Neogen (NASDAQ:NEOG) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Thursday.
According to Zacks, “Neogen Corporation develops, manufactures and markets a diverse line of products dedicated to food and animal safety. The Company’s Lansing, Mich.-based Food Safety Division develops and markets dehydrated culture media, and rapid diagnostic test kits to detect foodborne bacteria, spoilage organisms, mycotoxins, food allergens, genetic modifications, drug residues, plant diseases, and sanitation concerns. Neogen’s is the leading global provider of DNA testing for animal agribusiness and veterinary medicine. Neogen understands that its customers face serious consequences if their products are contaminated with any of a number of well-established or emerging threats, including dangerous bacteria, natural toxins, veterinary drug residues, unlabeled food allergens, rodent filth, sanitation concerns, broken veterinary needles or other contaminants. “
Other equities analysts have also issued reports about the stock. BidaskClub lowered shares of Neogen from a “buy” rating to a “hold” rating in a research report on Thursday, January 11th. Stephens reiterated a “hold” rating and issued a $62.00 price objective on shares of Neogen in a research report on Wednesday, January 10th. Craig Hallum lifted their price objective on shares of Neogen from $46.50 to $60.00 and gave the company a “hold” rating in a research report on Thursday, December 7th. Finally, Roth Capital assumed coverage on shares of Neogen in a research report on Tuesday, December 5th. They issued a “neutral” rating and a $61.50 price objective on the stock. Five investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $63.25.
Neogen (NASDAQ NEOG) opened at $59.79 on Thursday. Neogen has a 1 year low of $44.63 and a 1 year high of $64.42. The firm has a market cap of $3,076.93, a price-to-earnings ratio of 59.42, a P/E/G ratio of 3.70 and a beta of 1.46.
Neogen (NASDAQ:NEOG) last posted its quarterly earnings data on Wednesday, January 3rd. The company reported $0.33 earnings per share for the quarter, beating analysts’ consensus estimates of $0.26 by $0.07. Neogen had a net margin of 13.47% and a return on equity of 10.72%. The firm had revenue of $101.80 million for the quarter, compared to analyst estimates of $102.46 million. During the same period last year, the firm posted $0.29 EPS. Neogen’s quarterly revenue was up 12.2% on a year-over-year basis. analysts expect that Neogen will post 1.08 EPS for the current year.
In other Neogen news, insider James L. Herbert sold 10,000 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $57.50, for a total transaction of $575,000.00. Following the sale, the insider now directly owns 1,163,755 shares in the company, valued at approximately $66,915,912.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Edward Bradley sold 11,725 shares of the business’s stock in a transaction on Tuesday, January 30th. The stock was sold at an average price of $60.29, for a total transaction of $706,900.25. Following the sale, the vice president now owns 21,412 shares in the company, valued at $1,290,929.48. The disclosure for this sale can be found here. Over the last quarter, insiders sold 27,825 shares of company stock worth $1,646,220. 4.20% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of NEOG. Catalyst Capital Advisors LLC purchased a new stake in shares of Neogen during the 4th quarter worth $156,000. Bell Bank purchased a new stake in shares of Neogen during the 3rd quarter worth $201,000. Parametrica Management Ltd purchased a new stake in shares of Neogen during the 3rd quarter worth $202,000. Arcadia Investment Management Corp MI purchased a new stake in shares of Neogen during the 3rd quarter worth $230,000. Finally, Stone Ridge Asset Management LLC purchased a new stake in shares of Neogen during the 4th quarter worth $241,000. Institutional investors own 65.58% of the company’s stock.
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Neogen Company Profile
Neogen Corporation develops, manufactures and markets a range of products and services dedicated to food and animal safety. The Company operates through two segments: Food Safety and Animal Safety. The Food Safety segment produces and markets diagnostic test kits and related products used by food producers and processors to detect harmful natural toxins, foodborne bacteria, allergens and levels of general sanitation.
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