Zacks Investment Research Lowers Neogen Corporation (NEOG) to Hold
Neogen Corporation (NASDAQ:NEOG) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Thursday.
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 equities analysts also recently issued reports about the company. BidaskClub downgraded Neogen Corporation from a “buy” rating to a “hold” rating in a research note on Friday, August 18th. CL King began coverage on Neogen Corporation in a research note on Friday, July 14th. They issued a “neutral” rating for the company.
Neogen Corporation (NASDAQ NEOG) traded up 1.09% on Thursday, reaching $67.40. The company’s stock had a trading volume of 103,206 shares. The firm has a 50-day moving average of $66.50 and a 200 day moving average of $65.03. The company has a market capitalization of $2.58 billion, a price-to-earnings ratio of 59.12 and a beta of 1.52. Neogen Corporation has a 12-month low of $50.53 and a 12-month high of $69.97.
Neogen Corporation (NASDAQ:NEOG) last released its quarterly earnings data on Tuesday, July 18th. The company reported $0.32 earnings per share for the quarter, meeting the consensus estimate of $0.32. Neogen Corporation had a return on equity of 9.87% and a net margin of 12.11%. The firm had revenue of $98.80 million during the quarter, compared to the consensus estimate of $100.80 million. During the same period last year, the business posted $0.26 EPS. Neogen Corporation’s quarterly revenue was up 9.7% on a year-over-year basis. On average, equities research analysts anticipate that Neogen Corporation will post $1.30 EPS for the current fiscal year.
In related news, Director James P. Tobin purchased 500 shares of the company’s stock in a transaction on Thursday, July 27th. The stock was bought at an average price of $64.64 per share, with a total value of $32,320.00. Following the completion of the transaction, the director now owns 3,200 shares of the company’s stock, valued at approximately $206,848. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ronald D. Green sold 4,333 shares of the firm’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 transaction, the director now directly owns 3,333 shares of the company’s stock, valued at approximately $228,277.17. The disclosure for this sale can be found here. Insiders have sold 18,333 shares of company stock valued at $1,246,737 in the last three months. 4.70% of the stock is currently owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC bought a new position in Neogen Corporation during the second quarter valued at $154,000. Riverhead Capital Management LLC increased its position in Neogen Corporation by 91.4% in the second quarter. Riverhead Capital Management LLC now owns 2,297 shares of the company’s stock valued at $159,000 after buying an additional 1,097 shares during the last quarter. Victory Capital Management Inc. increased its position in Neogen Corporation by 53.0% in the first quarter. Victory Capital Management Inc. now owns 2,543 shares of the company’s stock valued at $167,000 after buying an additional 881 shares during the last quarter. Teacher Retirement System of Texas bought a new position in Neogen Corporation during the second quarter valued at $209,000. Finally, Creative Planning increased its position in Neogen Corporation by 1.3% in the second quarter. Creative Planning now owns 3,478 shares of the company’s stock valued at $240,000 after buying an additional 46 shares during the last quarter. 86.18% of the stock is owned by institutional investors.
Neogen Corporation 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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