Neogen (NASDAQ:NEOG) Reaches New 1-Year Low Following Analyst Downgrade

Shares of Neogen Co. (NASDAQ:NEOG) reached 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 traded. The stock had previously closed at $12.38.

Insider Buying and Selling at Neogen

In other Neogen news, CEO John Edward Adent acquired 23,000 shares of the business’s stock in a transaction on Wednesday, April 10th. The stock was bought at an average price of $12.36 per share, for a total transaction of $284,280.00. Following the acquisition, the chief executive officer now owns 152,389 shares in the company, valued at $1,883,528.04. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Director James C. Borel purchased 7,500 shares of the business’s stock in a transaction dated Thursday, April 11th. The stock was acquired at an average price of $13.06 per share, for a total transaction of $97,950.00. Following the acquisition, the director now directly owns 21,392 shares of the company’s stock, valued at $279,379.52. The transaction was disclosed in a legal filing with the SEC, which can be accessed 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. In the last quarter, insiders acquired 43,000 shares of company stock worth $538,605. Insiders own 0.71% of the company’s stock.

Hedge Funds Weigh In On Neogen

Hedge funds have recently made changes to their positions in the stock. Steward Partners Investment Advisory LLC purchased a new position in shares of Neogen during the 1st quarter worth approximately $29,000. O Dell Group LLC purchased a new position in shares of Neogen during the 4th quarter worth approximately $37,000. State of Tennessee Treasury Department purchased a new position in Neogen in the 1st quarter valued at approximately $45,000. International Assets Investment Management LLC purchased a new position in Neogen in the 3rd quarter valued at approximately $49,000. Finally, Allspring Global Investments Holdings LLC boosted its position in Neogen by 416.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 3,033 shares of the company’s stock valued at $56,000 after buying an additional 2,446 shares during the period. Hedge funds and other institutional investors own 96.73% of the company’s stock.

Neogen Price Performance

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 company has a market cap of $2.63 billion, a PE ratio of 1,217.22 and a beta of 1.13. The company’s 50-day simple moving average is $15.68 and its 200 day simple moving average is $16.61.

Neogen (NASDAQ:NEOG) last announced its quarterly earnings data on Tuesday, April 9th. The company reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates 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 analyst estimates of $230.01 million. During the same quarter in the previous year, the business posted $0.12 earnings per share. Neogen’s revenue for the quarter was up 4.8% compared to the same quarter last year. On average, sell-side analysts predict that Neogen Co. will post 0.5 earnings per share for the current fiscal 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.