Neogen (NASDAQ:NEOG) Hits New 52-Week Low Following Weak Earnings

Neogen Co. (NASDAQ:NEOG)’s stock price reached a new 52-week low during 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. The stock had previously closed at $14.38.

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

Wall Street Analyst Weigh In

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

Insider Transactions at Neogen

In other Neogen news, CFO David H. Naemura acquired 12,500 shares of the business’s stock in a transaction dated 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 owns 30,040 shares in the company, valued at $375,800.40. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CEO John Edward Adent purchased 23,000 shares of the company’s stock in a transaction that occurred on Wednesday, April 10th. The shares were bought at an average cost of $12.36 per share, for a total transaction of $284,280.00. Following the completion of the transaction, the chief executive officer now directly owns 152,389 shares of the company’s stock, valued at approximately $1,883,528.04. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO David H. Naemura purchased 12,500 shares of the company’s stock in a transaction that occurred on Wednesday, April 10th. The shares were 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 directly owns 30,040 shares of the company’s stock, valued at $375,800.40. The disclosure for this purchase can be found here. Corporate insiders own 0.71% of the company’s stock.

Institutional Investors Weigh In On Neogen

Several hedge funds have recently made changes to their positions in NEOG. BlackRock Inc. bought a new stake in Neogen in the first quarter worth $451,277,000. Norges Bank bought a new stake in Neogen in the fourth quarter worth $365,794,000. Baillie Gifford & Co. bought a new stake in Neogen in the fourth quarter worth $166,646,000. Select Equity Group L.P. bought a new stake in Neogen in the first quarter worth $147,849,000. Finally, Geode Capital Management LLC bought a new stake in Neogen in the first quarter worth $84,319,000. 96.73% of the stock is currently owned by institutional investors.

Neogen Stock Down 4.1 %

The company has a quick ratio of 2.63, a current ratio of 3.54 and a debt-to-equity ratio of 0.28. The company has a fifty day simple moving average of $15.92 and a 200 day simple moving average of $16.80. The firm has a market capitalization of $2.71 billion, a P/E ratio of 208.37 and a beta of 1.13.

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.