Neogen (NASDAQ:NEOG) Coverage Initiated at Guggenheim

Investment analysts at Guggenheim assumed coverage on shares of Neogen (NASDAQ:NEOG) in a research report issued on Thursday, MarketBeat reports. The firm set a “buy” rating and a $15.00 price target on the stock. Guggenheim’s price objective would suggest a potential upside of 24.58% from the stock’s current price.

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

Neogen Stock Performance

Shares of NEOG stock opened at $12.04 on Thursday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 2.79 and a current ratio of 4.41. The stock has a market cap of $2.61 billion, a PE ratio of -109.45 and a beta of 1.21. Neogen has a 1 year low of $11.46 and a 1 year high of $20.89. The stock has a fifty day moving average price of $14.08 and a 200 day moving average price of $15.52.

Neogen (NASDAQ:NEOG) last released 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 firm had revenue of $217.00 million for 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 company’s quarterly revenue was down 5.2% compared to the same quarter last year. During the same period last year, the firm earned $0.11 EPS. Sell-side analysts forecast that Neogen will post 0.5 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO John Edward Adent bought 14,500 shares of the business’s stock in a transaction that occurred on Friday, October 11th. The stock was purchased at an average price of $13.80 per share, with a total value of $200,100.00. Following the purchase, the chief executive officer now owns 216,477 shares of the company’s stock, valued at $2,987,382.60. This trade represents a 7.18 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 1.13% of the company’s stock.

Institutional Investors Weigh In On Neogen

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Inspire Investing LLC increased its stake in Neogen by 2.7% in the second quarter. Inspire Investing LLC now owns 26,074 shares of the company’s stock valued at $408,000 after purchasing an additional 685 shares during the last quarter. Stephens Inc. AR increased its stake in shares of Neogen by 2.6% during the 3rd quarter. Stephens Inc. AR now owns 35,930 shares of the company’s stock valued at $604,000 after acquiring an additional 909 shares during the last quarter. Arizona State Retirement System increased its stake in shares of 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 acquiring an additional 1,079 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of Neogen by 142.6% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,982 shares of the company’s stock worth $33,000 after acquiring an additional 1,165 shares during the period. Finally, Commonwealth Equity Services LLC boosted its position in shares of Neogen by 3.4% in the second quarter. Commonwealth Equity Services LLC now owns 36,630 shares of the company’s stock worth $573,000 after acquiring an additional 1,190 shares during 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.