Neogen Co. (NASDAQ:NEOG) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Wednesday, November 1st.
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 equities research analysts also recently issued reports on the company. BidaskClub downgraded Neogen from a “buy” rating to a “hold” rating in a report on Friday, August 18th. CL King began coverage on Neogen in a report on Friday, July 14th. They set a “neutral” rating for the company.
Neogen (NEOG) opened at $82.03 on Wednesday. Neogen has a one year low of $58.96 and a one year high of $82.75. The stock has a market capitalization of $3,133.70, a price-to-earnings ratio of 68.93, a PEG ratio of 4.17 and a beta of 1.53.
Neogen (NASDAQ:NEOG) last released its earnings results on Tuesday, September 19th. The company reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.01. Neogen had a return on equity of 9.97% and a net margin of 12.53%. The firm had revenue of $95.30 million for the quarter, compared to analyst estimates of $94.87 million. During the same quarter in the prior year, the firm posted $0.26 earnings per share. The company’s quarterly revenue was up 14.0% on a year-over-year basis. equities research analysts predict that Neogen will post 1.31 earnings per share for the current fiscal year.
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In other news, VP Edward Bradley sold 13,628 shares of the firm’s stock in a transaction that occurred on Monday, September 11th. The stock was sold at an average price of $70.06, for a total value of $954,777.68. Following the completion of the sale, the vice president now directly owns 71,691 shares of the company’s stock, valued at $5,022,671.46. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Steven J. Quinlan sold 4,000 shares of Neogen stock in a transaction that occurred on Tuesday, October 31st. The stock was sold at an average price of $80.26, for a total value of $321,040.00. Following the sale, the chief financial officer now directly owns 14,103 shares of the company’s stock, valued at $1,131,906.78. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 149,210 shares of company stock valued at $11,168,321. Corporate insiders own 4.20% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in NEOG. SG Americas Securities LLC acquired a new position in Neogen in the 2nd quarter valued at $154,000. Riverhead Capital Management LLC raised its holdings in Neogen by 91.4% in the 2nd quarter. Riverhead Capital Management LLC now owns 2,297 shares of the company’s stock valued at $159,000 after acquiring an additional 1,097 shares in the last quarter. Parametrica Management Ltd acquired a new position in Neogen in the 3rd quarter valued at $202,000. Victory Capital Management Inc. raised its holdings in Neogen by 17.5% in the 2nd quarter. Victory Capital Management Inc. now owns 2,989 shares of the company’s stock valued at $207,000 after acquiring an additional 446 shares in the last quarter. Finally, Teacher Retirement System of Texas bought a new position in shares of Neogen in the 2nd quarter valued at $209,000. 86.57% of the stock is owned by institutional investors and hedge funds.
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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