's stock worth $174,170,000 after acquiring an additional 1,074,825 shares during the last quarter. Bamco Inc. NY boosted its holdings in Neogen by 16.2% during the fourth quarter. Bamco Inc. NY now owns 8,485,308 shares of the company's stock valued at $103,012,000 after acquiring an additional 1,182,193 shares during the period. Finally, State Street Corp grew its position in shares of Neogen by 3.1% in 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 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.