Neogen (NASDAQ:NEOG) Releases Quarterly Earnings Results, Misses Estimates By $0.02 EPS

Neogen (NASDAQ:NEOG) released its quarterly earnings results on Tuesday. The company reported $0.12 EPS for the quarter, missing the consensus estimate of $0.14 by ($0.02), Briefing.com reports. The firm had revenue of $228.80 million for the quarter, compared to analysts’ expectations of $230.01 million. Neogen had a return on equity of 3.35% and a net margin of 1.28%. The company’s quarterly revenue was up 4.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.12 earnings per share. Neogen updated its FY 2024 guidance to EPS.

Neogen Trading Down 1.6 %

NASDAQ:NEOG opened at $12.83 on Wednesday. The firm has a market cap of $2.78 billion, a PE ratio of 217.37 and a beta of 1.13. The stock has a fifty day moving average price of $15.98 and a 200 day moving average price of $16.83. Neogen has a 12-month low of $12.57 and a 12-month high of $24.09. The company has a current ratio of 3.54, a quick ratio of 2.63 and a debt-to-equity ratio of 0.28.

Wall Street Analyst Weigh In

Separately, Piper Sandler lifted their target price on Neogen from $17.50 to $19.00 and gave the company a “neutral” rating in a report on Thursday, January 18th.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of NEOG. BlackRock Inc. acquired a new stake in shares of Neogen during the first quarter worth about $451,277,000. Vanguard Group Inc. increased its position in shares of Neogen by 9.3% during the fourth quarter. Vanguard Group Inc. now owns 19,546,737 shares of the company’s stock worth $393,085,000 after purchasing an additional 1,663,125 shares in the last quarter. Select Equity Group L.P. acquired a new stake in shares of Neogen during the first quarter worth about $147,849,000. State Street Corp increased its position in shares of Neogen by 2.9% during the second quarter. State Street Corp now owns 7,780,439 shares of the company’s stock worth $169,225,000 after purchasing an additional 216,035 shares in the last quarter. Finally, Geode Capital Management LLC acquired a new stake in shares of Neogen during the first quarter worth about $84,319,000. 96.73% of the stock is currently owned by hedge funds and other 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.