Neogen Corporation (NEOG) Upgraded to “Buy” at Zacks Investment Research
Neogen Corporation (NASDAQ:NEOG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday. The brokerage currently has a $88.00 target price on the stock. Zacks Investment Research‘s price objective points to a potential upside of 12.14% from the company’s current price.
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. “
Several other analysts also recently commented on NEOG. BidaskClub upgraded Neogen Corporation from a “buy” rating to a “strong-buy” rating in a research note on Friday, June 30th. CL King initiated coverage on Neogen Corporation in a research note on Friday, July 14th. They issued a “neutral” rating for the company.
Neogen Corporation (NEOG) opened at 78.47 on Wednesday. Neogen Corporation has a 52-week low of $50.53 and a 52-week high of $79.99. The stock’s 50 day moving average price is $72.38 and its 200 day moving average price is $66.78. The firm has a market capitalization of $3.00 billion, a PE ratio of 65.94 and a beta of 1.52.
Neogen Corporation (NASDAQ:NEOG) last issued its earnings results on Tuesday, September 19th. The company reported $0.31 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.30 by $0.01. The company had revenue of $95.30 million during the quarter, compared to the consensus estimate of $94.87 million. Neogen Corporation had a return on equity of 9.93% and a net margin of 12.28%. The firm’s revenue for the quarter was up 14.0% compared to the same quarter last year. During the same period last year, the business posted $0.26 EPS. On average, analysts predict that Neogen Corporation will post $1.32 EPS for the current fiscal year.
ILLEGAL ACTIVITY WARNING: “Neogen Corporation (NEOG) Upgraded to “Buy” at Zacks Investment Research” was published by American Banking News and is owned by of American Banking News. If you are accessing this news story on another website, it was copied illegally and republished in violation of U.S. & international copyright legislation. The original version of this news story can be accessed at https://www.americanbankingnews.com/2017/10/11/neogen-corporation-neog-upgraded-to-buy-at-zacks-investment-research.html.
In other Neogen Corporation news, insider James L. Herbert sold 14,513 shares of Neogen Corporation stock in a transaction dated Wednesday, October 4th. The stock was sold at an average price of $78.32, for a total transaction of $1,136,658.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Edward Bradley sold 20,000 shares of Neogen Corporation stock in a transaction dated Monday, October 9th. The shares were sold at an average price of $78.60, for a total value of $1,572,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 158,543 shares of company stock valued at $11,750,418 in the last quarter. Company insiders own 4.20% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in NEOG. BlackRock Inc. boosted its stake in Neogen Corporation by 149,314.6% during the 1st quarter. BlackRock Inc. now owns 4,466,002 shares of the company’s stock valued at $292,745,000 after purchasing an additional 4,463,013 shares during the last quarter. Vanguard Group Inc. boosted its stake in Neogen Corporation by 5.7% during the 1st quarter. Vanguard Group Inc. now owns 3,257,469 shares of the company’s stock valued at $213,527,000 after purchasing an additional 176,056 shares during the last quarter. Royce & Associates LP boosted its stake in Neogen Corporation by 286.0% during the 1st quarter. Royce & Associates LP now owns 151,300 shares of the company’s stock valued at $9,918,000 after purchasing an additional 112,100 shares during the last quarter. OppenheimerFunds Inc. boosted its stake in Neogen Corporation by 2,910.7% during the 1st quarter. OppenheimerFunds Inc. now owns 96,885 shares of the company’s stock valued at $6,351,000 after purchasing an additional 93,667 shares during the last quarter. Finally, Ameriprise Financial Inc. boosted its stake in Neogen Corporation by 32.5% during the 2nd quarter. Ameriprise Financial Inc. now owns 372,276 shares of the company’s stock valued at $25,728,000 after purchasing an additional 91,390 shares during the last quarter. Institutional investors and hedge funds own 86.12% of the company’s stock.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Neogen Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Neogen Corporation and related companies with MarketBeat.com's FREE daily email newsletter.