Insider Buying: Neogen Co. (NASDAQ:NEOG) Director Acquires $50,580.00 in Stock

Neogen Co. (NASDAQ:NEOG) Director James P. Tobin purchased 3,000 shares of the stock in a transaction that occurred on Tuesday, August 6th. The stock was purchased at an average price of $16.86 per share, with a total value of $50,580.00. Following the acquisition, 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 Securities & Exchange Commission, which is accessible through the SEC website.

Neogen Stock Down 1.1 %

Shares of NASDAQ NEOG traded down $0.19 during mid-day trading on Friday, reaching $16.80. 1,036,043 shares of the company were exchanged, compared to its average volume of 2,120,224. Neogen Co. has a 1 year low of $11.46 and a 1 year high of $24.09. The firm has a 50-day moving average of $16.34 and a 200 day moving average of $15.24. The stock has a market cap of $3.64 billion, a price-to-earnings ratio of 1,680.00 and a beta of 1.20. The company has a quick ratio of 2.66, a current ratio of 3.82 and a debt-to-equity ratio of 0.28.

Neogen (NASDAQ:NEOG) last released its quarterly 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 for the quarter, compared to analysts’ expectations of $225.83 million. Neogen had a negative net margin of 1.02% and a positive return on equity of 3.09%. The business’s quarterly revenue was down 2.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.14 earnings per share. On average, research analysts expect that Neogen Co. will post 0.56 earnings per share for the current year.

Hedge Funds Weigh In On Neogen

Large investors have recently made changes to their positions in the business. Raymond James Financial Services Advisors Inc. increased its stake in Neogen by 5.8% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 12,900 shares of the company’s stock valued at $259,000 after purchasing an additional 711 shares in the last quarter. Sheets Smith Wealth Management lifted its position in Neogen by 2.6% during the 4th quarter. Sheets Smith Wealth Management now owns 30,795 shares of the company’s stock worth $619,000 after acquiring an additional 771 shares during the period. Northwest Investment Counselors LLC grew its stake in Neogen by 1.1% during the 1st quarter. Northwest Investment Counselors LLC now owns 71,621 shares of the company’s stock valued at $1,130,000 after purchasing an additional 809 shares during the last quarter. Retirement Systems of Alabama grew its stake in Neogen by 0.3% during the 4th quarter. Retirement Systems of Alabama now owns 246,534 shares of the company’s stock valued at $4,958,000 after purchasing an additional 827 shares during the last quarter. Finally, Bessemer Group Inc. raised its stake in shares of Neogen by 1.2% in the first quarter. Bessemer Group Inc. now owns 73,920 shares of the company’s stock worth $1,166,000 after purchasing an additional 851 shares during the last quarter. 96.73% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

NEOG has been the subject of several research reports. StockNews.com upgraded Neogen to a “sell” rating in a report on Wednesday, July 10th. Piper Sandler upped their price objective on shares of Neogen from $17.00 to $17.50 and gave the stock a “neutral” rating in a research note on Tuesday.

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.