Neogen (NASDAQ:NEOG) PT Raised to $17.50

Neogen (NASDAQ:NEOG) had its price target raised by equities researchers at Piper Sandler from $17.00 to $17.50 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm presently has a “neutral” rating on the stock. Piper Sandler’s price target indicates a potential upside of 6.84% from the stock’s current price.

Separately, StockNews.com upgraded Neogen to a “sell” rating in a research report on Wednesday, July 10th.

Neogen Stock Performance

Shares of NEOG opened at $16.38 on Tuesday. The company has a quick ratio of 2.66, a current ratio of 3.82 and a debt-to-equity ratio of 0.28. The business has a 50-day simple moving average of $16.19 and a two-hundred day simple moving average of $15.23. The stock has a market cap of $3.55 billion, a price-to-earnings ratio of 1,638.00 and a beta of 1.20. Neogen has a 52 week low of $11.46 and a 52 week high of $24.09.

Neogen (NASDAQ:NEOG) last issued its quarterly 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). The company had revenue of $236.80 million during the quarter, compared to analysts’ expectations of $225.83 million. Neogen had a positive return on equity of 3.09% and a negative net margin of 1.02%. The business’s quarterly revenue was down 2.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.14 EPS. On average, analysts expect that Neogen will post 0.56 EPS for the current year.

Insider Buying and Selling

In other Neogen news, Director James P. Tobin bought 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The stock was purchased at an average price of $16.86 per share, for a total transaction 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.71% of the stock is currently owned by company insiders.

Institutional Trading of Neogen

Several institutional investors have recently made changes to their positions in NEOG. Norges Bank purchased a new position in Neogen during the 4th quarter valued at approximately $365,794,000. Baillie Gifford & Co. purchased a new position in Neogen during the 4th quarter valued at approximately $166,646,000. Vanguard Group Inc. grew its holdings in Neogen by 9.3% during the 4th quarter. Vanguard Group Inc. now owns 19,546,737 shares of the company’s stock valued at $393,085,000 after buying an additional 1,663,125 shares in the last quarter. Bamco Inc. NY grew its holdings in Neogen by 10.3% during the 1st quarter. Bamco Inc. NY now owns 7,304,967 shares of the company’s stock valued at $115,272,000 after buying an additional 680,668 shares in the last quarter. Finally, Trigran Investments Inc. purchased a new position in Neogen during the 4th quarter valued at approximately $12,048,000. Hedge funds and other institutional investors own 96.73% of the company’s stock.

Neogen Company Profile

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.