Neogen (NEOG) Upgraded to Buy by Zacks Investment Research
Zacks Investment Research upgraded shares of Neogen (NASDAQ:NEOG) from a hold rating to a buy rating in a research note published on Wednesday morning. Zacks Investment Research currently has $93.00 target price 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. “
Separately, BidaskClub cut Neogen from a buy rating to a hold rating in a report on Friday, August 4th.
Neogen (NASDAQ:NEOG) last released its quarterly earnings results on Tuesday, September 19th. The company reported $0.31 EPS for the quarter, beating the Zacks’ consensus estimate of $0.30 by $0.01. The company had revenue of $95.30 million for the quarter, compared to analyst estimates of $94.87 million. Neogen had a net margin of 12.28% and a return on equity of 9.93%. The company’s quarterly revenue was up 14.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.26 earnings per share. analysts expect that Neogen will post 1.31 earnings per share for the current fiscal year.
In other news, CFO Steven J. Quinlan sold 2,250 shares of the company’s stock in a transaction dated Wednesday, October 4th. The stock was sold at an average price of $78.52, for a total value of $176,670.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Steven J. Quinlan sold 2,772 shares of the company’s stock in a transaction dated Monday, September 25th. The shares were sold at an average price of $73.54, for a total value of $203,852.88. Following the completion of the sale, the chief financial officer now directly owns 12,875 shares of the company’s stock, valued at $946,827.50. The disclosure for this sale can be found here. Insiders have sold a total of 193,034 shares of company stock valued at $14,717,645 over the last three months. Company insiders own 4.20% of the company’s stock.
Several hedge funds have recently made changes to their positions in NEOG. Conestoga Capital Advisors LLC boosted its position in Neogen by 20.2% during the 3rd quarter. Conestoga Capital Advisors LLC now owns 958,784 shares of the company’s stock worth $74,267,000 after acquiring an additional 161,170 shares during the last quarter. Wasatch Advisors Inc. bought a new stake in shares of Neogen during the 3rd quarter worth approximately $11,016,000. Citadel Advisors LLC raised its stake in shares of Neogen by 338.6% during the 3rd quarter. Citadel Advisors LLC now owns 143,553 shares of the company’s stock worth $11,120,000 after purchasing an additional 110,821 shares in the last quarter. Ameriprise Financial Inc. raised its stake in shares of Neogen by 32.5% during the 2nd quarter. Ameriprise Financial Inc. now owns 372,276 shares of the company’s stock worth $25,728,000 after purchasing an additional 91,390 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its stake in shares of Neogen by 71.0% during the 2nd quarter. Goldman Sachs Group Inc. now owns 194,552 shares of the company’s stock worth $13,445,000 after purchasing an additional 80,775 shares in the last quarter. 86.97% of the stock is owned by institutional investors.
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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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