Neogen Corporation (NEOG) Downgraded by Zacks Investment Research to “Hold”
Zacks Investment Research lowered shares of Neogen Corporation (NASDAQ:NEOG) from a buy rating to a hold rating in a research note published on Thursday.
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 subject of several other reports. CL King assumed coverage on Neogen Corporation in a research note on Friday, July 14th. They set a neutral rating for the company. BidaskClub raised Neogen Corporation from a buy rating to a strong-buy rating in a research note on Friday, June 30th.
Neogen Corporation (NASDAQ:NEOG) traded up 0.17% during midday trading on Thursday, reaching $66.03. The company had a trading volume of 36,169 shares. The company has a market capitalization of $2.52 billion, a P/E ratio of 57.92 and a beta of 1.52. Neogen Corporation has a 1-year low of $50.53 and a 1-year high of $69.97. The firm has a 50-day moving average of $66.51 and a 200 day moving average of $65.01.
Neogen Corporation (NASDAQ:NEOG) last posted its earnings results on Tuesday, July 18th. The company reported $0.32 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.32. The business 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 business’s quarterly revenue was up 9.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.26 EPS. On average, equities research analysts forecast that Neogen Corporation will post $1.30 EPS for the current year.
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In other news, VP Edward Bradley sold 5,000 shares of the stock in a transaction that occurred on Wednesday, July 19th. The stock was sold at an average price of $66.33, for a total transaction of $331,650.00. Following the completion of the transaction, the vice president now directly owns 86,512 shares of the company’s stock, valued at approximately $5,738,340.96. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director James P. Tobin bought 500 shares of the business’s stock in a transaction dated Thursday, July 27th. The shares were acquired at an average cost of $64.64 per share, with a total value of $32,320.00. Following the completion of the purchase, the director now owns 3,200 shares in the company, valued at approximately $206,848. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 18,333 shares of company stock valued at $1,246,737. 4.70% of the stock is owned by company insiders.
Several institutional investors have recently modified their holdings of the company. Swiss National Bank increased its position in shares of Neogen Corporation by 1.0% in the first quarter. Swiss National Bank now owns 62,350 shares of the company’s stock worth $4,087,000 after buying an additional 600 shares during the period. Schwab Charles Investment Management Inc. increased its position in shares of Neogen Corporation by 5.6% in the first quarter. Schwab Charles Investment Management Inc. now owns 154,157 shares of the company’s stock worth $10,105,000 after buying an additional 8,184 shares during the period. State Street Corp increased its position 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 worth $59,385,000 after buying an additional 73,771 shares during the period. UBS Asset Management Americas Inc. increased its position in shares of Neogen Corporation by 19.0% in the first quarter. UBS Asset Management Americas Inc. now owns 20,838 shares of the company’s stock worth $1,366,000 after buying an additional 3,330 shares during the period. Finally, Great Lakes Advisors LLC increased its position in shares of Neogen Corporation by 19.3% in the first quarter. Great Lakes Advisors LLC now owns 34,517 shares of the company’s stock worth $2,263,000 after buying an additional 5,592 shares during the period. 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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