Neogen (NASDAQ:NEOG) declared that its board has approved a share buyback program, which authorizes the company to repurchase 3,000,000 outstanding shares on Wednesday, October 10th. This repurchase authorization authorizes the company to purchase shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

A number of equities analysts recently commented on NEOG shares. BidaskClub raised Neogen from a “buy” rating to a “strong-buy” rating in a research note on Friday, June 15th. ValuEngine raised Neogen from a “buy” rating to a “strong-buy” rating in a research note on Friday, July 6th. Craig Hallum lifted their price objective on Neogen from $65.00 to $70.00 and gave the stock a “hold” rating in a research note on Wednesday, July 18th. Finally, Zacks Investment Research lowered Neogen from a “hold” rating to a “sell” rating in a research note on Friday, September 28th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company’s stock. Neogen currently has a consensus rating of “Hold” and an average price target of $67.75.

Neogen stock opened at $64.92 on Friday. The company has a current ratio of 10.10, a quick ratio of 8.09 and a debt-to-equity ratio of 0.03. The company has a market capitalization of $3.71 billion, a P/E ratio of 53.65 and a beta of 1.37. Neogen has a one year low of $54.09 and a one year high of $97.38.

Neogen (NASDAQ:NEOG) last posted its quarterly earnings data on Tuesday, September 25th. The company reported $0.29 EPS for the quarter, topping the Zacks’ consensus estimate of $0.28 by $0.01. The company had revenue of $99.60 million for the quarter, compared to analyst estimates of $104.43 million. Neogen had a return on equity of 12.06% and a net margin of 16.35%. The firm’s quarterly revenue was up 5.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.31 earnings per share. Equities analysts predict that Neogen will post 1.24 earnings per share for the current fiscal year.

In other Neogen news, CEO John Edward Adent purchased 4,300 shares of the company’s stock in a transaction on Wednesday, September 26th. The shares were purchased at an average cost of $73.58 per share, with a total value of $316,394.00. Following the completion of the purchase, the chief executive officer now owns 4,300 shares in the company, valued at $316,394. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Terri A. Morrical sold 15,468 shares of the business’s stock in a transaction that occurred on Friday, July 20th. The shares were sold at an average price of $82.14, for a total value of $1,270,541.52. Following the completion of the transaction, the vice president now directly owns 53,043 shares in the company, valued at $4,356,952.02. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 281,450 shares of company stock worth $23,364,113. 3.00% of the stock is owned by insiders.

Neogen Company Profile

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.

Read More: How to interpret a stock’s beta number

Receive News & Ratings for Neogen Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Neogen and related companies with MarketBeat.com's FREE daily email newsletter.