StockNews.com Upgrades Neogen (NASDAQ:NEOG) to “Sell”

Neogen (NASDAQ:NEOG) was upgraded by investment analysts at StockNews.com to a “sell” rating in a note issued to investors on Wednesday.

Separately, Piper Sandler upped their price objective on Neogen from $17.00 to $17.50 and gave the company a “neutral” rating in a research note on Tuesday, August 6th.

Neogen Trading Down 0.5 %

Shares of NASDAQ NEOG opened at $15.99 on Wednesday. The stock’s 50 day moving average price is $16.44 and its two-hundred day moving average price is $15.28. Neogen has a 52-week low of $11.46 and a 52-week high of $22.36. The stock has a market capitalization of $3.46 billion, a P/E ratio of 1,599.00 and a beta of 1.21. The company has a quick ratio of 2.59, a current ratio of 3.82 and a debt-to-equity ratio of 0.28.

Neogen (NASDAQ:NEOG) last announced its quarterly earnings data on Tuesday, July 30th. The company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.12 by ($0.02). Neogen had a negative net margin of 1.02% and a positive return on equity of 3.09%. The firm had revenue of $236.80 million for the quarter, compared to analyst estimates of $225.83 million. During the same quarter in the previous year, the company earned $0.14 EPS. The company’s quarterly revenue was down 2.1% compared to the same quarter last year. On average, analysts anticipate that Neogen will post 0.54 earnings per share for the current fiscal year.

Insider Transactions at Neogen

In related news, Director James P. Tobin purchased 3,000 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were acquired at an average cost of $16.86 per share, for a total transaction of $50,580.00. Following the transaction, the director now owns 23,392 shares of the company’s stock, valued at $394,389.12. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.71% of the company’s stock.

Institutional Trading of Neogen

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in Neogen by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 19,715,974 shares of the company’s stock valued at $311,118,000 after acquiring an additional 169,237 shares during the period. Norges Bank acquired a new stake in Neogen in the 4th quarter valued at approximately $365,794,000. Select Equity Group L.P. increased its position in Neogen by 23.1% in the 2nd quarter. Select Equity Group L.P. now owns 15,530,439 shares of the company’s stock valued at $242,741,000 after acquiring an additional 2,914,893 shares during the period. William Blair Investment Management LLC increased its position in Neogen by 64.7% in the 2nd quarter. William Blair Investment Management LLC now owns 12,013,072 shares of the company’s stock valued at $187,764,000 after acquiring an additional 4,717,696 shares during the period. Finally, Baillie Gifford & Co. increased its position in Neogen by 42.3% in the 1st quarter. Baillie Gifford & Co. now owns 11,789,521 shares of the company’s stock valued at $186,039,000 after acquiring an additional 3,502,807 shares during the period. 96.73% of the stock is currently owned by institutional investors and hedge funds.

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.