Neogen (NASDAQ:NEOG) Receives Neutral Rating from Piper Sandler

Piper Sandler restated their neutral rating on shares of Neogen (NASDAQ:NEOG) in a research note published on Tuesday morning,Benzinga reports. The brokerage currently has a $13.00 price objective on the stock, down from their prior price objective of $16.50.

Several other analysts also recently weighed in on the company. StockNews.com raised Neogen to a “sell” rating in a report on Monday, September 30th. Guggenheim initiated coverage on Neogen in a report on Thursday, December 19th. They issued a “buy” rating and a $15.00 target price for the company.

Neogen Trading Up 1.6 %

NASDAQ:NEOG opened at $11.74 on Tuesday. The stock has a 50-day simple moving average of $12.97 and a 200-day simple moving average of $14.89. The stock has a market cap of $2.55 billion, a P/E ratio of -5.36 and a beta of 1.23. Neogen has a 1 year low of $10.72 and a 1 year high of $18.58. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.46 and a current ratio of 3.77.

Neogen (NASDAQ:NEOG) last released its quarterly earnings data on Friday, January 10th. The company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.01) by $0.12. The business had revenue of $231.30 million during the quarter, compared to analysts’ expectations of $227.16 million. Neogen had a positive return on equity of 2.89% and a negative net margin of 52.12%. The business’s quarterly revenue was up .7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.11 EPS. As a group, analysts anticipate that Neogen will post 0.41 earnings per share for the current fiscal year.

Insider Buying and Selling at Neogen

In related news, CFO David H. Naemura acquired 14,800 shares of Neogen stock in a transaction on Thursday, January 16th. The stock was purchased at an average cost of $11.11 per share, with a total value of $164,428.00. Following the purchase, the chief financial officer now directly owns 61,434 shares in the company, valued at approximately $682,531.74. The trade was a 31.74 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO John Edward Adent acquired 23,035 shares of Neogen stock in a transaction on Thursday, January 16th. The shares were bought at an average cost of $11.03 per share, with a total value of $254,076.05. Following the completion of the purchase, the chief executive officer now owns 269,164 shares in the company, 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 owned by company insiders.

Hedge Funds Weigh In On Neogen

A number of large investors have recently modified their holdings of NEOG. Allspring Global Investments Holdings LLC raised its stake in shares of Neogen by 142.6% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,982 shares of the company’s stock worth $33,000 after buying an additional 1,165 shares in the last quarter. Neo Ivy Capital Management purchased a new position in shares of Neogen during the 3rd quarter worth approximately $66,000. Marco Investment Management LLC purchased a new position in shares of Neogen during the 3rd quarter worth approximately $169,000. Avanza Fonder AB purchased a new position in shares of Neogen during the 4th quarter worth approximately $169,000. Finally, Raymond James Trust N.A. purchased a new position in shares of Neogen during the 3rd quarter worth approximately $182,000. 96.73% of the stock is 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.