Neogen Co. (NEOG) Expected to Post Quarterly Sales of $111.03 Million
Wall Street brokerages forecast that Neogen Co. (NASDAQ:NEOG) will announce sales of $111.03 million for the current fiscal quarter, Zacks Investment Research reports. Three analysts have provided estimates for Neogen’s earnings, with estimates ranging from $110.00 million to $111.70 million. Neogen posted sales of $101.82 million in the same quarter last year, which suggests a positive year over year growth rate of 9%. The business is expected to report its next earnings results on Wednesday, January 2nd.
On average, analysts expect that Neogen will report full-year sales of $436.21 million for the current financial year, with estimates ranging from $427.60 million to $440.60 million. For the next financial year, analysts expect that the firm will post sales of $471.70 million, with estimates ranging from $465.00 million to $478.40 million. Zacks’ sales averages are a mean average based on a survey of sell-side research firms that that provide coverage for Neogen.
Neogen (NASDAQ:NEOG) last announced its earnings results on Tuesday, September 25th. The company reported $0.29 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.28 by $0.01. The business had revenue of $99.60 million during the quarter, compared to analyst estimates of $104.43 million. Neogen had a return on equity of 12.06% and a net margin of 16.35%. Neogen’s revenue for the quarter was up 5.7% compared to the same quarter last year. During the same period last year, the company earned $0.31 EPS.
In other Neogen news, CEO John Edward Adent bought 4,300 shares of the stock in a transaction on Wednesday, September 26th. The shares were acquired at an average price of $73.58 per share, with a total value of $316,394.00. Following the acquisition, the chief executive officer now directly owns 4,300 shares of the company’s stock, valued at approximately $316,394. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Thomas H. Reed sold 22,000 shares of the business’s stock in a transaction on Monday, July 30th. The shares were sold at an average price of $80.41, for a total transaction of $1,769,020.00. Following the sale, the director now directly owns 17,373 shares in the company, valued at approximately $1,396,962.93. The disclosure for this sale can be found here. Insiders sold a total of 222,049 shares of company stock worth $18,480,359 in the last ninety days. 3.00% of the stock is currently owned by insiders.
Hedge funds have recently modified their holdings of the business. Tower Research Capital LLC TRC bought a new stake in Neogen during the 2nd quarter valued at $106,000. World Asset Management Inc bought a new position in shares of Neogen in the second quarter worth $201,000. Concorde Asset Management LLC bought a new position in shares of Neogen in the second quarter worth $203,000. Cue Financial Group Inc. bought a new position in shares of Neogen in the second quarter worth $221,000. Finally, Ladenburg Thalmann Financial Services Inc. grew its position in Neogen by 28.8% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,337 shares of the company’s stock worth $223,000 after acquiring an additional 747 shares in the last quarter. 89.14% of the stock is currently owned by institutional investors and hedge funds.
Shares of NEOG stock traded down $2.05 during mid-day trading on Wednesday, hitting $63.10. The company’s stock had a trading volume of 409,956 shares, compared to its average volume of 496,674. Neogen has a 52 week low of $54.09 and a 52 week high of $97.38. The firm has a market cap of $3.39 billion, a PE ratio of 52.15 and a beta of 1.36.
Neogen announced that its board has approved a share repurchase program on Wednesday, October 10th that authorizes the company to repurchase 3,000,000 outstanding shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.
Neogen Corporation, together with its subsidiaries, develops, manufactures, and markets various products for food and animal safety worldwide. It operates through two segments, Food Safety and Animal Safety. The Food Safety segment primarily offers diagnostic test kits and complementary to detect dangerous and/or unintended substances in human food and animal feed, such as 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 for adenosine triphosphate, a chemical found in living cells.
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