Neogen (NEOG) Posts Earnings Results, Beats Expectations By $0.01 EPS

Neogen (NASDAQ:NEOG) issued its quarterly earnings data on Thursday. The company reported $0.31 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.30 by $0.01, Bloomberg Earnings reports. Neogen had a return on equity of 12.06% and a net margin of 16.35%. The company had revenue of $107.10 million for the quarter, compared to the consensus estimate of $108.52 million. During the same quarter last year, the business posted $0.33 earnings per share. The firm’s revenue was up 6.4% compared to the same quarter last year.

NASDAQ NEOG opened at $55.28 on Friday. Neogen has a twelve month low of $53.81 and a twelve month high of $97.38. The stock has a market cap of $3.07 billion, a price-to-earnings ratio of 45.69 and a beta of 1.38.

NEOG has been the topic of a number of recent analyst reports. BidaskClub downgraded Neogen from a “strong-buy” rating to a “buy” rating in a research report on Thursday, September 20th. ValuEngine downgraded Neogen from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, September 26th. Zacks Investment Research downgraded Neogen from a “hold” rating to a “sell” rating in a research report on Friday, September 28th. Finally, Roth Capital reiterated a “neutral” rating on shares of Neogen in a research report on Friday, December 14th. One research analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $67.75.

Neogen announced that its board has authorized a share buyback plan on Wednesday, October 10th that permits the company to buyback 3,000,000 outstanding shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

In other Neogen news, insider James L. Herbert sold 25,335 shares of the firm’s stock in a transaction dated Thursday, November 15th. The stock was sold at an average price of $62.44, for a total transaction of $1,581,917.40. Following the sale, the insider now owns 746,484 shares in the company, valued at $46,610,460.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO John Edward Adent purchased 4,300 shares of the stock in a transaction on Wednesday, September 26th. The shares were purchased at an average price of $73.58 per share, for a total transaction of $316,394.00. Following the transaction, the chief executive officer now directly owns 4,300 shares of the company’s stock, valued at $316,394. The disclosure for this purchase can be found here. Insiders have sold 72,851 shares of company stock worth $4,482,628 in the last 90 days. Company insiders own 3.00% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC purchased a new stake in Neogen during the second quarter valued at about $106,000. Point72 Hong Kong Ltd bought a new position in shares of Neogen during the third quarter valued at about $120,000. Jefferies Group LLC bought a new position in shares of Neogen during the third quarter valued at about $201,000. Gideon Capital Advisors Inc. bought a new position in shares of Neogen during the third quarter valued at about $231,000. Finally, Acadian Asset Management LLC bought a new position in shares of Neogen during the third quarter valued at about $275,000. Institutional investors and hedge funds own 89.49% of the company’s stock.

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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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Earnings History for Neogen (NASDAQ:NEOG)

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