Neogen (NASDAQ:NEOG) Announces Earnings Results

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

Neogen Stock Down 4.1 %

NASDAQ:NEOG opened at $12.50 on Thursday. The firm has a market capitalization of $2.71 billion, a P/E ratio of 208.37 and a beta of 1.13. Neogen has a 1-year low of $12.18 and a 1-year high of $24.09. The company’s fifty day moving average price is $15.92 and its 200-day moving average price is $16.80. The company has a debt-to-equity ratio of 0.28, a current ratio of 3.54 and a quick ratio of 2.63.

Insider Transactions at Neogen

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

Institutional Trading of Neogen

A number of hedge funds have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD lifted its holdings in Neogen by 4.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 118,149 shares of the company’s stock valued at $2,376,000 after purchasing an additional 4,848 shares in the last quarter. O Dell Group LLC purchased a new position in Neogen during the fourth quarter valued at $37,000. GTS Securities LLC purchased a new position in Neogen during the fourth quarter valued at $232,000. Mercer Global Advisors Inc. ADV lifted its holdings in Neogen by 32.2% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 17,973 shares of the company’s stock valued at $361,000 after purchasing an additional 4,375 shares in the last quarter. Finally, NFJ Investment Group LLC purchased a new position in Neogen during the fourth quarter valued at $2,247,000. 96.73% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Piper Sandler increased their price objective on shares of Neogen from $17.50 to $19.00 and gave the stock a “neutral” rating in a research note 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.