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

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

Neogen stock opened at $55.28 on Friday. The company has a market cap of $3.07 billion, a price-to-earnings ratio of 45.69 and a beta of 1.38. Neogen has a fifty-two week low of $53.81 and a fifty-two week high of $97.38.

Several analysts recently issued reports on NEOG shares. Zacks Investment Research cut Neogen from a “hold” rating to a “sell” rating in a research note on Wednesday. BidaskClub cut Neogen from a “buy” rating to a “hold” rating in a research note on Thursday, October 4th. Finally, Roth Capital reissued a “neutral” rating on shares of Neogen in a research note on Friday, December 14th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $67.75.



Neogen announced that its board has authorized a stock buyback plan 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 plans are generally an indication that the company’s board believes its stock is undervalued.

In other Neogen news, insider James L. Herbert sold 44,768 shares of Neogen 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 directly owns 742,576 shares of the company’s stock, valued at approximately $45,356,542.08. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO John Edward Adent acquired 4,300 shares of the business’s stock in a transaction on Wednesday, September 26th. The shares were purchased at an average cost of $73.58 per share, for a total transaction of $316,394.00. Following the completion of the transaction, the chief executive officer now owns 4,300 shares in the company, valued at approximately $316,394. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 72,851 shares of company stock worth $4,482,628. Insiders own 3.00% of the company’s stock.

A number of institutional investors have recently bought and sold shares of the business. Tower Research Capital LLC TRC purchased a new position in shares of Neogen during the second quarter valued at approximately $106,000. Point72 Hong Kong Ltd purchased a new position in shares of Neogen during the third quarter valued at approximately $120,000. Jefferies Group LLC purchased a new position in shares of Neogen during the third quarter valued at approximately $201,000. Gideon Capital Advisors Inc. purchased a new position in shares of Neogen during the third quarter valued at approximately $231,000. Finally, Granahan Investment Management Inc. MA purchased a new position in shares of Neogen during the second quarter valued at approximately $283,000. 89.49% of the stock is currently owned by institutional investors and hedge funds.

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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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Earnings History for Neogen (NASDAQ:NEOG)

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