Neogen (NASDAQ:NEOG) Sets New 12-Month Low – What’s Next?

Neogen Co. (NASDAQ:NEOG) shares hit a new 52-week low on Wednesday . The stock traded as low as $11.46 and last traded at $11.47, with a volume of 2751990 shares trading hands. The stock had previously closed at $12.00.

Analyst Ratings Changes

NEOG has been the subject of a number of analyst reports. Guggenheim started coverage on shares of Neogen in a research note on Thursday, December 19th. They issued a “buy” rating and a $15.00 target price for the company. StockNews.com upgraded shares of Neogen to a “sell” rating in a report on Monday, September 30th.

Neogen Stock Performance

The firm has a fifty day simple moving average of $13.41 and a 200 day simple moving average of $15.02. The company has a debt-to-equity ratio of 0.28, a current ratio of 4.41 and a quick ratio of 2.79. The company has a market cap of $2.46 billion, a price-to-earnings ratio of -103.27 and a beta of 1.23.

Neogen (NASDAQ:NEOG) last issued its quarterly earnings results on Friday, January 10th. The company reported $0.11 EPS for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.12. The company had revenue of $231.30 million during the quarter, compared to analyst estimates of $227.16 million. Neogen had a positive return on equity of 2.80% and a negative net margin of 2.58%. The company’s quarterly revenue was up .7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.11 earnings per share. On average, sell-side analysts expect that Neogen Co. will post 0.5 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Neogen

Large investors have recently added to or reduced their stakes in the company. Citigroup Inc. lifted its stake in Neogen by 129.1% during the third quarter. Citigroup Inc. now owns 231,833 shares of the company’s stock worth $3,897,000 after purchasing an additional 130,641 shares during the period. American Capital Management Inc. grew its position in Neogen by 36.5% in the third quarter. American Capital Management Inc. now owns 3,414,700 shares of the company’s stock valued at $57,401,000 after acquiring an additional 913,604 shares during the period. Susquehanna Fundamental Investments LLC acquired a new position in Neogen during the second quarter worth $5,714,000. Oppenheimer Asset Management Inc. lifted its holdings in shares of Neogen by 39.8% during the second quarter. Oppenheimer Asset Management Inc. now owns 103,611 shares of the company’s stock valued at $1,619,000 after acquiring an additional 29,489 shares during the period. Finally, State Street Corp grew its holdings in shares of Neogen by 3.1% in the 3rd quarter. State Street Corp now owns 7,932,192 shares of the company’s stock worth $133,340,000 after purchasing an additional 236,762 shares during the last quarter. Institutional investors and hedge funds 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.