Neogen Corporation (NASDAQ:NEOG) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note 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. “
A number of other analysts have also recently weighed in on NEOG. BidaskClub upgraded Neogen Corporation from a “hold” rating to a “buy” rating in a research note on Saturday, June 10th. CL King started coverage on Neogen Corporation in a research note on Friday, July 14th. They issued a “neutral” rating on the stock.
Neogen Corporation (NASDAQ:NEOG) opened at 65.20 on Friday. Neogen Corporation has a 12 month low of $50.53 and a 12 month high of $69.97. The company’s 50-day moving average price is $66.83 and its 200 day moving average price is $65.01. The firm has a market capitalization of $2.49 billion, a price-to-earnings ratio of 57.19 and a beta of 1.52.
Neogen Corporation (NASDAQ:NEOG) last posted its quarterly earnings results on Tuesday, July 18th. The company reported $0.32 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.32. Neogen Corporation had a return on equity of 9.87% and a net margin of 12.11%. The company had revenue of $98.80 million for the quarter, compared to analysts’ expectations of $100.80 million. During the same period last year, the firm earned $0.26 earnings per share. Neogen Corporation’s quarterly revenue was up 9.7% on a year-over-year basis. Analysts predict that Neogen Corporation will post $1.30 EPS for the current year.
In other news, VP Steven J. Quinlan sold 4,000 shares of Neogen Corporation stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $68.68, for a total transaction of $274,720.00. Following the sale, the vice president now owns 14,103 shares in the company, valued at $968,594.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Edward Bradley sold 5,000 shares of Neogen Corporation stock in a transaction dated Wednesday, July 19th. The stock was sold at an average price of $66.33, for a total value of $331,650.00. Following the sale, the vice president now owns 86,512 shares in the company, valued at approximately $5,738,340.96. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 18,333 shares of company stock worth $1,246,737. 4.70% of the stock is owned by insiders.
Hedge funds have recently bought and sold shares of the company. BlackRock Inc. boosted its stake in 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 stake in 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 stake in 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 stake in 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 stake in 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. Institutional investors and hedge funds own 85.54% of the company’s stock.
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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