Neogen (NASDAQ:NEOG) was downgraded by investment analysts at BidaskClub from a “strong-buy” rating to a “buy” rating in a research note issued to investors on Thursday.
NEOG has been the topic of several other reports. Stephens reaffirmed a “hold” rating and issued a $65.00 price objective (up from $62.00) on shares of Neogen in a research note on Monday, March 26th. Zacks Investment Research raised Neogen from a “hold” rating to a “buy” rating and set a $74.00 price target on the stock in a research report on Wednesday, March 28th. Finally, ValuEngine raised Neogen from a “hold” rating to a “buy” rating in a research report on Monday, April 2nd. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Neogen has a consensus rating of “Hold” and an average target price of $65.25.
NASDAQ NEOG opened at $73.97 on Thursday. The stock has a market capitalization of $3.84 billion, a PE ratio of 86.01, a PEG ratio of 4.33 and a beta of 1.27. Neogen has a 1-year low of $45.95 and a 1-year high of $75.90.
Neogen (NASDAQ:NEOG) last released its quarterly earnings data on Thursday, March 22nd. The company reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.08. The business had revenue of $95.90 million for the quarter, compared to analyst estimates of $97.93 million. Neogen had a return on equity of 11.49% and a net margin of 14.82%. The company’s revenue was up 8.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.27 EPS. sell-side analysts anticipate that Neogen will post 1.14 earnings per share for the current fiscal year.
In related news, CFO Steven J. Quinlan sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 27th. The stock was sold at an average price of $66.13, for a total transaction of $330,650.00. Following the transaction, the chief financial officer now directly owns 15,203 shares of the company’s stock, valued at approximately $1,005,374.39. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director G Bruce Papesh sold 6,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 16th. The stock was sold at an average price of $72.50, for a total value of $435,000.00. Following the transaction, the director now directly owns 26,261 shares in the company, valued at $1,903,922.50. The disclosure for this sale can be found here. Insiders have sold a total of 117,320 shares of company stock worth $8,194,973 over the last three months. 4.20% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. lifted its position in Neogen by 38.1% during the 1st quarter. BlackRock Inc. now owns 6,466,176 shares of the company’s stock worth $433,168,000 after acquiring an additional 1,784,124 shares in the last quarter. Wasatch Advisors Inc. raised its position in shares of Neogen by 95.1% in the 1st quarter. Wasatch Advisors Inc. now owns 1,995,749 shares of the company’s stock valued at $133,695,000 after purchasing an additional 972,709 shares in the last quarter. New York State Common Retirement Fund raised its position in shares of Neogen by 24.4% in the 1st quarter. New York State Common Retirement Fund now owns 1,043,842 shares of the company’s stock valued at $69,927,000 after purchasing an additional 204,495 shares in the last quarter. King Luther Capital Management Corp raised its position in shares of Neogen by 32.1% in the 1st quarter. King Luther Capital Management Corp now owns 958,914 shares of the company’s stock valued at $64,238,000 after purchasing an additional 233,097 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its position in shares of Neogen by 7.9% in the 1st quarter. PNC Financial Services Group Inc. now owns 948,591 shares of the company’s stock valued at $63,544,000 after purchasing an additional 69,600 shares in the last quarter. 88.65% of the stock is currently owned by hedge funds and other institutional investors.
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.
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