$109.87 Million in Sales Expected for Neogen Co. (NEOG) This Quarter

Brokerages predict that Neogen Co. (NASDAQ:NEOG) will report $109.87 million in sales for the current quarter, according to Zacks. Three analysts have made estimates for Neogen’s earnings, with the highest sales estimate coming in at $111.70 million and the lowest estimate coming in at $106.50 million. Neogen posted sales of $101.82 million during the same quarter last year, which suggests a positive year over year growth rate of 7.9%. The firm is expected to issue its next quarterly earnings report before the market opens on Thursday, December 20th.

According to Zacks, analysts expect that Neogen will report full year sales of $434.51 million for the current fiscal year, with estimates ranging from $422.50 million to $440.60 million. For the next year, analysts anticipate that the company will report sales of $464.20 million, with estimates ranging from $450.00 million to $478.40 million. Zacks’ sales averages are a mean average based on a survey of analysts that that provide coverage for Neogen.

Neogen (NASDAQ:NEOG) last released its earnings results on Tuesday, September 25th. The company reported $0.29 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.28 by $0.01. The firm had revenue of $99.60 million for the quarter, compared to the consensus estimate of $104.43 million. Neogen had a return on equity of 12.06% and a net margin of 16.35%. The company’s revenue for the quarter was up 5.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.31 EPS.

Several equities analysts have recently weighed in on NEOG shares. ValuEngine downgraded Neogen from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, September 26th. BidaskClub downgraded Neogen from a “strong-buy” rating to a “buy” rating in a research report on Thursday, September 20th. Finally, Zacks Investment Research raised Neogen from a “sell” rating to a “hold” rating in a research report on Monday, November 26th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $67.75.

In other Neogen news, CEO John Edward Adent acquired 4,300 shares of the business’s stock in a transaction on Wednesday, September 26th. The shares were bought at an average price of $73.58 per share, with a total value of $316,394.00. Following the transaction, the chief executive officer now directly owns 4,300 shares of the company’s stock, valued at approximately $316,394. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman James L. Herbert sold 2,748 shares of the company’s stock in a transaction on Friday, November 23rd. The shares were sold at an average price of $60.51, for a total value of $166,281.48. Following the completion of the transaction, the chairman now directly owns 742,576 shares in the company, valued at approximately $44,933,273.76. The disclosure for this sale can be found here. Insiders sold a total of 72,851 shares of company stock worth $4,482,628 in the last ninety days. 3.00% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently made changes to their positions in the business. Carnegie Capital Asset Management LLC grew its position in Neogen by 103.8% in the 3rd quarter. Carnegie Capital Asset Management LLC now owns 252,920 shares of the company’s stock valued at $16,026,000 after acquiring an additional 128,838 shares during the last quarter. Vanguard Group Inc. grew its position in Neogen by 3.1% in the 3rd quarter. Vanguard Group Inc. now owns 5,020,145 shares of the company’s stock valued at $359,091,000 after acquiring an additional 149,536 shares during the last quarter. Morgan Stanley grew its position in Neogen by 26.7% in the 3rd quarter. Morgan Stanley now owns 209,329 shares of the company’s stock valued at $14,973,000 after acquiring an additional 44,131 shares during the last quarter. Legal & General Group Plc grew its position in shares of Neogen by 8.0% during the 3rd quarter. Legal & General Group Plc now owns 120,106 shares of the company’s stock worth $8,554,000 after buying an additional 8,895 shares in the last quarter. Finally, Teachers Advisors LLC grew its position in shares of Neogen by 8.4% during the 3rd quarter. Teachers Advisors LLC now owns 103,200 shares of the company’s stock worth $7,382,000 after buying an additional 8,004 shares in the last quarter. 89.53% of the stock is currently owned by institutional investors.

Shares of NASDAQ NEOG traded down $0.49 during trading hours on Monday, hitting $61.51. 199,615 shares of the company traded hands, compared to its average volume of 174,128. The company has a market cap of $3.22 billion, a P/E ratio of 50.83 and a beta of 1.38. Neogen has a 12 month low of $54.09 and a 12 month high of $97.38.

Neogen declared that its Board of Directors has approved a stock buyback plan on Wednesday, October 10th that allows the company to repurchase 3,000,000 outstanding shares. This repurchase authorization allows the company to buy shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

About Neogen

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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