Zacks Investment Research lowered shares of Neogen (NASDAQ:NEOG) from a strong-buy rating to a hold rating in a research note released on Thursday morning.
According to Zacks, “Neogen Corporation develops, manufactures and markets a diverse line of products dedicated to food and animal safety. The Company’s Lansing, Mich.-based Food Safety Division develops and markets dehydrated culture media, and rapid diagnostic test kits to detect foodborne bacteria, spoilage organisms, mycotoxins, food allergens, genetic modifications, drug residues, plant diseases, and sanitation concerns. Neogen’s is the leading global provider of DNA testing for animal agribusiness and veterinary medicine. Neogen understands that its customers face serious consequences if their products are contaminated with any of a number of well-established or emerging threats, including dangerous bacteria, natural toxins, veterinary drug residues, unlabeled food allergens, rodent filth, sanitation concerns, broken veterinary needles or other contaminants. “
NEOG has been the topic of several other reports. Roth Capital set a $62.00 price objective on shares of Neogen and gave the company a hold rating in a research report on Thursday, January 4th. Craig Hallum lifted their price objective on shares of Neogen from $46.50 to $60.00 and gave the company a hold rating in a research report on Thursday, December 7th. BidaskClub downgraded shares of Neogen from a buy rating to a hold rating in a research report on Thursday, January 11th. Finally, Stephens reiterated a hold rating and issued a $62.00 price objective on shares of Neogen in a research report on Wednesday, January 10th. Five analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Neogen has an average rating of Hold and an average target price of $63.25.
Neogen (NASDAQ:NEOG) last posted its quarterly earnings results on Wednesday, January 3rd. The company reported $0.33 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.26 by $0.07. The company had revenue of $101.80 million for the quarter, compared to the consensus estimate of $102.46 million. Neogen had a net margin of 13.47% and a return on equity of 10.72%. The company’s revenue for the quarter was up 12.2% on a year-over-year basis. During the same period last year, the firm posted $0.29 EPS. sell-side analysts forecast that Neogen will post 1.08 EPS for the current year.
In related news, insider James L. Herbert sold 10,000 shares of Neogen stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $57.50, for a total value of $575,000.00. Following the sale, the insider now directly owns 1,163,755 shares in the company, valued at approximately $66,915,912.50. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director G Bruce Papesh sold 6,000 shares of the business’s stock in a transaction dated Friday, January 26th. The stock was sold at an average price of $59.72, for a total transaction of $358,320.00. Following the sale, the director now owns 18,196 shares in the company, valued at $1,086,665.12. The disclosure for this sale can be found here. Over the last quarter, insiders sold 27,825 shares of company stock worth $1,646,220. 4.20% of the stock is currently owned by insiders.
Several hedge funds have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company raised its position in shares of Neogen by 1.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 28,533 shares of the company’s stock worth $1,972,000 after buying an additional 273 shares in the last quarter. Parametric Portfolio Associates LLC raised its position in shares of Neogen by 0.4% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 81,530 shares of the company’s stock worth $5,635,000 after buying an additional 338 shares in the last quarter. UBS Asset Management Americas Inc. raised its position in shares of Neogen by 3.9% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 21,644 shares of the company’s stock worth $1,496,000 after buying an additional 806 shares in the last quarter. Louisiana State Employees Retirement System raised its position in shares of Neogen by 5.8% during the 4th quarter. Louisiana State Employees Retirement System now owns 16,400 shares of the company’s stock worth $1,348,000 after buying an additional 900 shares in the last quarter. Finally, Prudential Financial Inc. raised its position in shares of Neogen by 1.5% during the 3rd quarter. Prudential Financial Inc. now owns 65,445 shares of the company’s stock worth $5,069,000 after buying an additional 970 shares in the last quarter. Institutional investors own 65.58% of the company’s stock.
Neogen Company Profile
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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