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Director of Neogen Co. (NASDAQ:NEOG) purchases 2,000 shares of stock in an insider transaction.

Originally published on Best Stocks

Category: best stocks to buy now

On Monday, October 3, William T. Boehm, a director of Neogen Co. (NASDAQ: NEOG), purchased 2,000 shares. The average price for the stock, which cost $27,760.00 to buy, was $13.88 per share. Following the acquisition, the director will directly possess 23,242 company shares, valued at $322,598.96. In addition, one can get a copy of the court filing where the transaction’s disclosure was made on the Securities & Exchange Commission website.

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Neogen (NASDAQ: NEOG) published its most recent quarterly results report on Tuesday, July 26. For the quarter, earnings per share were $0.18, $0.02 more than the mean estimate of $0.16. The company’s revenue for the quarter was $140.09 million, as opposed to analysts’ projections of $138.37 million. Neogen had a return on equity of 7.60% and a net margin of 6.86%. Equity analysts expect Neogen Co. to report 0.56 EPS for the current fiscal year.
Several hedge funds and institutional investors recently modified the proportion of NEOG shares they held. Select Equity Group L.P. boosted its stake in Neogen shares by 345.0% during the first quarter. Select Equity Group L.P. now owns 4,068,056 shares of the company, valued at $125,459,000, after acquiring an additional 3,153,848 shares over the past 12 months. Conestoga Capital Advisors LLC boosted its stake in Neogen shares by 15.0% during the second quarter. Conestoga Capital Advisors LLC has gained $107,342,000 since the beginning of the period by acquiring an additional 5,801,088 shares of the firm. Assenagon Asset Management S.A. boosted its stake in Neogen by 2,768.4% during the second quarter. Assenagon Asset Management S.A. now directly owns 537,718 shares, valued at $12,954,000, after acquiring an additional 518,972 shares during the most recent quarter. Cubist Systematic Strategies LLC boosted its stake in Neogen by 1,060.9% during the second quarter. Cubist Systematic Strategies LLC now owns 461,922 shares worth $11,128,000 after acquiring an additional 422,131 shares during the most recent quarter. Finally, Goldman Sachs Group Inc. grew its stake in Neogen by 80.6% during the first quarter. Goldman Sachs Group Inc. now owns 924,889 shares, valued at $28,524,000, after acquiring an additional 412,644 shares over the past three months. The company’s stock is held in total by institutional investors and hedge funds to 97.86%.

Shares of Neogen stock rose $0.46 during Tuesday’s trading hours to reach $14.38. The company’s stock traded at 6,217,667 shares as opposed to its typical volume of 2,435,405 shares. The firm has a market value of $1.55 billion, a P.E. ratio of 42.29, and a beta of 0.77. On the 200-day moving average, the stock is valued at $23.90; on the 50-day moving average, it is at $18.97. The 12-month range for Neogen Co. has a low of $13.64 and a high of $47.80.

In a separate report released on Tuesday, August 30, Piper Sandler lowered their price target for Neogen from $26.00 to $20.00 and gave the company a “neutral” rating.

Neogen Corporation develops, manufactures, and exports various products for food and animal safety worldwide, along with its subsidiaries. Two of its two operational components are food safety and animal welfare. To identify potentially harmful and unintended substances in food and animal feed, such as foodborne pathogens, spoilage organisms, natural toxins, food allergens, genetic modifications, ruminant byproducts, meat speciation, drug residues, pesticide residues, and general sanitation issues, the food safety segment offers diagnostic test kits and related products. It also has the AccuPoint Advanced quick sanitation test, which may be able to find a chemical called adenosine triphosphate, which may cause cancer.

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