Neogen Corporation (NASDAQ: NEOG) stock jumped 2.02% on Wednesday to $16.20 against a previous-day closing price of $15.88. With 2.03 million shares changed hands, the volume of the stock remained lighter than its average volume of 7.05 million shares. During the session, the Diagnostics & Research company that operates in wider Healthcare sector, reached to the highest price of $16.24 whereas the lowest price it dropped to was $15.90. The 52-week range on NEOG shows that it touched its highest point at $47.80 and its lowest point at $10.49 during that stretch. It currently has a 1-year price target of $14.00. Beta for the stock currently stands at 0.73.
Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of NEOG was up-trending over the past week, with a rise of 1.00%, but this was up by 34.55% over a month. Three-month performance dropped to -22.56% while six-month performance fell -38.41%. The stock lost -63.66% in the past year, while it has lost -64.33% so far this year. A look at the trailing 12-month EPS for NEOG yields 0.34 with Next year EPS estimates of -0.07. For the next quarter, that number is -0.08. This implies an EPS growth rate of -21.30% for this year and 36.40% for next year. EPS is expected to grow by 10.00% annually over the next five years; however, over the past five years, the company experienced an annual growth rate of 0.90%.
Float and Shares Shorts:
At present, 216.11 million NEOG shares are outstanding with a float of 215.76 million shares on hand for trading. On Oct 13, 2022, short shares totaled 12.84 million, which was 5.94% higher than short shares on Sep 14, 2022. In addition to Mr. John Edward Adent as the firm’s Pres, CEO & Director, Mr. Steven J. Quinlan serves as its VP & CFO.
Through their ownership of 56.29% of NEOG’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 53.04% of NEOG, in contrast to 38.14% held by mutual funds. Shares owned by individuals account for 0.77%. As the largest shareholder in NEOG with 8.58% of the stake, The Vanguard Group, Inc. holds 18,541,055 shares worth 18,541,055. A second-largest stockholder of NEOG, BlackRock Fund Advisors, holds 16,897,241 shares, controlling over 7.82% of the firm’s shares. Wasatch Advisors, Inc. is the third largest shareholder in NEOG, holding 13,485,361 shares or 6.24% stake. With a 3.01% stake in NEOG, the iShares Core S&P Mid Cap ETF is the largest stakeholder. A total of 6,496,744 shares are owned by the mutual fund manager. The Vanguard Small Cap Index Fund, which owns about 2.58% of NEOG stock, is the second-largest Mutual Fund holder. It holds 5,576,301 shares valued at 73.61 million. Vanguard Total Stock Market Index holds 2.30% of the stake in NEOG, owning 4,971,220 shares worth 65.62 million.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for NEOG since 2 analysts follow the stock currently. There are 1 analysts who recommend BUY ratings, while 0 suggest SELL ratings. Of the remaining analysts, 1 believe that the stock is worth HOLDING, 0 give it an OVERWEIGHT rating, and 0 thinks that it’s UNDERWEIGHT. In the same way, a target price assigned to a stock can also reveal much about its potential. With NEOG analysts setting a high price target of $14.00 and a low target of $14.00, the average target price over the next 12 months is $14.00. Based on these targets, NEOG could drop -13.58% to reach the target high and fall by -13.58% to reach the target low. Reaching the average price target will result in a decline of -13.58% from current levels.
EPS: Estimates vs Actual
It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy. NEOG will report FY 2023 earnings on 07/18/2023. Analysts have provided yearly estimates in a range of -$0.11 being high and -$0.11 being low. For NEOG, this leads to a yearly average estimate of -$0.11. The earnings surprise of a firm occurs when the actual results change from the consensus earnings estimate. Neogen Corporation surprised analysts by -$0.06 when it reported $0.05 EPS against a consensus estimate of $0.10. The surprise factor in the prior quarter was $0.03. Based on analyst estimates, the high estimate for the next quarter is -$0.08 and the low estimate is -$0.08. The average estimate for the next quarter is thus -$0.08.
Summary of Insider Activity:
Insiders traded NEOG stock several times over the past three months with 4 Buys and 0 Sells. In these transactions, 36,000 shares were bought while 0 shares were sold. The number of buy transactions has increased to 12 while that of sell transactions has risen to 2 over the past year. The total number of shares bought during that period was 69,636 while 3,636 shares were sold.