Neogen (NASDAQ:NEOG) Sets New 1-Year Low Following Weak Earnings

Neogen Co. (NASDAQ:NEOG)’s stock price hit a new 52-week low during mid-day trading on Tuesday after the company announced weaker than expected quarterly earnings. The company traded as low as $12.57 and last traded at $13.09, with a volume of 1116648 shares changing hands. The stock had previously closed at $14.38.

The company reported $0.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.02). Neogen had a return on equity of 3.35% and a net margin of 1.28%. The business had revenue of $228.80 million during the quarter, compared to the consensus estimate of $230.01 million. During the same quarter in the previous year, the business posted $0.12 earnings per share. The company’s quarterly revenue was up 4.8% compared to the same quarter last year.

Wall Street Analyst Weigh In

Separately, Piper Sandler raised their price target on shares of Neogen from $17.50 to $19.00 and gave the stock a “neutral” rating in a research report on Thursday, January 18th.

Insider Activity at Neogen

In other news, CFO David H. Naemura acquired 12,500 shares of the business’s stock in a transaction that occurred on Wednesday, April 10th. The shares were purchased at an average cost of $12.51 per share, for a total transaction of $156,375.00. Following the transaction, the chief financial officer now directly owns 30,040 shares in the company, valued at approximately $375,800.40. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO John Edward Adent acquired 23,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 10th. The shares were purchased at an average cost of $12.36 per share, for a total transaction 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 acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO David H. Naemura acquired 12,500 shares of the business’s stock in a transaction that occurred on Wednesday, April 10th. The stock was purchased at an average price of $12.51 per share, for a total transaction of $156,375.00. Following the completion of the transaction, the chief financial officer now owns 30,040 shares in the company, valued at $375,800.40. The disclosure for this purchase can be found here. 0.71% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Neogen

Several large investors have recently bought and sold shares of NEOG. Steward Partners Investment Advisory LLC acquired a new position in Neogen during the 1st quarter valued at about $29,000. O Dell Group LLC acquired a new position in Neogen during the 4th quarter valued at about $37,000. State of Tennessee Treasury Department acquired a new position in Neogen during the 1st quarter valued at about $45,000. International Assets Investment Management LLC acquired a new position in Neogen during the 3rd quarter valued at about $49,000. Finally, Allspring Global Investments Holdings LLC increased its stake in Neogen by 416.7% during 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. Institutional investors and hedge funds own 96.73% of the company’s stock.

Neogen Stock Performance

The stock has a market cap of $2.71 billion, a price-to-earnings ratio of 208.37 and a beta of 1.13. The company has a debt-to-equity ratio of 0.28, a quick ratio of 2.63 and a current ratio of 3.54. The company’s 50 day simple moving average is $15.92 and its 200 day simple moving average is $16.80.

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.