Neogen (NEOG) Cut to Hold at Zacks Investment Research

Neogen (NASDAQ:NEOG) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report released 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 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. “

NEOG has been the subject of a number of other reports. Roth Capital set a $62.00 price objective on shares of Neogen and gave the stock a “hold” rating in a research note on Thursday, January 4th. Craig Hallum lifted their price objective on shares of Neogen from $46.50 to $60.00 and gave the stock a “hold” rating in a research note on Thursday, December 7th. BidaskClub cut shares of Neogen from a “buy” rating to a “hold” rating in a research note on Thursday, January 11th. Finally, Stephens reissued a “hold” rating and issued a $62.00 price objective on shares of Neogen in a research note on Wednesday, January 10th. Six equities research analysts have rated the stock with a hold rating, The stock currently has an average rating of “Hold” and an average price target of $63.25.

Neogen (NEOG) opened at $57.52 on Thursday. The firm has a market cap of $2,916.69, a price-to-earnings ratio of 56.33, a P/E/G ratio of 3.45 and a beta of 1.46. Neogen has a 52 week low of $44.63 and a 52 week high of $64.42.

Neogen (NASDAQ:NEOG) last issued its quarterly earnings data on Wednesday, January 3rd. The company reported $0.33 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.07. Neogen had a net margin of 13.47% and a return on equity of 10.72%. The business had revenue of $101.80 million during the quarter, compared to analysts’ expectations of $102.46 million. During the same period last year, the company posted $0.29 EPS. The business’s revenue was up 12.2% on a year-over-year basis. analysts predict that Neogen will post 1.1 EPS for the current fiscal year.

In other Neogen news, Director G Bruce Papesh sold 6,000 shares of Neogen stock in a transaction on Friday, January 26th. The shares were sold at an average price of $59.72, for a total value of $358,320.00. Following the completion of the transaction, the director now directly owns 18,196 shares of the company’s stock, valued at approximately $1,086,665.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Edward Bradley sold 11,725 shares of the firm’s stock in a transaction dated Tuesday, January 30th. The stock was sold at an average price of $60.29, for a total transaction of $706,900.25. Following the completion of the sale, the vice president now owns 21,412 shares of the company’s stock, valued at approximately $1,290,929.48. The disclosure for this sale can be found here. Insiders sold a total of 35,649 shares of company stock valued at $2,502,844 over the last three months. Corporate insiders own 4.20% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company lifted its holdings in shares of Neogen by 1.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 28,533 shares of the company’s stock worth $1,972,000 after acquiring an additional 273 shares during the last quarter. Parametric Portfolio Associates LLC lifted its holdings in shares of Neogen by 0.4% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 81,530 shares of the company’s stock worth $5,635,000 after acquiring an additional 338 shares during the last quarter. UBS Asset Management Americas Inc. lifted its holdings in shares of Neogen by 3.9% in the 2nd quarter. UBS Asset Management Americas Inc. now owns 21,644 shares of the company’s stock worth $1,496,000 after acquiring an additional 806 shares during the last quarter. Louisiana State Employees Retirement System lifted its holdings in shares of Neogen by 5.8% in the 4th quarter. Louisiana State Employees Retirement System now owns 16,400 shares of the company’s stock worth $1,348,000 after acquiring an additional 900 shares during the last quarter. Finally, Prudential Financial Inc. lifted its holdings in shares of Neogen by 1.5% in the 3rd quarter. Prudential Financial Inc. now owns 65,445 shares of the company’s stock worth $5,069,000 after acquiring an additional 970 shares during the last quarter. Hedge funds and other institutional investors own 65.58% of the company’s stock.

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About Neogen

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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