BidaskClub Lowers Neogen (NASDAQ:NEOG) to Buy

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

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

NEOG opened at $65.23 on Friday. The firm has a market capitalization of $3.51 billion, a PE ratio of 56.72, a price-to-earnings-growth ratio of 5.51 and a beta of 1.42. The business’s 50-day moving average is $71.95 and its two-hundred day moving average is $63.58. Neogen has a 1 year low of $50.60 and a 1 year high of $79.83.

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

In other news, CEO John Edward Adent sold 31,489 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $69.03, for a total value of $2,173,685.67. Following the completion of the sale, the chief executive officer now directly owns 44,302 shares in the company, valued at $3,058,167.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director James L. Herbert sold 15,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $71.67, for a total value of $1,075,050.00. Following the completion of the sale, the director now owns 226,970 shares of the company’s stock, valued at $16,266,939.90. The disclosure for this sale can be found here. Insiders sold 126,198 shares of company stock valued at $8,519,739 over the last 90 days. Company insiders own 1.70% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of NEOG. BlackRock Inc. boosted its stake in Neogen by 2.1% during the second quarter. BlackRock Inc. now owns 7,643,175 shares of the company’s stock worth $474,718,000 after buying an additional 160,186 shares during the last quarter. Brown Capital Management LLC boosted its stake in Neogen by 3.7% during the second quarter. Brown Capital Management LLC now owns 6,582,835 shares of the company’s stock worth $408,860,000 after buying an additional 236,702 shares during the last quarter. Vanguard Group Inc. boosted its stake in Neogen by 2.3% during the second quarter. Vanguard Group Inc. now owns 5,373,046 shares of the company’s stock worth $333,721,000 after buying an additional 121,899 shares during the last quarter. Conestoga Capital Advisors LLC boosted its stake in Neogen by 3.0% during the second quarter. Conestoga Capital Advisors LLC now owns 1,593,083 shares of the company’s stock worth $98,946,000 after buying an additional 47,025 shares during the last quarter. Finally, Riverbridge Partners LLC boosted its stake in Neogen by 26.2% during the second quarter. Riverbridge Partners LLC now owns 1,064,724 shares of the company’s stock worth $66,130,000 after buying an additional 221,143 shares during the last quarter. Hedge funds and other institutional investors own 89.92% of the company’s stock.

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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