Neogen Co. (NEOG) Insider Sells $2,734,429.44 in Stock

Neogen Co. (NASDAQ:NEOG) insider James L. Herbert sold 44,768 shares of the business’s stock in a transaction that occurred on Wednesday, November 21st. The stock was sold at an average price of $61.08, for a total transaction of $2,734,429.44. Following the sale, the insider now owns 742,576 shares of the company’s stock, valued at $45,356,542.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

NEOG opened at $61.32 on Monday. Neogen Co. has a 52-week low of $54.09 and a 52-week high of $97.38. The company has a market cap of $3.19 billion, a price-to-earnings ratio of 50.68 and a beta of 1.40.

Neogen (NASDAQ:NEOG) last released its quarterly earnings data on Tuesday, September 25th. The company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.01. Neogen had a net margin of 16.35% and a return on equity of 12.06%. The company had revenue of $99.60 million during the quarter, compared to the consensus estimate of $104.43 million. During the same period in the previous year, the firm earned $0.31 earnings per share. Neogen’s revenue for the quarter was up 5.7% on a year-over-year basis. As a group, sell-side analysts predict that Neogen Co. will post 1.24 EPS for the current year.

Neogen declared that its board has approved a share repurchase program on Wednesday, October 10th that permits the company to buyback 3,000,000 outstanding shares. This buyback authorization permits the company to repurchase shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in shares of Neogen by 3.1% during the third quarter. Vanguard Group Inc. now owns 5,020,145 shares of the company’s stock worth $359,091,000 after purchasing an additional 149,536 shares in the last quarter. Morgan Stanley lifted its position in shares of Neogen by 26.7% during the third quarter. Morgan Stanley now owns 209,329 shares of the company’s stock worth $14,973,000 after purchasing an additional 44,131 shares in the last quarter. Legal & General Group Plc lifted its position in shares of Neogen by 8.0% during the third quarter. Legal & General Group Plc now owns 120,106 shares of the company’s stock worth $8,554,000 after purchasing an additional 8,895 shares in the last quarter. Teachers Advisors LLC lifted its position in shares of Neogen by 8.4% during the third quarter. Teachers Advisors LLC now owns 103,200 shares of the company’s stock worth $7,382,000 after purchasing an additional 8,004 shares in the last quarter. Finally, Neuberger Berman Group LLC lifted its position in shares of Neogen by 1.7% during the third quarter. Neuberger Berman Group LLC now owns 659,947 shares of the company’s stock worth $47,206,000 after purchasing an additional 10,805 shares in the last quarter. 87.79% of the stock is currently owned by institutional investors and hedge funds.

Several research firms have issued reports on NEOG. ValuEngine downgraded shares of Neogen from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, September 26th. BidaskClub downgraded shares of Neogen from a “buy” rating to a “hold” rating in a research note on Thursday, October 4th. Finally, Zacks Investment Research upgraded shares of Neogen from a “sell” rating to a “hold” rating in a research note on Tuesday, November 20th. Five investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $67.75.

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Neogen Company Profile

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 primarily offers diagnostic test kits and complementary to detect dangerous and/or unintended substances in human food and animal feed, such as 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 for adenosine triphosphate, a chemical found in living cells.

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Insider Buying and Selling by Quarter for Neogen (NASDAQ:NEOG)

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