Neogen’s (NEOG) “Neutral” Rating Reiterated at Piper Sandler

Piper Sandler reissued their neutral rating on shares of Neogen (NASDAQ:NEOG) in a research report report published on Tuesday,Benzinga reports. The firm currently has a $13.00 price target on the stock, down from their previous price target of $16.50.

A number of other analysts also recently issued reports on the stock. StockNews.com upgraded shares of Neogen to a “sell” rating in a report on Monday, September 30th. Guggenheim started coverage on Neogen in a research note on Thursday, December 19th. They issued a “buy” rating and a $15.00 price objective on the stock.

Neogen Trading Down 1.8 %

Shares of NEOG stock opened at $11.74 on Tuesday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.46 and a current ratio of 3.77. The company has a market capitalization of $2.55 billion, a price-to-earnings ratio of -5.36 and a beta of 1.23. Neogen has a 52-week low of $10.72 and a 52-week high of $18.58. The company has a 50-day simple moving average of $12.85 and a two-hundred day simple moving average of $14.85.

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

Insider Transactions at Neogen

In related news, CEO John Edward Adent purchased 23,035 shares of the business’s stock in a transaction dated Thursday, January 16th. The stock was purchased at an average cost of $11.03 per share, with a total value of $254,076.05. Following the completion of the acquisition, the chief executive officer now directly owns 269,164 shares of the company’s stock, valued at approximately $2,968,878.92. The trade was a 9.36 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO David H. Naemura acquired 14,800 shares of the firm’s stock in a transaction that occurred on Thursday, January 16th. The shares were bought at an average price of $11.11 per share, for a total transaction of $164,428.00. Following the completion of the purchase, the chief financial officer now owns 61,434 shares in the company, valued at $682,531.74. This trade represents a 31.74 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 1.13% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Envestnet Asset Management Inc. grew its stake in Neogen by 27.0% during the second quarter. Envestnet Asset Management Inc. now owns 418,839 shares of the company’s stock valued at $6,546,000 after acquiring an additional 89,034 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Neogen by 148.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,109,180 shares of the company’s stock valued at $64,229,000 after purchasing an additional 2,454,566 shares in the last quarter. Intech Investment Management LLC bought a new position in shares of Neogen in the second quarter worth $454,000. Sei Investments Co. raised its position in shares of Neogen by 4.7% in the second quarter. Sei Investments Co. now owns 433,825 shares of the company’s stock worth $6,781,000 after buying an additional 19,589 shares in the last quarter. Finally, Bank of Montreal Can boosted its stake in Neogen by 77.1% during the second quarter. Bank of Montreal Can now owns 78,633 shares of the company’s stock valued at $1,266,000 after buying an additional 34,234 shares during the period. Hedge funds and other institutional investors own 96.73% of the company’s stock.

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.