Zacks Investment Research upgraded shares of Neogen Corporation (NASDAQ:NEOG) from a hold rating to a buy rating in a research note published on Thursday, July 20th. Zacks Investment Research currently has $72.00 price target on the stock.

According to Zacks, “Neogen Corporation develops, manufactures, and markets a diverse line of products dedicated to food and animal safety. The company’s food safety segment consists primarily of diagnostic test kits and related products, including dehydrated culture media, marketed to food producers and processors to aid in the detection of foodborne bacteria, natural toxins, food allergens, drug residues, pesticide residues, plant disease infections and levels of general sanitation. “

A number of other brokerages also recently weighed in on NEOG. BidaskClub raised Neogen Corporation from a hold rating to a buy rating in a report on Saturday, June 10th. CL King started coverage on Neogen Corporation in a report on Friday, July 14th. They issued a neutral rating on the stock.

Neogen Corporation (NEOG) opened at 67.77 on Thursday. The stock’s 50 day moving average price is $67.25 and its 200 day moving average price is $64.91. Neogen Corporation has a 1-year low of $50.53 and a 1-year high of $69.97. The stock has a market capitalization of $2.59 billion, a PE ratio of 59.45 and a beta of 1.52.

Neogen Corporation (NASDAQ:NEOG) last issued its earnings results on Tuesday, July 18th. The company reported $0.32 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.32. The firm had revenue of $98.80 million for the quarter, compared to the consensus estimate of $100.80 million. Neogen Corporation had a return on equity of 9.87% and a net margin of 12.11%. The company’s revenue was up 9.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.26 EPS. Equities research analysts forecast that Neogen Corporation will post $1.30 earnings per share for the current year.

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In other Neogen Corporation news, CEO James L. Herbert sold 48,469 shares of Neogen Corporation stock in a transaction dated Friday, May 12th. The stock was sold at an average price of $61.29, for a total transaction of $2,970,665.01. Following the transaction, the chief executive officer now directly owns 912,105 shares of the company’s stock, valued at approximately $55,902,915.45. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director James P. Tobin bought 500 shares of the business’s stock in a transaction on Thursday, July 27th. The shares were bought at an average cost of $64.64 per share, for a total transaction of $32,320.00. Following the completion of the acquisition, the director now directly owns 3,200 shares in the company, valued at approximately $206,848. The disclosure for this purchase can be found here. In the last three months, insiders have sold 63,469 shares of company stock worth $3,952,565. 4.70% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Swiss National Bank raised its position in Neogen Corporation by 1.0% in the first quarter. Swiss National Bank now owns 62,350 shares of the company’s stock valued at $4,087,000 after buying an additional 600 shares during the period. Prudential Financial Inc. raised its position in Neogen Corporation by 0.6% in the first quarter. Prudential Financial Inc. now owns 66,815 shares of the company’s stock valued at $4,380,000 after buying an additional 370 shares during the period. Ameriprise Financial Inc. raised its position in Neogen Corporation by 1.0% in the first quarter. Ameriprise Financial Inc. now owns 280,886 shares of the company’s stock valued at $18,412,000 after buying an additional 2,728 shares during the period. Great Lakes Advisors LLC raised its position in Neogen Corporation by 19.3% in the first quarter. Great Lakes Advisors LLC now owns 34,517 shares of the company’s stock valued at $2,263,000 after buying an additional 5,592 shares during the period. Finally, Vanguard Group Inc. raised its position in Neogen Corporation by 5.7% in the first quarter. Vanguard Group Inc. now owns 3,257,469 shares of the company’s stock valued at $213,527,000 after buying an additional 176,056 shares during the period. 85.53% of the stock is currently owned by hedge funds and other institutional investors.

About Neogen Corporation

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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