Neogen (NASDAQ:NEOG) Coverage Initiated at Guggenheim

Guggenheim initiated coverage on shares of Neogen (NASDAQ:NEOG) in a research note published on Thursday morning, MarketBeat Ratings reports. The firm issued a buy rating and a $15.00 target price on the stock.

Separately, StockNews.com raised shares of Neogen to a “sell” rating in a report on Monday, September 30th.

Neogen Price Performance

Shares of NEOG stock traded up $0.11 on Thursday, reaching $12.13. The company had a trading volume of 526,930 shares, compared to its average volume of 1,910,856. The stock has a market capitalization of $2.63 billion, a PE ratio of -110.27 and a beta of 1.21. The company has a quick ratio of 2.79, a current ratio of 4.41 and a debt-to-equity ratio of 0.28. Neogen has a one year low of $11.46 and a one year high of $20.89. The business’s 50-day moving average is $14.08 and its 200 day moving average is $15.52.

Neogen (NASDAQ:NEOG) last posted its earnings results on Thursday, October 10th. The company reported $0.07 EPS for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.03). The company had revenue of $217.00 million during the quarter, compared to the consensus estimate of $215.05 million. Neogen had a positive return on equity of 2.80% and a negative net margin of 2.58%. The firm’s revenue was down 5.2% compared to the same quarter last year. During the same period last year, the company posted $0.11 EPS. Equities research analysts forecast that Neogen will post 0.5 EPS for the current fiscal year.

Insider Buying and Selling at Neogen

In other Neogen news, CEO John Edward Adent acquired 14,500 shares of the company’s stock in a transaction on Friday, October 11th. The shares were purchased at an average cost of $13.80 per share, with a total value of $200,100.00. Following the completion of the purchase, the chief executive officer now owns 216,477 shares of the company’s stock, valued at approximately $2,987,382.60. This represents a 7.18 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.13% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Select Equity Group L.P. lifted its position in shares of Neogen by 23.1% during the second quarter. Select Equity Group L.P. now owns 15,530,439 shares of the company’s stock valued at $242,741,000 after purchasing an additional 2,914,893 shares in the last quarter. William Blair Investment Management LLC raised its position in Neogen by 64.7% in the second quarter. William Blair Investment Management LLC now owns 12,013,072 shares of the company’s stock worth $187,764,000 after acquiring an additional 4,717,696 shares during the period. Conestoga Capital Advisors LLC raised its position in Neogen by 24.5% in the third quarter. Conestoga Capital Advisors LLC now owns 8,706,224 shares of the company’s stock worth $146,352,000 after acquiring an additional 1,711,238 shares during the period. State Street Corp raised its position in Neogen by 3.1% in the third quarter. State Street Corp now owns 7,932,192 shares of the company’s stock worth $133,340,000 after acquiring an additional 236,762 shares during the period. Finally, Bamco Inc. NY raised its position in Neogen by 1.4% in the third quarter. Bamco Inc. NY now owns 7,303,115 shares of the company’s stock worth $122,765,000 after acquiring an additional 98,067 shares during the period. 96.73% of the stock is owned by institutional investors.

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.