Neogen (NASDAQ:NEOG) Upgraded at StockNews.com

StockNews.com upgraded shares of Neogen (NASDAQ:NEOG) to a sell rating in a research note issued to investors on Thursday.

Separately, Piper Sandler raised their target price on shares of Neogen from $17.00 to $17.50 and gave the company a neutral rating in a report on Tuesday, August 6th.

Neogen Price Performance

Shares of NASDAQ:NEOG opened at $16.15 on Thursday. The firm has a market capitalization of $3.50 billion, a price-to-earnings ratio of 1,615.00 and a beta of 1.20. The company has a debt-to-equity ratio of 0.28, a current ratio of 3.82 and a quick ratio of 2.66. The business’s 50 day simple moving average is $16.42 and its 200-day simple moving average is $15.24. Neogen has a 12 month low of $11.46 and a 12 month high of $23.64.

Neogen (NASDAQ:NEOG) last posted its earnings results on Tuesday, July 30th. The company reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.02). Neogen had a positive return on equity of 3.09% and a negative net margin of 1.02%. The firm had revenue of $236.80 million for the quarter, compared to analysts’ expectations of $225.83 million. During the same quarter in the previous year, the firm posted $0.14 earnings per share. The firm’s revenue for the quarter was down 2.1% compared to the same quarter last year. As a group, equities analysts forecast that Neogen will post 0.56 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director James P. Tobin purchased 3,000 shares of the company’s stock in a transaction on Tuesday, August 6th. The stock was bought at an average price of $16.86 per share, with a total value of $50,580.00. Following the completion of the transaction, the director now owns 23,392 shares of the company’s stock, valued at approximately $394,389.12. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.71% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Covestor Ltd raised its position in shares of Neogen by 173.2% in the first quarter. Covestor Ltd now owns 1,970 shares of the company’s stock valued at $31,000 after buying an additional 1,249 shares during the last quarter. Innealta Capital LLC acquired a new position in Neogen in the 2nd quarter valued at $46,000. Headlands Technologies LLC raised its holdings in Neogen by 264.1% in the 2nd quarter. Headlands Technologies LLC now owns 3,397 shares of the company’s stock valued at $53,000 after acquiring an additional 2,464 shares during the last quarter. Family Firm Inc. purchased a new position in shares of Neogen during the 2nd quarter worth $90,000. Finally, Quantum Private Wealth LLC acquired a new stake in shares of Neogen during the second quarter worth $156,000. 96.73% of the stock is currently owned by hedge funds and other institutional investors.

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.