Neogen (NASDAQ:NEOG) Hits New 1-Year Low - What's Next?

Shares of Neogen Co. (NASDAQ:NEOG - Get Free Report) hit a new 52-week low during trading on Wednesday . The company traded as low as $4.86 and last traded at $5.05, with a volume of 6215308 shares changing hands. The stock had previously closed at $5.03.

Analyst Upgrades and Downgrades

NEOG has been the topic of several analyst reports. Guggenheim dropped their price target on shares of Neogen from $15.00 to $13.00 and set a "buy" rating on the stock in a research note on Thursday, April 10th. Piper Sandler lowered their target price on Neogen from $6.40 to $5.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 22nd.

Neogen Stock Performance

The company has a current ratio of 3.77, a quick ratio of 2.46 and a debt-to-equity ratio of 0.33. The company has a market cap of $1.21 billion, a P/E ratio of -2.55 and a beta of 1.83. The business's 50 day simple moving average is $7.41 and its 200 day simple moving average is $10.82.

Neogen (NASDAQ:NEOG - Get Free Report) last announced its quarterly earnings data on Wednesday, April 9th. The company reported $0.10 EPS for the quarter, missing the consensus estimate of $0.12 by ($0.02). Neogen had a negative net margin of 52.12% and a positive return on equity of 2.89%. The firm had revenue of $221.00 million for the quarter, compared to the consensus estimate of $225.27 million. During the same quarter in the previous year, the business earned $0.12 earnings per share. The firm's revenue for the quarter was down 3.4% on a year-over-year basis. Sell-side analysts predict that Neogen Co. will post 0.38 earnings per share for the current fiscal year.

Insider Transactions at Neogen

In related news, Director James C. Borel bought 35,000 shares of the stock in a transaction dated Thursday, April 24th. The shares were purchased at an average price of $4.89 per share, with a total value of $171,150.00. Following the completion of the acquisition, the director now owns 60,474 shares of the company's stock, valued at $295,717.86. This represents a 137.39 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Amy M. Rocklin bought 12,500 shares of the business's stock in a transaction that occurred on Wednesday, April 23rd. The shares were bought at an average cost of $4.99 per share, with a total value of $62,375.00. Following the completion of the purchase, the insider now directly owns 36,287 shares of the company's stock, valued at $181,072.13. This represents a 52.55 % increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 67,500 shares of company stock valued at $331,525 over the last 90 days. Company insiders own 1.13% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Norges Bank bought a new stake in Neogen in the 4th quarter worth approximately $212,171,000. Clarkston Capital Partners LLC purchased a new position in shares of Neogen in the fourth quarter valued at $34,801,000. Vanguard Group Inc. increased its position in 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 purchasing an additional 1,928,491 shares during the last quarter. T. Rowe Price Investment Management Inc. raised its stake in Neogen by 27.2% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 7,114,702 shares of the company's stock valued at $86,373,000 after purchasing an additional 1,521,560 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in Neogen by 24.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 6,939,984 shares of the company's stock valued at $84,254,000 after purchasing an additional 1,345,056 shares during the last quarter. Hedge funds and other 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.