Neogen (NEOG) Downgraded by Zacks Investment Research to “Hold”

Zacks Investment Research lowered shares of Neogen (NASDAQ:NEOG) from a buy rating to a hold rating in a research report report published on Wednesday morning.

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 research reports. Roth Capital initiated coverage on Neogen in a report on Tuesday. They issued a neutral rating and a $82.00 target price for the company. BidaskClub cut Neogen from a buy rating to a hold rating in a research note on Friday, August 18th. Five equities research analysts have rated the stock with a hold rating, The stock presently has a consensus rating of Hold and a consensus price target of $85.00.

Shares of Neogen (NASDAQ NEOG) traded up $0.53 on Wednesday, reaching $82.12. The company’s stock had a trading volume of 105,200 shares, compared to its average volume of 110,820. Neogen has a fifty-two week low of $59.51 and a fifty-two week high of $85.89. The firm has a market cap of $3,116.89, a PE ratio of 68.56, a PEG ratio of 4.15 and a beta of 1.54.

Neogen (NASDAQ:NEOG) last issued its earnings results on Tuesday, September 19th. The company reported $0.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.30 by $0.01. Neogen had a return on equity of 9.93% and a net margin of 12.28%. The business had revenue of $95.30 million during the quarter, compared to analysts’ expectations of $94.87 million. During the same quarter in the prior year, the firm earned $0.26 EPS. The business’s revenue for the quarter was up 14.0% compared to the same quarter last year. equities analysts anticipate that Neogen will post 1.31 earnings per share for the current year.

In other news, VP Edward Bradley sold 38,876 shares of the stock in a transaction dated Wednesday, September 20th. The stock was sold at an average price of $71.28, for a total value of $2,771,081.28. Following the completion of the sale, the vice president now owns 83,712 shares of the company’s stock, valued at $5,966,991.36. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Steven J. Quinlan sold 2,250 shares of the stock in a transaction dated Wednesday, October 4th. The shares were sold at an average price of $78.52, for a total value of $176,670.00. The disclosure for this sale can be found here. In the last three months, insiders sold 186,662 shares of company stock valued at $14,271,286. Insiders own 4.20% of the company’s stock.

Hedge funds have recently modified their holdings of the company. SG Americas Securities LLC acquired a new stake in shares of Neogen in the second quarter valued at about $154,000. Riverhead Capital Management LLC grew its stake in Neogen by 91.4% during the second quarter. Riverhead Capital Management LLC now owns 2,297 shares of the company’s stock worth $159,000 after purchasing an additional 1,097 shares during the period. Bell Bank acquired a new stake in Neogen during the third quarter worth approximately $201,000. Parametrica Management Ltd acquired a new stake in Neogen during the third quarter worth approximately $202,000. Finally, Arcadia Investment Management Corp MI acquired a new stake in Neogen during the third quarter worth approximately $230,000. 87.06% of the stock is owned by institutional investors.

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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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