Neogen (NASDAQ:NEOG) Given New $13.00 Price Target at Guggenheim

Neogen (NASDAQ:NEOG - Get Free Report) had its price objective cut by research analysts at Guggenheim from $15.00 to $13.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a "buy" rating on the stock. Guggenheim's price objective points to a potential upside of 167.49% from the stock's previous close.

Separately, Piper Sandler restated a "neutral" rating and set a $13.00 target price (down previously from $16.50) on shares of Neogen in a research note on Tuesday, January 21st.

Neogen Stock Down 10.0 %

Shares of Neogen stock traded down $0.54 during trading hours on Thursday, reaching $4.86. 3,486,465 shares of the company's stock were exchanged, compared to its average volume of 4,396,367. 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 company has a 50 day moving average of $8.97 and a two-hundred day moving average of $11.86. The stock has a market cap of $1.05 billion, a P/E ratio of -2.22 and a beta of 1.57. Neogen has a fifty-two week low of $3.87 and a fifty-two week high of $18.58.

Neogen (NASDAQ:NEOG - Get Free Report) last issued its earnings results on Wednesday, April 9th. The company reported $0.10 earnings per share for the quarter, missing analysts' consensus estimates of $0.12 by ($0.02). The firm had revenue of $221.00 million for the quarter, compared to analyst estimates of $225.27 million. Neogen had a positive return on equity of 2.89% and a negative net margin of 52.12%. Neogen's quarterly revenue was down 3.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.12 earnings per share. On average, sell-side analysts forecast that Neogen will post 0.38 EPS for the current fiscal year.

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Insider Transactions at Neogen

In other news, CAO John Patrick Moylan acquired 10,000 shares of the stock in a transaction dated Thursday, April 10th. The stock was bought at an average price of $5.07 per share, with a total value of $50,700.00. Following the completion of the purchase, the chief accounting officer now directly owns 10,000 shares of the company's stock, valued at $50,700. This represents a ∞ increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO David H. Naemura bought 14,800 shares of the stock in a transaction that occurred on Thursday, January 16th. The shares were bought at an average cost of $11.11 per share, with a total value of $164,428.00. Following the completion of the transaction, the chief financial officer now owns 61,434 shares in the company, valued at $682,531.74. The trade was a 31.74 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 47,835 shares of company stock valued at $469,204. Corporate insiders own 1.13% of the company's stock.

Institutional Investors Weigh In On Neogen

Institutional investors have recently modified their holdings of the company. Connable Office Inc. grew its stake in Neogen by 5.6% during the fourth quarter. Connable Office Inc. now owns 18,793 shares of the company's stock worth $228,000 after purchasing an additional 1,000 shares during the period. Covestor Ltd raised its stake in Neogen by 41.4% during the 4th quarter. Covestor Ltd now owns 4,103 shares of the company's stock worth $50,000 after buying an additional 1,202 shares during the period. Inspire Advisors LLC boosted its holdings in Neogen by 10.1% in the fourth quarter. Inspire Advisors LLC now owns 14,226 shares of the company's stock worth $173,000 after acquiring an additional 1,304 shares in the last quarter. CHICAGO TRUST Co NA grew its stake in Neogen by 19.1% in the first quarter. CHICAGO TRUST Co NA now owns 12,498 shares of the company's stock valued at $108,000 after acquiring an additional 2,000 shares during the period. Finally, Ascent Group LLC raised its position in shares of Neogen by 17.8% during the fourth quarter. Ascent Group LLC now owns 14,340 shares of the company's stock worth $174,000 after purchasing an additional 2,165 shares during the period. 96.73% of the stock is owned by institutional investors.

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.