Neogen (NASDAQ:NEOG) Upgraded by StockNews.com to “Sell”

StockNews.com upgraded shares of Neogen (NASDAQ:NEOG) to a sell rating in a report released on Wednesday.

Separately, Piper Sandler lifted their target price on Neogen from $17.00 to $17.50 and gave the stock a neutral rating in a research report on Tuesday, August 6th.

Neogen Price Performance

Shares of NASDAQ NEOG opened at $15.42 on Wednesday. Neogen has a fifty-two week low of $11.46 and a fifty-two week high of $21.88. The business has a 50 day moving average price of $16.43 and a two-hundred day moving average price of $15.25. The company has a quick ratio of 2.59, a current ratio of 3.82 and a debt-to-equity ratio of 0.28. The firm has a market cap of $3.34 billion, a PE ratio of 1,542.00 and a beta of 1.21.

Neogen (NASDAQ:NEOG) last issued its earnings results on Tuesday, July 30th. The company reported $0.10 EPS for the quarter, missing the consensus estimate of $0.12 by ($0.02). The firm had revenue of $236.80 million during the quarter, compared to analyst estimates of $225.83 million. Neogen had a positive return on equity of 3.09% and a negative net margin of 1.02%. Neogen’s revenue was down 2.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.14 EPS. Sell-side analysts expect that Neogen will post 0.54 earnings per share for the current fiscal year.

Insider Transactions at Neogen

In related news, Director James P. Tobin acquired 3,000 shares of Neogen stock in a transaction that occurred on Tuesday, August 6th. The stock was acquired at an average price of $16.86 per share, for a total transaction of $50,580.00. Following the transaction, the director now directly owns 23,392 shares of the company’s stock, valued at approximately $394,389.12. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 0.71% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in Neogen by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 19,715,974 shares of the company’s stock valued at $311,118,000 after purchasing an additional 169,237 shares during the period. Norges Bank bought a new stake in Neogen during the 4th quarter valued at $365,794,000. Select Equity Group L.P. raised its stake in Neogen by 23.1% during the 2nd quarter. Select Equity Group L.P. now owns 15,530,439 shares of the company’s stock valued at $242,741,000 after acquiring an additional 2,914,893 shares in the last quarter. William Blair Investment Management LLC raised its stake in Neogen by 64.7% during the 2nd quarter. William Blair Investment Management LLC now owns 12,013,072 shares of the company’s stock valued at $187,764,000 after acquiring an additional 4,717,696 shares in the last quarter. Finally, Baillie Gifford & Co. raised its stake in Neogen by 42.3% during the 1st quarter. Baillie Gifford & Co. now owns 11,789,521 shares of the company’s stock valued at $186,039,000 after acquiring an additional 3,502,807 shares in 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.