Neogen Corporation (NEOG) Cut to “Hold” at Zacks Investment Research
Zacks Investment Research lowered shares of Neogen Corporation (NASDAQ:NEOG) from a buy rating to a hold rating in a report issued on Friday.
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. “
NEOG has been the topic of a number of other reports. BidaskClub cut Neogen Corporation from a strong-buy rating to a buy rating in a report on Friday, July 28th. CL King started coverage on Neogen Corporation in a report on Friday, July 14th. They set a neutral rating on the stock.
Neogen Corporation (NASDAQ NEOG) opened at 65.20 on Friday. The company has a 50-day moving average price of $66.83 and a 200-day moving average price of $65.01. Neogen Corporation has a 1-year low of $50.53 and a 1-year high of $69.97. The firm has a market cap of $2.49 billion, a P/E ratio of 57.19 and a beta of 1.52.
Neogen Corporation (NASDAQ:NEOG) last issued its quarterly earnings results on Tuesday, July 18th. The company reported $0.32 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.32. The firm had revenue of $98.80 million during 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 for the quarter was up 9.7% on a year-over-year basis. During the same quarter last year, the company posted $0.26 EPS. On average, equities research analysts forecast that Neogen Corporation will post $1.30 EPS for the current fiscal year.
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In other news, Director James P. Tobin acquired 500 shares of the firm’s stock in a transaction that occurred on Thursday, July 27th. The shares were bought at an average cost of $64.64 per share, with a total value of $32,320.00. Following the acquisition, the director now owns 3,200 shares in the company, valued at approximately $206,848. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Edward Bradley sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, July 19th. The shares were sold at an average price of $66.33, for a total value of $331,650.00. Following the transaction, the vice president now directly owns 86,512 shares in the company, valued at $5,738,340.96. The disclosure for this sale can be found here. Over the last three months, insiders have sold 18,333 shares of company stock worth $1,246,737. 4.70% of the stock is currently owned by insiders.
Institutional investors have recently made changes to their positions in the company. BlackRock Inc. boosted its position 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 worth $292,745,000 after buying an additional 4,463,013 shares during the period. Vanguard Group Inc. boosted its position in shares of Neogen Corporation by 5.7% in the first quarter. Vanguard Group Inc. now owns 3,257,469 shares of the company’s stock worth $213,527,000 after buying an additional 176,056 shares during the period. Cortina Asset Management LLC boosted its position in shares of Neogen Corporation by 168.9% in the first quarter. Cortina Asset Management LLC now owns 280,079 shares of the company’s stock worth $18,359,000 after buying an additional 175,904 shares during the period. Royce & Associates LP boosted its position in shares of Neogen Corporation by 286.0% in the first quarter. Royce & Associates LP now owns 151,300 shares of the company’s stock worth $9,918,000 after buying an additional 112,100 shares during the period. Finally, OppenheimerFunds Inc. boosted its position in shares of Neogen Corporation by 2,910.7% in the first quarter. OppenheimerFunds Inc. now owns 96,885 shares of the company’s stock worth $6,351,000 after buying an additional 93,667 shares during the period. 85.54% of the stock is currently 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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