Neogen (NASDAQ:NEOG) Price Target Lowered to $17.00 at Piper Sandler

Neogen (NASDAQ:NEOG - Free Report) had its price target reduced by Piper Sandler from $19.00 to $17.00 in a research report sent to investors on Monday, Benzinga reports. They currently have a neutral rating on the stock.

Neogen Stock Performance

Shares of NASDAQ NEOG traded down $0.37 during midday trading on Monday, hitting $12.01. 2,983,056 shares of the company's stock were exchanged, compared to its average volume of 2,105,351. The company's 50 day moving average price is $15.75 and its 200 day moving average price is $16.65. The firm has a market capitalization of $2.60 billion, a PE ratio of 1,202.20 and a beta of 1.13. Neogen has a 12 month low of $11.94 and a 12 month high of $24.09. The company has a quick ratio of 2.66, a current ratio of 3.82 and a debt-to-equity ratio of 0.28.

Neogen (NASDAQ:NEOG - Get Free Report) last released its quarterly earnings results on Tuesday, April 9th. The company reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.02). The firm had revenue of $228.80 million during the quarter, compared to the consensus estimate of $230.01 million. Neogen had a net margin of 0.17% and a return on equity of 3.35%. The business's revenue for the quarter was up 4.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.12 earnings per share. As a group, analysts predict that Neogen will post 0.5 earnings per share for the current fiscal year.

Insider Transactions at Neogen

In other Neogen news, Director James C. Borel purchased 7,500 shares of the stock in a transaction dated Thursday, April 11th. The stock was bought at an average price of $13.06 per share, with a total value of $97,950.00. Following the acquisition, the director now owns 21,392 shares of the company's stock, valued at $279,379.52. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director James C. Borel bought 7,500 shares of the stock in a transaction on Thursday, April 11th. The stock was acquired at an average price of $13.06 per share, with a total value of $97,950.00. Following the acquisition, the director now directly owns 21,392 shares in the company, valued at $279,379.52. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO David H. Naemura bought 12,500 shares of the stock in a transaction on Wednesday, April 10th. The stock was purchased at an average cost 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 in the company, valued at $375,800.40. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 43,000 shares of company stock valued at $538,605. Corporate insiders own 0.71% of the company's stock.

Institutional Investors Weigh In On Neogen

A number of institutional investors have recently made changes to their positions in NEOG. Steward Partners Investment Advisory LLC bought a new position in Neogen in the first quarter worth approximately $29,000. O Dell Group LLC purchased a new stake in shares of Neogen in the fourth quarter worth approximately $37,000. State of Tennessee Treasury Department purchased a new stake in shares of Neogen in the first quarter worth approximately $45,000. International Assets Investment Management LLC purchased a new stake in shares of Neogen in the third quarter worth approximately $49,000. Finally, Allspring Global Investments Holdings LLC raised its stake in shares of Neogen by 416.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 3,033 shares of the company's stock worth $56,000 after purchasing an additional 2,446 shares during the last quarter. Institutional investors own 96.73% of the company's stock.

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.