Neogen Corp. (NEOG) Rating Lowered to Sell at Zacks Investment Research
Neogen Corp. (NASDAQ:NEOG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday.
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, Craig Hallum lowered shares of Neogen Corp. from a “buy” rating to a “hold” rating in a report on Monday, August 29th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $58.25.
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Neogen Corp. (NASDAQ:NEOG) opened at 55.71 on Tuesday. The company’s 50-day moving average is $57.55 and its 200-day moving average is $53.33. Neogen Corp. has a 52-week low of $43.79 and a 52-week high of $61.24. The firm has a market capitalization of $2.10 billion, a P/E ratio of 56.85 and a beta of 1.41.
Neogen Corp. (NASDAQ:NEOG) last released its earnings results on Tuesday, September 27th. The company reported $0.26 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.26. The company had revenue of $83.65 million for the quarter. Neogen Corp. had a net margin of 11.25% and a return on equity of 9.36%. Neogen Corp.’s quarterly revenue was up 11.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.25 earnings per share. On average, analysts predict that Neogen Corp. will post $1.12 EPS for the current year.
In other news, CEO James L. Herbert sold 24,070 shares of the firm’s stock in a transaction on Friday, August 5th. The shares were sold at an average price of $55.41, for a total value of $1,333,718.70. Following the sale, the chief executive officer now directly owns 900,539 shares in the company, valued at approximately $49,898,865.99. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Steven J. Quinlan sold 3,000 shares of the firm’s stock in a transaction on Friday, September 30th. The shares were sold at an average price of $55.15, for a total transaction of $165,450.00. Following the completion of the sale, the chief financial officer now owns 13,103 shares in the company, valued at $722,630.45. The disclosure for this sale can be found here. 4.70% of the stock is currently owned by insiders.
Several large investors have recently made changes to their positions in the stock. PineBridge Investments L.P. increased its position in Neogen Corp. by 4.0% in the second quarter. PineBridge Investments L.P. now owns 4,760 shares of the company’s stock worth $267,000 after buying an additional 185 shares during the period. Nisa Investment Advisors LLC increased its position in Neogen Corp. by 1.1% in the second quarter. Nisa Investment Advisors LLC now owns 19,125 shares of the company’s stock worth $1,076,000 after buying an additional 200 shares during the period. Arizona State Retirement System increased its position in Neogen Corp. by 1.0% in the second quarter. Arizona State Retirement System now owns 19,441 shares of the company’s stock worth $1,094,000 after buying an additional 200 shares during the period. Mutual of America Capital Management LLC increased its position in Neogen Corp. by 0.6% in the fourth quarter. Mutual of America Capital Management LLC now owns 48,182 shares of the company’s stock worth $2,723,000 after buying an additional 285 shares during the period. Finally, American International Group Inc. increased its position in Neogen Corp. by 1.2% in the fourth quarter. American International Group Inc. now owns 26,716 shares of the company’s stock worth $1,510,000 after buying an additional 304 shares during the period. Institutional investors and hedge funds own 86.51% of the company’s stock.
About Neogen Corp.
Neogen Corporation develops, manufactures and markets a diverse line of products dedicated to food and animal safety. The Company has two segments: Food Safety and Animal Safety. The Food Safety segment is engaged in the development, production and marketing of 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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