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

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

Neogen Trading Down 9.3 %

NASDAQ:NEOG opened at $13.04 on Wednesday. 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. The company has a 50-day moving average price of $15.98 and a 200-day moving average price of $16.83. The stock has a market cap of $2.82 billion, a price-to-earnings ratio of 217.37 and a beta of 1.13.

Hedge Funds Weigh In On Neogen

A number of institutional investors have recently bought and sold shares of NEOG. Steward Partners Investment Advisory LLC bought a new stake in Neogen during the 1st quarter valued at approximately $29,000. O Dell Group LLC purchased a new position in shares of Neogen in the 4th quarter valued at approximately $37,000. State of Tennessee Treasury Department bought a new stake in shares of Neogen during the first quarter valued at approximately $45,000. First Manhattan CO. LLC. bought a new stake in shares of Neogen during the first quarter valued at approximately $68,000. Finally, Point72 Hong Kong Ltd purchased a new stake in Neogen in the first quarter worth $71,000. 96.73% of the stock is owned by institutional investors.

Analyst Ratings Changes

Separately, Piper Sandler boosted their target price on Neogen from $17.50 to $19.00 and gave the company 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.