Zacks Investment Research Lowers Neogen Corp. (NEOG) to Sell
Neogen Corp. (NASDAQ:NEOG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report 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 cut shares of Neogen Corp. from a “buy” rating to a “hold” rating in a research report on Monday, August 29th. One analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company. Neogen Corp. currently has an average rating of “Hold” and an average target price of $58.25.
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Shares of Neogen Corp. (NASDAQ:NEOG) opened at 55.71 on Tuesday. The company has a market capitalization of $2.10 billion, a PE ratio of 56.85 and a beta of 1.41. The company has a 50-day moving average of $57.55 and a 200 day moving average of $53.33. Neogen Corp. has a 52-week low of $43.79 and a 52-week high of $61.24.
Neogen Corp. (NASDAQ:NEOG) last announced its quarterly earnings results on Tuesday, September 27th. The company reported $0.26 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.26. Neogen Corp. had a net margin of 11.25% and a return on equity of 9.36%. The firm earned $83.65 million during the quarter. During the same quarter last year, the company posted $0.25 earnings per share. The company’s revenue was up 11.7% compared to the same quarter last year. Analysts predict that Neogen Corp. will post $1.12 earnings per share for the current year.
In other news, CEO James L. Herbert sold 24,070 shares of the stock in a transaction on Friday, August 5th. The shares were sold at an average price of $55.41, for a total transaction of $1,333,718.70. Following the completion of the sale, the chief executive officer now directly owns 900,539 shares in the company, valued at $49,898,865.99. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Steven J. Quinlan sold 3,000 shares of the stock in a transaction on Friday, September 30th. The stock was sold at an average price of $55.15, for a total transaction of $165,450.00. Following the sale, the chief financial officer now owns 13,103 shares of the company’s stock, valued at $722,630.45. The disclosure for this sale can be found here. Insiders own 4.70% of the company’s stock.
Several large investors have recently bought and sold shares of the company. Henderson Group PLC boosted its stake in Neogen Corp. by 57.6% in the second quarter. Henderson Group PLC now owns 573,997 shares of the company’s stock valued at $32,287,000 after buying an additional 209,783 shares during the period. Loomis Sayles & Co. L P boosted its stake in Neogen Corp. by 91.5% in the first quarter. Loomis Sayles & Co. L P now owns 413,041 shares of the company’s stock worth $20,797,000 after buying an additional 197,383 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake in Neogen Corp. by 19.3% in the second quarter. PNC Financial Services Group Inc. now owns 1,159,937 shares of the company’s stock worth $65,246,000 after buying an additional 187,756 shares during the last quarter. Strs Ohio boosted its stake in Neogen Corp. by 1,827.6% in the second quarter. Strs Ohio now owns 111,800 shares of the company’s stock worth $6,288,000 after buying an additional 106,000 shares during the last quarter. Finally, Emerald Acquisition Ltd. bought a new stake in Neogen Corp. during the second quarter worth approximately $5,945,000. Institutional investors own 86.51% of the company’s stock.
Neogen Corp. Company Profile
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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