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

Shares of Neogen Co. (NASDAQ:NEOG) hit a new 52-week low on Monday . The stock traded as low as $10.25 and last traded at $10.35, with a volume of 89688 shares trading hands. The stock had previously closed at $10.37.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on NEOG shares. Piper Sandler restated a “neutral” rating and issued a $13.00 target price (down previously from $16.50) on shares of Neogen in a 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 price target for the company.

Neogen Stock Performance

The business has a fifty day moving average of $11.95 and a 200-day moving average of $14.32. The company has a market cap of $2.20 billion, a PE ratio of -4.64 and a beta of 1.23. The company has a current ratio of 3.77, a quick ratio of 2.46 and a debt-to-equity ratio of 0.33.

Neogen (NASDAQ:NEOG) last posted its earnings results on Friday, January 10th. The company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.12. The firm had revenue of $231.30 million for the quarter, compared to analysts’ expectations of $227.16 million. Neogen had a positive return on equity of 2.89% and a negative net margin of 52.12%. During the same period in the previous year, the firm earned $0.11 earnings per share. The business’s revenue was up .7% compared to the same quarter last year. Equities research analysts anticipate that Neogen Co. will post 0.38 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO John Edward Adent purchased 23,035 shares of the company’s stock in a transaction that occurred on Thursday, January 16th. The shares were bought at an average cost of $11.03 per share, for a total transaction 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 $2,968,878.92. This trade represents a 9.36 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO David H. Naemura purchased 14,800 shares of Neogen stock in a transaction that occurred on Thursday, January 16th. The stock was purchased at an average cost of $11.11 per share, for a total transaction of $164,428.00. Following the completion of the purchase, the chief financial officer now owns 61,434 shares of the company’s stock, valued at $682,531.74. This trade represents a 31.74 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 1.13% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of NEOG. Inspire Investing LLC lifted its holdings in shares of Neogen by 6.6% during the third quarter. Inspire Investing LLC now owns 27,803 shares of the company’s stock valued at $467,000 after purchasing an additional 1,729 shares during the last quarter. Procyon Advisors LLC raised its stake in Neogen by 21.8% during the third quarter. Procyon Advisors LLC now owns 29,046 shares of the company’s stock valued at $488,000 after buying an additional 5,208 shares during the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd bought a new stake in Neogen in the third quarter worth $2,664,000. McCollum Christoferson Group LLC grew its stake in shares of Neogen by 0.8% in the third quarter. McCollum Christoferson Group LLC now owns 258,304 shares of the company’s stock worth $4,342,000 after acquiring an additional 2,142 shares during the last quarter. Finally, Raymond James & Associates increased its holdings in shares of Neogen by 21.5% during the third quarter. Raymond James & Associates now owns 250,342 shares of the company’s stock valued at $4,208,000 after acquiring an additional 44,339 shares in the last quarter. 96.73% of the stock is owned by hedge funds and other institutional investors.

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.