Zacks Investment Research upgraded shares of Neogen (NASDAQ:NEOG) from a hold rating to a buy rating in a report issued on Wednesday morning. Zacks Investment Research currently has $74.00 price objective on the stock.
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. “
A number of other research firms also recently weighed in on NEOG. Craig Hallum raised their price target on Neogen from $46.50 to $60.00 and gave the company a hold rating in a research report on Thursday, December 7th. Roth Capital initiated coverage on Neogen in a research report on Tuesday, December 5th. They set a neutral rating and a $61.50 price target on the stock. Stephens restated a hold rating and set a $65.00 price target (up previously from $62.00) on shares of Neogen in a research report on Monday, March 26th. Finally, BidaskClub cut Neogen from a buy rating to a hold rating in a research note on Thursday, January 11th. Five investment analysts have rated the stock with a hold rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus price target of $65.25.
Neogen (NASDAQ:NEOG) last released its quarterly earnings results on Thursday, March 22nd. The company reported $0.32 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.24 by $0.08. Neogen had a return on equity of 11.49% and a net margin of 14.82%. The business had revenue of $95.90 million for the quarter, compared to the consensus estimate of $97.93 million. During the same quarter last year, the business posted $0.27 earnings per share. The company’s revenue for the quarter was up 8.5% on a year-over-year basis. analysts predict that Neogen will post 1.1 EPS for the current fiscal year.
In other news, CFO Steven J. Quinlan sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $60.15, for a total transaction of $120,300.00. Following the transaction, the chief financial officer now directly owns 15,470 shares of the company’s stock, valued at $930,520.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Thomas H. Reed sold 6,000 shares of the firm’s stock in a transaction dated Friday, March 23rd. The shares were sold at an average price of $62.47, for a total value of $374,820.00. Following the transaction, the director now directly owns 19,375 shares in the company, valued at $1,210,356.25. The disclosure for this sale can be found here. Insiders have sold 77,382 shares of company stock worth $4,645,383 over the last ninety days. Insiders own 4.20% of the company’s stock.
Several large investors have recently made changes to their positions in the company. BlackRock Inc. grew its stake in shares of Neogen by 2.0% during the fourth quarter. BlackRock Inc. now owns 4,682,052 shares of the company’s stock valued at $384,911,000 after buying an additional 89,642 shares during the last quarter. Conestoga Capital Advisors LLC grew its stake in shares of Neogen by 12.4% during the fourth quarter. Conestoga Capital Advisors LLC now owns 1,077,886 shares of the company’s stock valued at $88,613,000 after buying an additional 119,102 shares during the last quarter. Wasatch Advisors Inc. grew its stake in shares of Neogen by 619.3% during the fourth quarter. Wasatch Advisors Inc. now owns 1,023,040 shares of the company’s stock valued at $84,104,000 after buying an additional 880,819 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Neogen by 10.2% during the fourth quarter. Bank of New York Mellon Corp now owns 560,901 shares of the company’s stock valued at $46,111,000 after buying an additional 52,141 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of Neogen by 33.7% in the fourth quarter. Geode Capital Management LLC now owns 451,973 shares of the company’s stock worth $27,867,000 after purchasing an additional 113,850 shares during the last quarter. 67.69% of the stock is currently owned by hedge funds and other institutional investors.
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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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