BidaskClub Lowers Neogen (NASDAQ:NEOG) to Buy

BidaskClub lowered shares of Neogen (NASDAQ:NEOG) from a strong-buy rating to a buy rating in a report issued on Friday, BidAskClub reports.

A number of other research firms have also issued reports on NEOG. Zacks Investment Research lowered shares of Neogen from a hold rating to a sell rating and set a $68.00 price target for the company. in a research report on Friday, June 21st. Guggenheim assumed coverage on shares of Neogen in a research report on Thursday, May 23rd. They set a neutral rating for the company. Craig Hallum raised their price target on shares of Neogen from $72.00 to $78.00 and gave the stock an in-line rating in a research report on Wednesday, July 24th. Finally, ValuEngine raised shares of Neogen from a hold rating to a buy rating in a research report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. The stock currently has an average rating of Hold and an average target price of $73.00.

NEOG opened at $75.01 on Friday. Neogen has a 12-month low of $50.60 and a 12-month high of $91.09. The firm has a market capitalization of $4.00 billion, a PE ratio of 65.23, a P/E/G ratio of 6.26 and a beta of 1.42. The firm has a 50 day moving average of $71.92 and a two-hundred day moving average of $63.23.



Neogen (NASDAQ:NEOG) last posted its quarterly earnings results on Tuesday, July 23rd. The company reported $0.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.02. Neogen had a net margin of 14.53% and a return on equity of 9.86%. The company had revenue of $109.80 million during the quarter, compared to analyst estimates of $110.14 million. During the same period last year, the firm posted $0.33 EPS. Neogen’s revenue for the quarter was up 1.6% compared to the same quarter last year. As a group, equities research analysts anticipate that Neogen will post 1.22 EPS for the current fiscal year.

In other news, Director James L. Herbert sold 15,000 shares of Neogen stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $71.67, for a total transaction of $1,075,050.00. Following the completion of the transaction, the director now directly owns 226,970 shares of the company’s stock, valued at approximately $16,266,939.90. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO John Edward Adent sold 31,489 shares of Neogen stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $69.03, for a total transaction of $2,173,685.67. Following the transaction, the chief executive officer now directly owns 44,302 shares of the company’s stock, valued at $3,058,167.06. The disclosure for this sale can be found here. Insiders have sold a total of 126,198 shares of company stock valued at $8,519,739 over the last three months. 1.70% of the stock is currently owned by insiders.

Several large investors have recently bought and sold shares of NEOG. Brown Capital Management LLC increased its holdings in shares of Neogen by 3.7% during the 2nd quarter. Brown Capital Management LLC now owns 6,582,835 shares of the company’s stock valued at $408,860,000 after purchasing an additional 236,702 shares in the last quarter. Riverbridge Partners LLC increased its holdings in shares of Neogen by 26.2% during the 2nd quarter. Riverbridge Partners LLC now owns 1,064,724 shares of the company’s stock valued at $66,130,000 after purchasing an additional 221,143 shares in the last quarter. Nuveen Asset Management LLC purchased a new position in shares of Neogen during the 2nd quarter valued at approximately $12,894,000. Morgan Stanley increased its holdings in shares of Neogen by 326.6% during the 2nd quarter. Morgan Stanley now owns 262,113 shares of the company’s stock valued at $16,280,000 after purchasing an additional 200,668 shares in the last quarter. Finally, BlackRock Inc. increased its holdings in shares of Neogen by 2.1% during the 2nd quarter. BlackRock Inc. now owns 7,643,175 shares of the company’s stock valued at $474,718,000 after purchasing an additional 160,186 shares in the last quarter. 89.92% of the stock is owned by hedge funds and other institutional investors.

About Neogen

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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