Neogen (NASDAQ:NEOG) Earns “Neutral” Rating from Piper Sandler

Neogen (NASDAQ:NEOG)‘s stock had its “neutral” rating reissued by equities research analysts at Piper Sandler in a note issued to investors on Tuesday,Benzinga reports. They presently have a $13.00 price target on the stock, down from their previous price target of $16.50. Piper Sandler’s target price would indicate a potential upside of 10.29% from the stock’s previous close.

Several other brokerages have also commented on NEOG. Guggenheim initiated coverage on Neogen in a report on Thursday, December 19th. They set a “buy” rating and a $15.00 price objective for the company. StockNews.com raised Neogen to a “sell” rating in a research report on Monday, September 30th.

Neogen Stock Up 2.0 %

NASDAQ:NEOG traded up $0.23 during mid-day trading on Tuesday, reaching $11.79. The company’s stock had a trading volume of 989,112 shares, compared to its average volume of 3,345,703. The firm has a market capitalization of $2.56 billion, a PE ratio of -5.38 and a beta of 1.23. The stock has a fifty day moving average of $13.05 and a 200-day moving average of $14.92. The company has a quick ratio of 2.46, a current ratio of 3.77 and a debt-to-equity ratio of 0.33. Neogen has a 1 year low of $10.72 and a 1 year high of $18.58.

Neogen (NASDAQ:NEOG) last announced its 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 business had revenue of $231.30 million during the quarter, compared to the consensus estimate of $227.16 million. Neogen had a negative net margin of 52.12% and a positive return on equity of 2.89%. The firm’s revenue was up .7% on a year-over-year basis. During the same period in the previous year, the company posted $0.11 earnings per share. Equities research analysts forecast that Neogen will post 0.41 earnings per share for the current year.

Insider Buying and Selling at Neogen

In other news, CFO David H. Naemura bought 14,800 shares of the firm’s stock in a transaction that occurred on Thursday, January 16th. The stock was purchased at an average price of $11.11 per share, with a total value of $164,428.00. Following the completion of the acquisition, the chief financial officer now directly owns 61,434 shares of the company’s stock, valued at $682,531.74. This trade represents a 31.74 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO John Edward Adent bought 23,035 shares of the company’s stock in a transaction that occurred on Thursday, January 16th. The stock was purchased at an average price of $11.03 per share, for a total transaction of $254,076.05. Following the transaction, the chief executive officer now owns 269,164 shares of the company’s stock, valued at $2,968,878.92. The trade was a 9.36 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.13% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Neogen

Institutional investors have recently modified their holdings of the stock. Select Equity Group L.P. lifted its holdings in Neogen by 23.1% in the second 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 during the period. Dimensional Fund Advisors LP increased its holdings in Neogen by 148.3% in the second quarter. Dimensional Fund Advisors LP now owns 4,109,180 shares of the company’s stock valued at $64,229,000 after buying an additional 2,454,566 shares in the last quarter. Shapiro Capital Management LLC acquired a new position in shares of Neogen in the second quarter worth about $31,087,000. Fred Alger Management LLC boosted its stake in shares of Neogen by 86.5% during the 3rd quarter. Fred Alger Management LLC now owns 3,986,744 shares of the company’s stock worth $67,017,000 after acquiring an additional 1,849,427 shares in the last quarter. Finally, Conestoga Capital Advisors LLC grew its position in shares of Neogen by 24.5% during the 3rd quarter. Conestoga Capital Advisors LLC now owns 8,706,224 shares of the company’s stock valued at $146,352,000 after acquiring an additional 1,711,238 shares during the period. Hedge funds and other institutional investors 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.