Piper Sandler Lowers Neogen (NASDAQ:NEOG) Price Target to $6.50

Neogen (NASDAQ:NEOG) had its target price lowered by Piper Sandler from $13.00 to $6.50 in a research report sent to investors on Monday,Benzinga reports. The brokerage currently has a neutral rating on the stock.

Separately, Guggenheim lowered their price target on Neogen from $15.00 to $13.00 and set a “buy” rating on the stock in a report on Thursday, April 10th.

Neogen Stock Down 3.2 %

Shares of NASDAQ:NEOG opened at $5.40 on Monday. The company has a current ratio of 3.77, a quick ratio of 2.46 and a debt-to-equity ratio of 0.33. The firm has a 50 day simple moving average of $8.97 and a 200-day simple moving average of $11.86. The company has a market capitalization of $1.17 billion, a PE ratio of -2.47 and a beta of 1.57. Neogen has a twelve month low of $3.87 and a twelve month high of $18.58.

Neogen (NASDAQ:NEOG) last released its quarterly earnings data on Wednesday, April 9th. The company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.12 by ($0.02). The company had revenue of $221.00 million during the quarter, compared to analyst estimates of $225.27 million. Neogen had a negative net margin of 52.12% and a positive return on equity of 2.89%. The business’s revenue was down 3.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.12 EPS. On average, equities analysts predict that Neogen will post 0.38 EPS for the current fiscal year.

Insider Activity at Neogen

In other Neogen news, CEO John Edward Adent acquired 23,035 shares of the company’s stock in a transaction dated Thursday, January 16th. The stock was acquired at an average cost of $11.03 per share, with a total value of $254,076.05. Following the purchase, the chief executive officer now directly owns 269,164 shares in the company, valued at approximately $2,968,878.92. This trade represents a 9.36 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, CAO John Patrick Moylan purchased 10,000 shares of the business’s stock in a transaction dated Thursday, April 10th. The stock was bought at an average cost of $5.07 per share, with a total value of $50,700.00. Following the completion of the acquisition, the chief accounting officer now owns 10,000 shares of the company’s stock, valued at approximately $50,700. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired a total of 47,835 shares of company stock worth $469,204 over the last three months. 1.13% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Neogen

A number of institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its stake in Neogen by 9.8% in the fourth quarter. Vanguard Group Inc. now owns 21,637,251 shares of the company’s stock valued at $262,676,000 after purchasing an additional 1,928,491 shares during the last quarter. Norges Bank acquired a new position in Neogen during the fourth quarter worth approximately $212,171,000. William Blair Investment Management LLC raised its stake in Neogen by 8.1% during the fourth quarter. William Blair Investment Management LLC now owns 14,346,759 shares of the company’s stock worth $174,170,000 after purchasing an additional 1,074,825 shares during the period. Bamco Inc. NY grew its stake in shares of Neogen by 16.2% during the 4th quarter. Bamco Inc. NY now owns 8,485,308 shares of the company’s stock valued at $103,012,000 after buying an additional 1,182,193 shares during the period. Finally, Mackenzie Financial Corp increased its holdings in shares of Neogen by 5.7% during the 4th quarter. Mackenzie Financial Corp now owns 7,826,349 shares of the company’s stock worth $95,012,000 after buying an additional 423,923 shares during the last quarter. Institutional investors and hedge funds own 96.73% of the company’s stock.

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.