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

StockNews.com upgraded shares of Neogen (NASDAQ:NEOG) to a sell rating in a report released on Wednesday morning.

Separately, Piper Sandler raised their price objective on Neogen from $17.00 to $17.50 and gave the stock a neutral rating in a report on Tuesday, August 6th.

Neogen Stock Down 3.6 %

Shares of NASDAQ:NEOG opened at $15.42 on Wednesday. The stock’s 50-day moving average price is $16.43 and its two-hundred day moving average price is $15.25. The company has a current ratio of 3.82, a quick ratio of 2.59 and a debt-to-equity ratio of 0.28. Neogen has a 12-month low of $11.46 and a 12-month high of $21.88. The firm has a market cap of $3.34 billion, a price-to-earnings ratio of 1,542.00 and a beta of 1.21.

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

Insider Transactions at Neogen

In other news, Director James P. Tobin acquired 3,000 shares of the business’s stock in a transaction dated Tuesday, August 6th. The shares were bought at an average cost of $16.86 per share, for a total transaction of $50,580.00. Following the acquisition, the director now directly owns 23,392 shares in the company, valued at approximately $394,389.12. The purchase was disclosed in a filing with the SEC, which is available through this link. Company insiders own 0.71% of the company’s stock.

Institutional Investors Weigh In On Neogen

Several hedge funds have recently modified their holdings of the stock. Inspire Investing LLC raised its holdings in shares of Neogen by 2.7% during the 2nd quarter. Inspire Investing LLC now owns 26,074 shares of the company’s stock valued at $408,000 after buying an additional 685 shares during the period. Northwest Investment Counselors LLC grew its stake in Neogen by 1.1% during the 1st quarter. Northwest Investment Counselors LLC now owns 71,621 shares of the company’s stock valued at $1,130,000 after purchasing an additional 809 shares in the last quarter. Bessemer Group Inc. grew its stake in Neogen by 1.2% during the 1st quarter. Bessemer Group Inc. now owns 73,920 shares of the company’s stock valued at $1,166,000 after purchasing an additional 851 shares in the last quarter. Retirement Systems of Alabama grew its stake in Neogen by 0.4% during the 1st quarter. Retirement Systems of Alabama now owns 247,423 shares of the company’s stock valued at $3,904,000 after purchasing an additional 889 shares in the last quarter. Finally, Arizona State Retirement System grew its stake in Neogen by 1.9% during the 2nd quarter. Arizona State Retirement System now owns 57,609 shares of the company’s stock valued at $900,000 after purchasing an additional 1,079 shares in the last quarter. 96.73% of the stock is currently owned by hedge funds and other institutional investors.

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.