Neogen (NASDAQ:NEOG) Issues Earnings Results

Neogen (NASDAQ:NEOG) announced 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 return on equity of 3.35% and a net margin of 1.28%. The business had revenue of $228.80 million for the quarter, compared to analyst estimates of $230.01 million. During the same quarter last year, the firm posted $0.12 EPS. The company’s revenue was up 4.8% compared to the same quarter last year. Neogen updated its FY 2024 guidance to EPS.

Neogen Trading Down 4.1 %

Shares of Neogen stock opened at $12.50 on Thursday. The company has a quick ratio of 2.63, a current ratio of 3.54 and a debt-to-equity ratio of 0.28. The firm has a market cap of $2.71 billion, a price-to-earnings ratio of 208.37 and a beta of 1.13. The business has a fifty day simple moving average of $15.92 and a 200-day simple moving average of $16.80. Neogen has a fifty-two week low of $12.18 and a fifty-two week high of $24.09.

Insider Activity

In other news, CFO David H. Naemura acquired 12,500 shares of the business’s stock in a transaction dated Wednesday, April 10th. The stock was acquired at an average price of $12.51 per share, for a total transaction of $156,375.00. Following the completion of the acquisition, the chief financial officer now directly owns 30,040 shares in the company, valued at approximately $375,800.40. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CEO John Edward Adent acquired 23,000 shares of the business’s stock in a transaction dated Wednesday, April 10th. The stock was acquired at an average price 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 in the company, valued at approximately $1,883,528.04. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO David H. Naemura acquired 12,500 shares of the business’s stock in a transaction dated Wednesday, April 10th. The stock was purchased at an average price of $12.51 per share, with a total value of $156,375.00. Following the acquisition, the chief financial officer now owns 30,040 shares of the company’s stock, valued at $375,800.40. The disclosure for this purchase can be found here. Insiders own 0.71% of the company’s stock.

Institutional Investors Weigh In On Neogen

A number of institutional investors and hedge funds have recently modified their holdings of NEOG. BlackRock Inc. acquired a new stake in shares of Neogen during the first quarter worth $451,277,000. Select Equity Group L.P. acquired a new stake in shares of Neogen during the first quarter worth $147,849,000. Geode Capital Management LLC acquired a new stake in shares of Neogen during the first quarter worth $84,319,000. JPMorgan Chase & Co. acquired a new stake in shares of Neogen during the first quarter worth $72,680,000. Finally, Bank of America Corp DE acquired a new stake in shares of Neogen during the first quarter worth $53,893,000. 96.73% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

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.