Neogen (NASDAQ:NEOG) Now Covered by Guggenheim

Guggenheim initiated coverage on shares of Neogen (NASDAQ:NEOG) in a report issued on Thursday, Marketbeat Ratings reports. The firm issued a buy rating and a $15.00 price objective on the stock.

Separately, StockNews.com raised shares of Neogen to a “sell” rating in a report on Monday, September 30th.

Neogen Stock Up 0.9 %

Shares of NEOG traded up $0.11 during mid-day trading on Thursday, hitting $12.13. 526,930 shares of the company’s stock were exchanged, compared to its average volume of 1,910,856. Neogen has a twelve month low of $11.46 and a twelve month high of $20.89. The firm has a fifty day moving average of $14.08 and a two-hundred day moving average of $15.52. The company has a quick ratio of 2.79, a current ratio of 4.41 and a debt-to-equity ratio of 0.28. The stock has a market cap of $2.63 billion, a price-to-earnings ratio of -110.27 and a beta of 1.21.

Neogen (NASDAQ:NEOG) last posted its quarterly earnings results on Thursday, October 10th. The company reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.03). The company had revenue of $217.00 million during the quarter, compared to analyst estimates of $215.05 million. Neogen had a positive return on equity of 2.80% and a negative net margin of 2.58%. The business’s revenue for the quarter was down 5.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.11 earnings per share. On average, sell-side analysts forecast that Neogen will post 0.5 earnings per share for the current year.

Insider Transactions at Neogen

In related news, CEO John Edward Adent purchased 14,500 shares of the business’s stock in a transaction on Friday, October 11th. The shares were purchased at an average price of $13.80 per share, with a total value of $200,100.00. Following the completion of the purchase, the chief executive officer now owns 216,477 shares in the company, valued at $2,987,382.60. This represents a 7.18 % increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.13% of the stock is owned by corporate insiders.

Institutional Trading of Neogen

A number of institutional investors have recently made changes to their positions in the business. Select Equity Group L.P. lifted its position in shares of Neogen by 23.1% in the second quarter. Select Equity Group L.P. now owns 15,530,439 shares of the company’s stock worth $242,741,000 after purchasing an additional 2,914,893 shares in the last quarter. William Blair Investment Management LLC raised its position in Neogen by 64.7% during the second quarter. William Blair Investment Management LLC now owns 12,013,072 shares of the company’s stock worth $187,764,000 after acquiring an additional 4,717,696 shares in the last quarter. Conestoga Capital Advisors LLC raised its position in Neogen by 24.5% during the third quarter. Conestoga Capital Advisors LLC now owns 8,706,224 shares of the company’s stock worth $146,352,000 after acquiring an additional 1,711,238 shares in the last quarter. State Street Corp raised its position in Neogen by 3.1% during the third quarter. State Street Corp now owns 7,932,192 shares of the company’s stock worth $133,340,000 after acquiring an additional 236,762 shares in the last quarter. Finally, Bamco Inc. NY increased its holdings in shares of Neogen by 1.4% in the third quarter. Bamco Inc. NY now owns 7,303,115 shares of the company’s stock valued at $122,765,000 after purchasing an additional 98,067 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.