Neogen (NASDAQ:NEOG) Reaches New 12-Month Low at $11.46

Neogen Co. (NASDAQ:NEOG) shares reached a new 52-week low on Monday . The stock traded as low as $11.46 and last traded at $11.55, with a volume of 318110 shares traded. The stock had previously closed at $11.61.

Wall Street Analyst Weigh In

Separately, Piper Sandler dropped their price objective on shares of Neogen from $19.00 to $17.00 and set a “neutral” rating for the company in a research note on Monday, April 15th.

Neogen Stock Performance

The firm’s 50 day moving average price is $15.22 and its two-hundred day moving average price is $16.42. The company has a debt-to-equity ratio of 0.28, a quick ratio of 2.66 and a current ratio of 3.82. The firm has a market cap of $2.67 billion, a PE ratio of 1,232.23 and a beta of 1.13.

Neogen (NASDAQ:NEOG) last posted its quarterly earnings results on Tuesday, April 9th. The company reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.02). Neogen had a net margin of 0.17% and a return on equity of 3.35%. The firm had revenue of $228.80 million during the quarter, compared to analysts’ expectations of $230.01 million. During the same period last year, the company earned $0.12 EPS. The business’s quarterly revenue was up 4.8% on a year-over-year basis. On average, research analysts forecast that Neogen Co. will post 0.5 earnings per share for the current year.

Insider Activity

In other news, CEO John Edward Adent purchased 23,000 shares of the company’s stock in a transaction dated Wednesday, April 10th. The stock was acquired at an average price of $12.36 per share, with a total value of $284,280.00. Following the purchase, the chief executive officer now directly owns 152,389 shares in the company, valued at approximately $1,883,528.04. The acquisition was disclosed in a document filed with the SEC, which is available at this link. In related news, Director James C. Borel acquired 7,500 shares of the stock in a transaction that occurred on Thursday, April 11th. The stock was purchased at an average price of $13.06 per share, with a total value of $97,950.00. Following the transaction, the director now owns 21,392 shares of the company’s stock, valued at approximately $279,379.52. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO John Edward Adent acquired 23,000 shares of the stock in a transaction that occurred on Wednesday, April 10th. The shares were bought at an average cost of $12.36 per share, with a total value of $284,280.00. Following the transaction, the chief executive officer now directly owns 152,389 shares in the company, valued at approximately $1,883,528.04. The disclosure for this purchase can be found here. Insiders bought a total of 53,000 shares of company stock valued at $662,205 in the last 90 days. Company insiders own 0.71% of the company’s stock.

Hedge Funds Weigh In On Neogen

A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of Neogen by 9.3% during the 4th quarter. Vanguard Group Inc. now owns 19,546,737 shares of the company’s stock worth $393,085,000 after purchasing an additional 1,663,125 shares during the period. Norges Bank purchased a new position in shares of Neogen during the 4th quarter worth approximately $365,794,000. Baillie Gifford & Co. purchased a new position in shares of Neogen during the 4th quarter worth approximately $166,646,000. Conestoga Capital Advisors LLC boosted its position in shares of Neogen by 4.0% during the 4th quarter. Conestoga Capital Advisors LLC now owns 6,817,600 shares of the company’s stock worth $137,102,000 after purchasing an additional 265,075 shares during the period. Finally, King Luther Capital Management Corp lifted its holdings in Neogen by 1.2% during the 4th quarter. King Luther Capital Management Corp now owns 6,000,856 shares of the company’s stock worth $120,677,000 after buying an additional 70,296 shares in the last quarter. Hedge funds and other institutional investors own 96.73% of the company’s stock.

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.