Guggenheim Lowers Neogen (NASDAQ:NEOG) Price Target to $10.00

Neogen (NASDAQ:NEOG) had its price objective lowered by Guggenheim from $13.00 to $10.00 in a research report report published on Monday morning,Benzinga reports. Guggenheim currently has a buy rating on the stock.

Separately, Piper Sandler lowered their price objective on shares of Neogen from $6.40 to $5.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 22nd.

Neogen Stock Up 1.1%

NEOG stock opened at $4.78 on Monday. The stock has a market capitalization of $1.04 billion, a P/E ratio of -2.14 and a beta of 1.84. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.91 and a quick ratio of 2.45. Neogen has a 1-year low of $3.87 and a 1-year high of $18.58. The business has a fifty day moving average price of $5.58 and a 200-day moving average price of $8.42.

Neogen (NASDAQ:NEOG) last issued its earnings results on Wednesday, April 9th. The company reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.02). The business had revenue of $221.00 million during the quarter, compared to analysts’ expectations of $225.27 million. Neogen had a positive return on equity of 2.69% and a negative net margin of 53.56%. Neogen’s quarterly revenue was down 3.4% compared to the same quarter last year. During the same period last year, the firm posted $0.12 EPS. Equities analysts forecast that Neogen will post 0.38 earnings per share for the current fiscal year.

Insider Transactions at Neogen

In other news, Director James C. Borel acquired 35,000 shares of Neogen stock in a transaction that occurred on Thursday, April 24th. The stock was bought at an average price of $4.89 per share, for a total transaction of $171,150.00. Following the completion of the transaction, the director owned 60,474 shares in the company, valued at $295,717.86. The trade was a 137.39% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Aashima Gupta bought 16,000 shares of the stock in a transaction on Monday, May 12th. The stock was purchased at an average cost of $6.25 per share, for a total transaction of $100,000.00. Following the acquisition, the director owned 21,917 shares of the company’s stock, valued at $136,981.25. This trade represents a 270.41% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 83,500 shares of company stock worth $431,525. Company insiders own 1.13% of the company’s stock.

Hedge Funds Weigh In On Neogen

Several institutional investors have recently made changes to their positions in NEOG. Harbour Investments Inc. bought a new stake in Neogen during the fourth quarter valued at approximately $27,000. Versant Capital Management Inc grew its position in shares of Neogen by 1,495.4% during the 1st quarter. Versant Capital Management Inc now owns 3,127 shares of the company’s stock valued at $27,000 after acquiring an additional 2,931 shares during the period. Johnson Financial Group Inc. purchased a new stake in shares of Neogen in the 4th quarter worth $43,000. Covestor Ltd raised its holdings in Neogen by 41.4% in the 4th quarter. Covestor Ltd now owns 4,103 shares of the company’s stock worth $50,000 after purchasing an additional 1,202 shares during the period. Finally, Caitong International Asset Management Co. Ltd lifted its position in Neogen by 388.6% during the first quarter. Caitong International Asset Management Co. Ltd now owns 10,071 shares of the company’s stock valued at $87,000 after purchasing an additional 8,010 shares in the last quarter. 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.