Neogen (NASDAQ:NEOG) Price Target Raised to $17.50

Neogen (NASDAQ:NEOG) had its price objective hoisted by Piper Sandler from $17.00 to $17.50 in a report issued on Tuesday morning, Benzinga reports. They currently have a neutral rating on the stock.

Separately, StockNews.com upgraded shares of Neogen to a sell rating in a research report on Wednesday, July 10th.

Neogen Stock Down 0.8 %

NASDAQ NEOG traded down $0.13 on Tuesday, hitting $16.86. The stock had a trading volume of 175,568 shares, compared to its average volume of 2,114,600. The business’s fifty day moving average price is $16.27 and its 200 day moving average price is $15.24. The company has a debt-to-equity ratio of 0.28, a current ratio of 3.82 and a quick ratio of 2.66. Neogen has a 52-week low of $11.46 and a 52-week high of $24.09. The stock has a market cap of $3.65 billion, a price-to-earnings ratio of 1,699.00 and a beta of 1.20.

Neogen (NASDAQ:NEOG) last announced its quarterly earnings data on Tuesday, July 30th. The company reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.02). The company had revenue of $236.80 million for the quarter, compared to analysts’ expectations of $225.83 million. Neogen had a negative net margin of 1.02% and a positive return on equity of 3.09%. Neogen’s quarterly revenue was down 2.1% compared to the same quarter last year. During the same period last year, the firm earned $0.14 earnings per share. Equities research analysts anticipate that Neogen will post 0.56 earnings per share for the current year.

Insider Activity

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

Hedge Funds Weigh In On Neogen

Large investors have recently made changes to their positions in the stock. Covestor Ltd lifted its position in shares of Neogen by 173.2% during the 1st quarter. Covestor Ltd now owns 1,970 shares of the company’s stock worth $31,000 after purchasing an additional 1,249 shares during the last quarter. Innealta Capital LLC purchased a new stake in shares of Neogen during the 2nd quarter worth $46,000. Headlands Technologies LLC raised its stake in Neogen by 264.1% during the 2nd quarter. Headlands Technologies LLC now owns 3,397 shares of the company’s stock worth $53,000 after acquiring an additional 2,464 shares in the last quarter. Family Firm Inc. acquired a new stake in Neogen during the 2nd quarter worth $90,000. Finally, Quantum Private Wealth LLC acquired a new stake in Neogen during the 2nd quarter worth $156,000. 96.73% of the stock is currently owned by institutional investors and hedge funds.

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.