Neogen (NASDAQ:NEOG) Posts Quarterly Earnings Results, Misses Expectations By $0.02 EPS

Neogen (NASDAQ:NEOG) announced its quarterly earnings results on Tuesday. The company reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.02), Briefing.com reports. The company had revenue of $228.80 million during the quarter, compared to the consensus estimate of $230.01 million. Neogen had a return on equity of 3.35% and a net margin of 1.28%. The company’s revenue for the quarter was up 4.8% on a year-over-year basis. During the same period last year, the business posted $0.12 EPS. Neogen updated its FY 2024 guidance to EPS.

Neogen Stock Down 4.1 %

NEOG opened at $12.50 on Thursday. Neogen has a 12 month low of $12.18 and a 12 month high of $24.09. The company has a debt-to-equity ratio of 0.28, a current ratio of 3.54 and a quick ratio of 2.63. The stock has a market cap of $2.71 billion, a P/E ratio of 208.37 and a beta of 1.13. The stock’s 50 day moving average price is $15.92 and its 200 day moving average price is $16.80.

Insider Activity at Neogen

In other Neogen news, CFO David H. Naemura bought 12,500 shares of the stock in a transaction that occurred on Wednesday, April 10th. The shares were purchased at an average cost of $12.51 per share, for a total transaction of $156,375.00. Following the transaction, the chief financial officer now directly owns 30,040 shares in the company, valued at $375,800.40. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO David H. Naemura purchased 12,500 shares of the stock in a transaction dated Wednesday, April 10th. The shares were bought at an average cost of $12.51 per share, for a total transaction of $156,375.00. Following the transaction, the chief financial officer now owns 30,040 shares in the company, valued at $375,800.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO John Edward Adent purchased 23,000 shares of the stock in a transaction dated Wednesday, April 10th. The shares were purchased at an average price of $12.36 per share, for a total transaction of $284,280.00. Following the completion of the transaction, the chief executive officer now owns 152,389 shares in the company, valued at approximately $1,883,528.04. The disclosure for this purchase can be found here. 0.71% of the stock is owned by insiders.

Hedge Funds Weigh In On Neogen

Hedge funds have recently modified their holdings of the company. Steward Partners Investment Advisory LLC acquired a new position in shares of Neogen in the 1st quarter worth $29,000. O Dell Group LLC acquired a new position in shares of Neogen in the 4th quarter worth $37,000. State of Tennessee Treasury Department acquired a new position in shares of Neogen in the 1st quarter worth $45,000. First Manhattan CO. LLC. acquired a new position in shares of Neogen in the 1st quarter worth $68,000. Finally, Point72 Hong Kong Ltd acquired a new position in shares of Neogen in the 1st quarter worth $71,000. 96.73% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, Piper Sandler raised their price target on Neogen from $17.50 to $19.00 and gave the stock a “neutral” rating in a report on Thursday, January 18th.

Neogen Company Profile

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.