Neogen Corporation (NEOG) Downgraded to Sell at Zacks Investment Research
Zacks Investment Research lowered shares of Neogen Corporation (NASDAQ:NEOG) from a hold rating to a sell rating in a report released 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. “
Other research analysts have also recently issued research reports about the company. BidaskClub raised Neogen Corporation from a hold rating to a buy rating in a research report on Thursday, August 10th. CL King started coverage on Neogen Corporation in a research report on Friday, July 14th. They issued a neutral rating on the stock.
Neogen Corporation (NEOG) traded up 1.73% during midday trading on Friday, hitting $72.93. The stock had a trading volume of 165,090 shares. Neogen Corporation has a 1-year low of $50.53 and a 1-year high of $74.98. The stock has a market capitalization of $2.79 billion, a PE ratio of 61.29 and a beta of 1.51. The stock’s 50-day moving average is $68.09 and its 200-day moving average is $65.57.
Neogen Corporation (NASDAQ:NEOG) last announced its quarterly earnings results on Tuesday, September 19th. The company reported $0.31 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.30 by $0.01. Neogen Corporation had a return on equity of 9.93% and a net margin of 12.28%. The business had revenue of $95.30 million during the quarter, compared to the consensus estimate of $94.87 million. During the same quarter in the prior year, the company posted $0.26 earnings per share. Neogen Corporation’s revenue was up 14.0% compared to the same quarter last year. On average, equities research analysts anticipate that Neogen Corporation will post $1.31 EPS for the current fiscal year.
In other Neogen Corporation news, VP Edward Bradley sold 5,000 shares of the business’s stock in a transaction on Wednesday, July 19th. The stock was sold at an average price of $66.33, for a total value of $331,650.00. Following the transaction, the vice president now owns 86,512 shares of the company’s stock, valued at $5,738,340.96. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Ronald D. Green sold 4,333 shares of the business’s stock in a transaction on Tuesday, August 8th. The stock was sold at an average price of $68.49, for a total value of $296,767.17. Following the completion of the transaction, the director now directly owns 3,333 shares in the company, valued at approximately $228,277.17. The disclosure for this sale can be found here. In the last three months, insiders sold 72,209 shares of company stock worth $5,075,355. Insiders own 4.20% of the company’s stock.
A number of hedge funds have recently bought and sold shares of NEOG. BlackRock Inc. boosted its position 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 purchasing an additional 4,463,013 shares during the last quarter. Vanguard Group Inc. boosted its position 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 purchasing an additional 176,056 shares during the last quarter. Cortina Asset Management LLC boosted its position 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 purchasing an additional 175,904 shares during the last quarter. Royce & Associates LP boosted its position 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 purchasing an additional 112,100 shares during the last quarter. Finally, OppenheimerFunds Inc. boosted its position 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 purchasing an additional 93,667 shares during the last quarter. 86.10% 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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