Piper Sandler Reaffirms Neutral Rating for Neogen (NASDAQ:NEOG)

Neogen (NASDAQ:NEOG)‘s stock had its “neutral” rating reaffirmed by equities researchers at Piper Sandler in a research report issued on Tuesday,Benzinga reports. They presently have a $13.00 price objective on the stock, down from their previous price objective of $16.50. Piper Sandler’s target price indicates a potential upside of 8.79% from the stock’s previous close.

Several other research firms also recently commented on NEOG. Guggenheim started coverage on shares of Neogen in a report on Thursday, December 19th. They set a “buy” rating and a $15.00 price objective for the company. StockNews.com raised Neogen to a “sell” rating in a research note on Monday, September 30th.

Neogen Price Performance

NASDAQ:NEOG opened at $11.95 on Tuesday. The business’s 50-day simple moving average is $12.91 and its two-hundred day simple moving average is $14.87. The company has a quick ratio of 2.46, a current ratio of 3.77 and a debt-to-equity ratio of 0.33. Neogen has a 52 week low of $10.72 and a 52 week high of $18.58. The stock has a market cap of $2.59 billion, a PE ratio of -5.46 and a beta of 1.23.

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, beating the consensus estimate of ($0.01) by $0.12. Neogen had a negative net margin of 52.12% and a positive return on equity of 2.89%. The firm had revenue of $231.30 million for the quarter, compared to analysts’ expectations of $227.16 million. During the same quarter last year, the business posted $0.11 earnings per share. The company’s revenue for the quarter was up .7% compared to the same quarter last year. As a group, analysts forecast that Neogen will post 0.41 EPS for the current fiscal year.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Neogen

Several institutional investors have recently made changes to their positions in the company. Envestnet Asset Management Inc. grew its holdings in Neogen by 27.0% during the 2nd quarter. Envestnet Asset Management Inc. now owns 418,839 shares of the company’s stock valued at $6,546,000 after purchasing an additional 89,034 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Neogen by 148.3% during the second quarter. Dimensional Fund Advisors LP now owns 4,109,180 shares of the company’s stock valued at $64,229,000 after buying an additional 2,454,566 shares during the period. Intech Investment Management LLC bought a new position in shares of Neogen during the second quarter valued at approximately $454,000. Sei Investments Co. raised its holdings 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 during the period. Finally, Bank of Montreal Can lifted its stake in shares of Neogen by 77.1% during the 2nd quarter. Bank of Montreal Can now owns 78,633 shares of the company’s stock worth $1,266,000 after acquiring an additional 34,234 shares during the last quarter. 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.