Neogen (NASDAQ:NEOG) Lifted to “Outperform” at William Blair

William Blair upgraded shares of Neogen (NASDAQ:NEOGGet Rating) from a market perform rating to an outperform rating in a research note issued to investors on Tuesday, MarketBeat.com reports. William Blair also issued estimates for Neogen’s Q2 2023 earnings at $0.14 EPS, Q3 2023 earnings at $0.14 EPS, FY2023 earnings at $0.59 EPS, Q1 2024 earnings at $0.15 EPS, Q3 2024 earnings at $0.16 EPS and FY2024 earnings at $0.64 EPS.

A number of other brokerages have also recently commented on NEOG. StockNews.com started coverage on Neogen in a research note on Wednesday, October 12th. They issued a hold rating for the company. Piper Sandler reduced their price objective on Neogen from $20.00 to $14.00 and set a neutral rating for the company in a research note on Monday, October 10th.

Neogen Price Performance

NASDAQ NEOG opened at $16.20 on Tuesday. The business has a 50 day simple moving average of $13.85 and a 200 day simple moving average of $19.74. Neogen has a one year low of $10.49 and a one year high of $47.80. The stock has a market capitalization of $1.75 billion, a P/E ratio of 47.65 and a beta of 0.72.

Insider Activity

In related news, CEO John Edward Adent bought 22,000 shares of the company’s stock in a transaction dated Wednesday, September 28th. The shares were bought at an average price of $14.37 per share, for a total transaction of $316,140.00. Following the completion of the acquisition, the chief executive officer now directly owns 80,103 shares of the company’s stock, valued at $1,151,080.11. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, COO Douglas Edward Jones bought 7,000 shares of the company’s stock in a transaction dated Wednesday, September 28th. The shares were bought at an average price of $14.31 per share, for a total transaction of $100,170.00. Following the completion of the acquisition, the chief operating officer now directly owns 9,759 shares of the company’s stock, valued at $139,651.29. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO John Edward Adent bought 22,000 shares of the company’s stock in a transaction dated Wednesday, September 28th. The stock was bought at an average price of $14.37 per share, for a total transaction of $316,140.00. Following the acquisition, the chief executive officer now directly owns 80,103 shares of the company’s stock, valued at $1,151,080.11. The disclosure for this purchase can be found here. Insiders have purchased 36,000 shares of company stock worth $502,220 over the last 90 days. 0.73% of the stock is currently owned by corporate insiders.

Institutional Trading of Neogen

Hedge funds have recently bought and sold shares of the business. TownSquare Capital LLC lifted its holdings in Neogen by 4.3% during the second quarter. TownSquare Capital LLC now owns 19,737 shares of the company’s stock worth $475,000 after acquiring an additional 811 shares during the period. Stephens Inc. AR lifted its holdings in Neogen by 13.7% during the second quarter. Stephens Inc. AR now owns 12,747 shares of the company’s stock worth $307,000 after acquiring an additional 1,534 shares during the period. Commonwealth Equity Services LLC lifted its holdings in Neogen by 4.1% during the second quarter. Commonwealth Equity Services LLC now owns 24,212 shares of the company’s stock worth $583,000 after acquiring an additional 950 shares during the period. Simmons Bank bought a new stake in Neogen during the second quarter worth $241,000. Finally, RMB Capital Management LLC lifted its holdings in Neogen by 12.3% during the first quarter. RMB Capital Management LLC now owns 260,545 shares of the company’s stock worth $8,035,000 after acquiring an additional 28,581 shares during the period. 97.86% of the stock is currently owned by institutional investors.

Neogen Company Profile

(Get Rating)

Neogen Corporation, together with its subsidiaries, develops, manufactures, and markets various products for 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.

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