Insider Buying: Neogen Co. (NASDAQ:NEOG) CEO Acquires 23,000 Shares of Stock

Neogen Co. (NASDAQ:NEOG) CEO John Edward Adent acquired 23,000 shares of the business’s stock in a transaction dated Wednesday, April 10th. The stock was acquired at an average price of $12.36 per share, with a total value of $284,280.00. Following the completion of the transaction, the chief executive officer now directly owns 152,389 shares of the company’s stock, valued at $1,883,528.04. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Neogen Price Performance

NEOG opened at $13.00 on Friday. The stock’s 50-day moving average price is $15.88 and its 200 day moving average price is $16.77. Neogen Co. has a 12-month low of $12.18 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. The firm has a market cap of $2.81 billion, a price-to-earnings ratio of 216.70 and a beta of 1.13.

Neogen (NASDAQ:NEOG) last posted its earnings results on Tuesday, April 9th. The company reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.02). Neogen had a return on equity of 3.35% and a net margin of 1.28%. The firm had revenue of $228.80 million for the quarter, compared to analyst estimates of $230.01 million. During the same period in the previous year, the company posted $0.12 EPS. Neogen’s revenue was up 4.8% on a year-over-year basis. As a group, sell-side analysts expect that Neogen Co. will post 0.54 earnings per share for the current year.

Hedge Funds Weigh In On Neogen

Several hedge funds have recently bought and sold shares of the company. Raymond James Trust N.A. lifted its stake in Neogen by 6.7% during the 1st quarter. Raymond James Trust N.A. now owns 6,981 shares of the company’s stock worth $215,000 after acquiring an additional 441 shares in the last quarter. United Services Automobile Association increased its holdings in Neogen by 4.5% during the 2nd quarter. United Services Automobile Association now owns 13,988 shares of the company’s stock worth $304,000 after purchasing an additional 608 shares during the period. Raymond James Financial Services Advisors Inc. increased its holdings in Neogen by 5.8% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 12,900 shares of the company’s stock worth $259,000 after purchasing an additional 711 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in Neogen by 1.9% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 40,163 shares of the company’s stock worth $968,000 after purchasing an additional 759 shares during the period. Finally, Sheets Smith Wealth Management increased its holdings in Neogen by 2.6% during the 4th quarter. Sheets Smith Wealth Management now owns 30,795 shares of the company’s stock worth $619,000 after purchasing an additional 771 shares during the period. Institutional investors and hedge funds own 96.73% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Piper Sandler boosted their price objective on Neogen from $17.50 to $19.00 and gave the stock a “neutral” rating in a research note on Thursday, January 18th.

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.