Neogen (NASDAQ:NEOG) Hits New 52-Week Low After Analyst Downgrade

Shares of Neogen Co. (NASDAQ:NEOG) hit a new 52-week low during mid-day trading on Monday after Piper Sandler lowered their price target on the stock from $19.00 to $17.00. Piper Sandler currently has a neutral rating on the stock. Neogen traded as low as $12.15 and last traded at $12.28, with a volume of 767645 shares. The stock had previously closed at $12.38.

Insider Activity at Neogen

In other Neogen news, CFO David H. Naemura purchased 12,500 shares of the firm’s stock in a transaction dated Wednesday, April 10th. The stock was bought at an average cost of $12.51 per share, with a total value of $156,375.00. Following the purchase, the chief financial officer now directly owns 30,040 shares of the company’s stock, valued at $375,800.40. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. In other Neogen news, CFO David H. Naemura purchased 12,500 shares of the business’s stock in a transaction on Wednesday, April 10th. The stock was acquired at an average price of $12.51 per share, with a total value of $156,375.00. Following the acquisition, the chief financial officer now directly owns 30,040 shares of the company’s stock, valued at approximately $375,800.40. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO John Edward Adent bought 23,000 shares of the company’s stock in a transaction dated Wednesday, April 10th. The shares were purchased at an average cost of $12.36 per share, with a total value of $284,280.00. Following the acquisition, the chief executive officer now directly owns 152,389 shares of the company’s stock, valued at approximately $1,883,528.04. The disclosure for this purchase can be found here. Insiders have bought 43,000 shares of company stock worth $538,605 in the last ninety days. Company insiders own 0.71% of the company’s stock.

Institutional Trading of Neogen

Several hedge funds and other institutional investors have recently made changes to their positions in NEOG. Fairfield Bush & CO. lifted its stake in shares of Neogen by 3.5% in the first quarter. Fairfield Bush & CO. now owns 75,222 shares of the company’s stock worth $2,320,000 after acquiring an additional 2,572 shares during the period. Raymond James & Associates lifted its position in shares of Neogen by 3.3% during the 1st quarter. Raymond James & Associates now owns 124,917 shares of the company’s stock valued at $3,852,000 after buying an additional 3,974 shares during the last quarter. HighTower Advisors LLC lifted its position in shares of Neogen by 3.6% during the 1st quarter. HighTower Advisors LLC now owns 44,465 shares of the company’s stock valued at $1,373,000 after buying an additional 1,540 shares during the last quarter. Panagora Asset Management Inc. lifted its holdings in Neogen by 29.3% during the 1st quarter. Panagora Asset Management Inc. now owns 20,573 shares of the company’s stock worth $634,000 after purchasing an additional 4,661 shares in the last quarter. Finally, Rhumbline Advisers lifted its holdings in Neogen by 2.3% during the 1st quarter. Rhumbline Advisers now owns 305,783 shares of the company’s stock worth $9,430,000 after purchasing an additional 6,931 shares in the last quarter. 96.73% of the stock is currently owned by institutional investors.

Neogen Price Performance

The business has a fifty day moving average of $15.68 and a 200-day moving average of $16.61. The firm has a market cap of $2.63 billion, a PE ratio of 1,217.22 and a beta of 1.13. The company has a current ratio of 3.82, a quick ratio of 2.66 and a debt-to-equity ratio of 0.28.

Neogen (NASDAQ:NEOG) last announced its quarterly earnings data on Tuesday, April 9th. The company reported $0.12 EPS 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 for the quarter, compared to the consensus estimate of $230.01 million. During the same quarter last year, the company posted $0.12 earnings per share. Neogen’s revenue for the quarter was up 4.8% compared to the same quarter last year. As a group, research analysts predict that Neogen Co. will post 0.5 earnings per share for the current year.

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.