Neogen Corporation (NEOG) Lifted to Buy at BidaskClub
BidaskClub upgraded shares of Neogen Corporation (NASDAQ:NEOG) from a hold rating to a buy rating in a report issued on Thursday.
A number of other research firms have also recently weighed in on NEOG. Zacks Investment Research raised Neogen Corporation from a hold rating to a buy rating and set a $72.00 price target for the company in a report on Thursday, July 20th. CL King initiated coverage on Neogen Corporation in a report on Friday, July 14th. They issued a neutral rating for the company.
Shares of Neogen Corporation (NASDAQ NEOG) traded up 0.90% during mid-day trading on Thursday, hitting $67.55. The company had a trading volume of 47,497 shares. Neogen Corporation has a 12 month low of $50.53 and a 12 month high of $69.97. The firm has a market capitalization of $2.58 billion, a P/E ratio of 59.25 and a beta of 1.52. The firm has a 50-day moving average price of $67.21 and a 200 day moving average price of $64.95.
Neogen Corporation (NASDAQ:NEOG) last issued its quarterly earnings data on Tuesday, July 18th. The company reported $0.32 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.32. The firm had revenue of $98.80 million during the quarter, compared to analysts’ expectations of $100.80 million. Neogen Corporation had a return on equity of 9.87% and a net margin of 12.11%. Neogen Corporation’s revenue was up 9.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.26 earnings per share. On average, equities research analysts forecast that Neogen Corporation will post $1.30 earnings per share for the current fiscal year.
In other Neogen Corporation news, Director James P. Tobin acquired 500 shares of the stock in a transaction dated Thursday, July 27th. The stock was acquired at an average price of $64.64 per share, with a total value of $32,320.00. Following the completion of the transaction, the director now directly owns 3,200 shares in the company, valued at $206,848. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Steven J. Quinlan sold 4,000 shares of Neogen Corporation stock in a transaction on Tuesday, August 8th. The shares were sold at an average price of $68.68, for a total value of $274,720.00. Following the completion of the sale, the vice president now directly owns 14,103 shares of the company’s stock, valued at approximately $968,594.04. The disclosure for this sale can be found here. In the last ninety days, insiders sold 23,333 shares of company stock valued at $1,553,387. Company insiders own 4.70% of the company’s stock.
Several large investors have recently made changes to their positions in the stock. Brown Capital Management LLC increased its stake in Neogen Corporation by 0.3% in the first quarter. Brown Capital Management LLC now owns 5,385,695 shares of the company’s stock worth $353,032,000 after buying an additional 17,148 shares during the period. BlackRock Inc. increased its stake in shares of Neogen Corporation by 149,314.6% in the first quarter. BlackRock Inc. now owns 4,466,002 shares of the company’s stock valued at $292,745,000 after buying an additional 4,463,013 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Neogen Corporation by 1.9% in the second quarter. Vanguard Group Inc. now owns 3,319,437 shares of the company’s stock valued at $229,406,000 after buying an additional 61,968 shares during the last quarter. State Street Corp increased its stake in shares of Neogen Corporation by 8.9% in the first quarter. State Street Corp now owns 905,938 shares of the company’s stock valued at $59,385,000 after buying an additional 73,771 shares during the last quarter. Finally, Conestoga Capital Advisors LLC increased its stake in shares of Neogen Corporation by 7.2% in the second quarter. Conestoga Capital Advisors LLC now owns 797,614 shares of the company’s stock valued at $55,123,000 after buying an additional 53,551 shares during the last quarter. 85.54% of the stock is owned by institutional investors and hedge funds.
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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