Neogen (NASDAQ:NEOG) Upgraded to Buy by BidaskClub

BidaskClub upgraded shares of Neogen (NASDAQ:NEOG) from a hold rating to a buy rating in a research report report published on Friday morning, BidAskClub reports.

A number of other research firms have also recently commented on NEOG. Zacks Investment Research cut shares of Neogen from a hold rating to a sell rating and set a $64.00 price target for the company. in a research note on Monday, March 2nd. TheStreet raised shares of Neogen from a c rating to a b- rating in a research note on Monday, May 11th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. The company has a consensus rating of Hold and an average target price of $76.67.

Neogen stock opened at $73.07 on Friday. The company’s 50-day moving average price is $69.32 and its 200-day moving average price is $66.53. Neogen has a twelve month low of $48.91 and a twelve month high of $79.83. The company has a market cap of $4.04 billion, a PE ratio of 65.24, a price-to-earnings-growth ratio of 6.23 and a beta of 0.74.

Neogen (NASDAQ:NEOG) last posted its earnings results on Tuesday, March 24th. The company reported $0.23 earnings per share for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.04). Neogen had a return on equity of 8.73% and a net margin of 14.07%. The business had revenue of $99.60 million during the quarter, compared to the consensus estimate of $102.42 million. During the same quarter last year, the firm earned $0.25 earnings per share. The business’s quarterly revenue was up 1.9% on a year-over-year basis. As a group, sell-side analysts forecast that Neogen will post 1.11 earnings per share for the current year.

In other news, Director James L. Herbert sold 19,368 shares of the company’s stock in a transaction that occurred on Tuesday, April 21st. The shares were sold at an average price of $66.13, for a total value of $1,280,805.84. Following the completion of the sale, the director now owns 21,872 shares of the company’s stock, valued at approximately $1,446,395.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director James L. Herbert sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, April 3rd. The stock was sold at an average price of $63.16, for a total transaction of $1,263,200.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 40,253 shares of company stock valued at $2,600,646. 1.70% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Norges Bank bought a new position in shares of Neogen during the 4th quarter worth approximately $61,007,000. Mitsubishi UFJ Trust & Banking Corp bought a new position in shares of Neogen during the 1st quarter worth approximately $29,547,000. State Street Corp raised its stake in shares of Neogen by 6.1% during the 1st quarter. State Street Corp now owns 1,756,196 shares of the company’s stock worth $117,648,000 after acquiring an additional 100,233 shares in the last quarter. Conestoga Capital Advisors LLC raised its stake in shares of Neogen by 5.2% during the 1st quarter. Conestoga Capital Advisors LLC now owns 1,655,497 shares of the company’s stock worth $110,902,000 after acquiring an additional 81,407 shares in the last quarter. Finally, Great West Life Assurance Co. Can bought a new position in shares of Neogen during the 4th quarter worth approximately $4,200,000. 92.96% 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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