Zacks Investment Research cut shares of Neogen (NASDAQ:NEOG) from a strong-buy rating to a hold rating in a research note published on Thursday, February 15th.
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. “
A number of other analysts also recently weighed in on NEOG. BidaskClub downgraded 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 target price on shares of Neogen in a research note on Wednesday, January 10th. Roth Capital set a $62.00 target price on Neogen and gave the company a hold rating in a research note on Thursday, January 4th. Finally, 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 note on Thursday, December 7th. Five analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The stock currently has an average rating of Hold and an average target price of $63.25.
Shares of Neogen (NASDAQ:NEOG) traded up $0.62 during midday trading on Thursday, reaching $60.11. 131,326 shares of the company were exchanged, compared to its average volume of 175,763. The firm has a market cap of $3,065.08, a PE ratio of 59.81, a price-to-earnings-growth ratio of 3.69 and a beta of 1.46. Neogen has a 12-month low of $44.63 and a 12-month high of $64.42.
Neogen (NASDAQ:NEOG) last posted its quarterly earnings results on Wednesday, January 3rd. The company reported $0.33 EPS for the quarter, beating the Thomson Reuters’ consensus estimate 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 quarter last year, the firm posted $0.29 earnings per share. Neogen’s revenue for the quarter was up 12.2% compared to the same quarter last year. sell-side analysts anticipate that Neogen will post 1.08 EPS for the current year.
In other news, Director G Bruce Papesh sold 6,000 shares of the company’s stock in a transaction that occurred on Friday, January 26th. The stock was sold at an average price of $59.72, for a total transaction of $358,320.00. Following the completion of the transaction, the director now directly owns 18,196 shares in the company, valued at $1,086,665.12. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Edward Bradley sold 11,725 shares of the business’s stock in a transaction that occurred on Tuesday, January 30th. The shares were sold at an average price of $60.29, for a total value 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 have sold 66,382 shares of company stock valued at $3,939,913. 4.20% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. UBS Asset Management Americas Inc. grew its position in Neogen by 3.9% in the second quarter. UBS Asset Management Americas Inc. now owns 21,644 shares of the company’s stock valued at $1,496,000 after acquiring an additional 806 shares during the period. Parametric Portfolio Associates LLC boosted its stake in Neogen by 0.4% in the second quarter. Parametric Portfolio Associates LLC now owns 81,530 shares of the company’s stock worth $5,635,000 after purchasing an additional 338 shares in the last quarter. State Street Corp boosted its stake in Neogen by 4.8% in the second quarter. State Street Corp now owns 949,434 shares of the company’s stock worth $65,613,000 after purchasing an additional 43,496 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in Neogen by 1.0% in the second quarter. The Manufacturers Life Insurance Company now owns 28,533 shares of the company’s stock worth $1,972,000 after purchasing an additional 273 shares in the last quarter. Finally, Sterling Capital Management LLC boosted its stake in Neogen by 21.2% in the second quarter. Sterling Capital Management LLC now owns 19,005 shares of the company’s stock worth $1,313,000 after purchasing an additional 3,330 shares in the last quarter. Institutional investors and hedge funds own 66.13% 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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