Zacks Investment Research lowered shares of Neogen Corporation (NASDAQ:NEOG) from a buy rating to a hold rating in a research report released on Friday morning.
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. “
Several other analysts have also commented on NEOG. BidaskClub upgraded shares of Neogen Corporation from a hold rating to a buy rating in a research report on Thursday, August 10th. CL King assumed coverage on shares of Neogen Corporation in a research report on Friday, July 14th. They set a neutral rating on the stock.
Shares of Neogen Corporation (NASDAQ NEOG) opened at 76.91 on Friday. The company has a market cap of $2.94 billion, a P/E ratio of 64.63 and a beta of 1.51. The stock’s 50 day moving average is $73.61 and its 200-day moving average is $67.06. Neogen Corporation has a 12 month low of $50.53 and a 12 month high of $79.99.
Neogen Corporation (NASDAQ:NEOG) last released its quarterly earnings results on Tuesday, September 19th. The company reported $0.31 EPS for the quarter, beating the Thomson Reuters’ 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 Corporation had a net margin of 12.28% and a return on equity of 9.93%. The firm’s revenue was up 14.0% on a year-over-year basis. During the same quarter last year, the business earned $0.26 earnings per share. On average, equities analysts forecast that Neogen Corporation will post $1.32 EPS for the current year.
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In related news, VP Terri A. Morrical sold 11,398 shares of the firm’s stock in a transaction on Wednesday, September 27th. The shares were sold at an average price of $75.01, for a total transaction of $854,963.98. Following the sale, the vice president now owns 28,185 shares in the company, valued at $2,114,156.85. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director James P. Tobin purchased 500 shares of the company’s stock in a transaction that occurred on Thursday, July 27th. The shares were purchased at an average price of $64.64 per share, for a total transaction of $32,320.00. Following the transaction, the director now owns 3,200 shares of the company’s stock, valued at approximately $206,848. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 158,543 shares of company stock worth $11,750,418. 4.20% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently bought and sold shares of the business. Teacher Retirement System of Texas purchased a new position in Neogen Corporation during the second quarter valued at $209,000. Schwab Charles Investment Management Inc. lifted its holdings in Neogen Corporation by 5.6% during the first quarter. Schwab Charles Investment Management Inc. now owns 154,157 shares of the company’s stock valued at $10,105,000 after purchasing an additional 8,184 shares in the last quarter. State Street Corp lifted its holdings in Neogen Corporation by 8.9% during the first quarter. State Street Corp now owns 905,938 shares of the company’s stock valued at $59,385,000 after purchasing an additional 73,771 shares in the last quarter. State of Alaska Department of Revenue lifted its holdings in Neogen Corporation by 78.8% during the second quarter. State of Alaska Department of Revenue now owns 7,526 shares of the company’s stock valued at $520,000 after purchasing an additional 3,316 shares in the last quarter. Finally, UBS Asset Management Americas Inc. lifted its holdings in Neogen Corporation by 19.0% during the first quarter. UBS Asset Management Americas Inc. now owns 20,838 shares of the company’s stock valued at $1,366,000 after purchasing an additional 3,330 shares in the last quarter. 86.12% 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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