BidaskClub Lowers Neogen (NASDAQ:NEOG) to Buy

BidaskClub downgraded shares of Neogen (NASDAQ:NEOG) from a strong-buy rating to a buy rating in a report published on Friday, September 20th, BidAskClub reports.

NEOG has been the topic of a number of other research reports. ValuEngine upgraded Neogen from a hold rating to a buy rating in a research report on Thursday, August 1st. Zacks Investment Research lowered Neogen from a hold rating to a sell rating and set a $68.00 price target on the stock. in a research report on Friday, June 21st. Guggenheim initiated coverage on Neogen in a research report on Thursday, May 23rd. They issued a neutral rating on the stock. Finally, Craig Hallum upped their target price on Neogen from $72.00 to $78.00 and gave the company an in-line rating in a research report on Wednesday, July 24th. One investment analyst has rated the stock with a sell rating and five have issued a hold rating to the company. Neogen presently has a consensus rating of Hold and a consensus price target of $73.00.

Shares of Neogen stock traded up $1.25 during trading on Friday, reaching $63.90. 128,470 shares of the company’s stock were exchanged, compared to its average volume of 290,293. The company has a market cap of $3.31 billion, a P/E ratio of 55.57, a PEG ratio of 5.19 and a beta of 1.40. Neogen has a 1-year low of $50.60 and a 1-year high of $79.83. The firm’s 50-day moving average price is $70.17 and its 200 day moving average price is $63.76.

Neogen (NASDAQ:NEOG) last issued its quarterly earnings data on Tuesday, September 24th. The company reported $0.28 earnings per share for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.01). Neogen had a return on equity of 9.46% and a net margin of 14.32%. The firm had revenue of $101.42 million for the quarter, compared to the consensus estimate of $105.16 million. During the same quarter in the prior year, the firm earned $0.29 EPS. The company’s revenue was up 1.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Neogen will post 1.22 EPS for the current fiscal year.

In other news, Director James L. Herbert sold 25,334 shares of the stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $63.71, for a total value of $1,614,029.14. Following the completion of the sale, the director now directly owns 232,304 shares of the company’s stock, valued at $14,800,087.84. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director James L. Herbert sold 5,000 shares of the stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $65.00, for a total value of $325,000.00. Following the completion of the sale, the director now directly owns 626,484 shares of the company’s stock, valued at $40,721,460. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 161,532 shares of company stock worth $10,866,068. 1.70% of the stock is owned by company insiders.

Several institutional investors have recently modified their holdings of NEOG. Steward Partners Investment Advisory LLC purchased a new stake in shares of Neogen during the second quarter valued at approximately $25,000. Manchester Capital Management LLC grew its holdings in Neogen by 105.6% during the first quarter. Manchester Capital Management LLC now owns 590 shares of the company’s stock valued at $34,000 after purchasing an additional 303 shares during the period. Gradient Investments LLC bought a new position in Neogen during the third quarter valued at $46,000. Captrust Financial Advisors grew its holdings in Neogen by 20.0% during the second quarter. Captrust Financial Advisors now owns 1,135 shares of the company’s stock valued at $70,000 after purchasing an additional 189 shares during the period. Finally, Manchester Financial Inc. bought a new position in Neogen during the second quarter valued at $71,000. 89.83% of the stock is owned by hedge funds and other institutional investors.

Neogen Company Profile

Neogen Corporation, together with its subsidiaries, develops, manufactures, and markets various products for food and animal safety worldwide. It operates through two segments, Food Safety and Animal Safety. The Food Safety segment primarily offers diagnostic test kits and complementary to detect dangerous and/or unintended substances in human food and animal feed, such as foodborne pathogens, spoilage organisms, natural toxins, food allergens, genetic modifications, ruminant by-products, meat speciation, drug residues, pesticide residues, and general sanitation concerns; and AccuPoint Advanced rapid sanitation test for adenosine triphosphate, a chemical found in living cells.

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