Neogen (NASDAQ:NEOG) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Saturday. The brokerage currently has a $69.00 target price on the stock. Zacks Investment Research‘s price target would indicate a potential upside of 15.69% 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 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. “
Other research analysts have also recently issued reports about the company. Craig Hallum boosted their target price on Neogen from $46.50 to $60.00 and gave the stock a “hold” rating in a research note on Thursday, December 7th. Roth Capital assumed coverage on Neogen in a research note on Tuesday, December 5th. They set a “neutral” rating and a $61.50 target price for the company. Four analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the company. Neogen currently has an average rating of “Hold” and a consensus price target of $63.67.
Neogen (NASDAQ:NEOG) last issued its quarterly earnings data on Wednesday, January 3rd. The company reported $0.33 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.26 by $0.07. Neogen had a return on equity of 10.72% and a net margin of 13.47%. The business had revenue of $101.80 million during the quarter, compared to analysts’ expectations of $102.46 million. During the same period in the previous year, the firm posted $0.29 earnings per share. The company’s revenue was up 12.2% on a year-over-year basis. research analysts predict that Neogen will post 1.02 EPS for the current fiscal year.
In related news, VP Edward Bradley sold 20,000 shares of the business’s stock in a transaction on Monday, October 9th. The stock was sold at an average price of $78.60, for a total transaction of $1,572,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider James L. Herbert sold 26,000 shares of the business’s stock in a transaction on Monday, November 13th. The stock was sold at an average price of $81.45, for a total value of $2,117,700.00. Following the transaction, the insider now directly owns 879,430 shares of the company’s stock, valued at $71,629,573.50. The disclosure for this sale can be found here. Insiders have sold a total of 67,824 shares of company stock valued at $5,442,364 over the last three months. 4.20% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in NEOG. Schwab Charles Investment Management Inc. lifted its holdings in Neogen by 3.1% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 158,981 shares of the company’s stock worth $10,988,000 after buying an additional 4,824 shares during the last quarter. First Trust Advisors LP lifted its holdings in Neogen by 39.7% during the 2nd quarter. First Trust Advisors LP now owns 20,788 shares of the company’s stock worth $1,437,000 after buying an additional 5,904 shares during the last quarter. SG Americas Securities LLC purchased a new stake in Neogen during the 2nd quarter worth about $154,000. Legal & General Group Plc lifted its holdings in Neogen by 10.8% during the 2nd quarter. Legal & General Group Plc now owns 73,185 shares of the company’s stock worth $5,058,000 after buying an additional 7,113 shares during the last quarter. Finally, BNP Paribas Arbitrage SA lifted its holdings in Neogen by 56.0% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 12,414 shares of the company’s stock worth $858,000 after buying an additional 4,455 shares during the last quarter. 86.96% of the stock is owned by hedge funds and other institutional investors.
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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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