Neogen Corporation (NEOG) Cut to Hold at BidaskClub

BidaskClub lowered shares of Neogen Corporation (NASDAQ:NEOG) from a buy rating to a hold rating in a research report report published on Friday.

A number of other research analysts also recently weighed in on NEOG. Zacks Investment Research downgraded shares of Neogen Corporation from a buy rating to a hold rating in a research report on Friday. CL King assumed coverage on shares of Neogen Corporation in a research report on Friday, July 14th. They issued a neutral rating for the company.

Shares of Neogen Corporation (NASDAQ:NEOG) opened at 65.20 on Friday. The stock has a market cap of $2.49 billion, a price-to-earnings ratio of 57.19 and a beta of 1.52. The firm has a 50-day moving average price of $66.83 and a 200-day moving average price of $65.01. Neogen Corporation has a 52 week low of $50.53 and a 52 week high of $69.97.

Neogen Corporation (NASDAQ:NEOG) last posted its earnings results on Tuesday, July 18th. The company reported $0.32 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.32. The company had revenue of $98.80 million during the quarter, compared to the consensus estimate of $100.80 million. Neogen Corporation had a net margin of 12.11% and a return on equity of 9.87%. The firm’s quarterly revenue was up 9.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.26 earnings per share. On average, equities analysts anticipate that Neogen Corporation will post $1.30 earnings per share for the current year.

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In related news, Director Ronald D. Green sold 4,333 shares of the company’s stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $68.49, for a total transaction of $296,767.17. Following the completion of the sale, the director now owns 3,333 shares of the company’s stock, valued at approximately $228,277.17. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Steven J. Quinlan sold 4,000 shares of the company’s stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $68.68, for a total transaction of $274,720.00. Following the sale, the vice president now directly owns 14,103 shares of the company’s stock, valued at approximately $968,594.04. The disclosure for this sale can be found here. Insiders have sold 18,333 shares of company stock valued at $1,246,737 in the last three months. Corporate insiders own 4.70% of the company’s stock.

A number of hedge funds have recently made changes to their positions in NEOG. Piedmont Investment Advisors LLC acquired a new stake in shares of Neogen Corporation during the second quarter valued at about $570,000. Sterling Capital Management LLC boosted its stake in Neogen Corporation by 21.2% in the second quarter. Sterling Capital Management LLC now owns 19,005 shares of the company’s stock valued at $1,313,000 after buying an additional 3,330 shares during the period. Fairfield Bush & CO. boosted its stake in Neogen Corporation by 4.6% in the second quarter. Fairfield Bush & CO. now owns 86,570 shares of the company’s stock valued at $5,983,000 after buying an additional 3,845 shares during the period. The Manufacturers Life Insurance Company boosted its stake in Neogen Corporation by 1.0% in the second quarter. The Manufacturers Life Insurance Company now owns 28,533 shares of the company’s stock valued at $1,972,000 after buying an additional 273 shares during the period. Finally, State Street Corp boosted its stake in Neogen Corporation by 4.8% in the second quarter. State Street Corp now owns 949,434 shares of the company’s stock valued at $65,613,000 after buying an additional 43,496 shares during the period. 85.54% of the stock is owned by institutional investors.

About Neogen Corporation

Neogen Corporation develops, manufactures and markets a range of products and services dedicated to food and animal safety. The Company operates through two segments: Food Safety and Animal Safety. The Food Safety segment produces and markets diagnostic test kits and related products used by food producers and processors to detect harmful natural toxins, foodborne bacteria, allergens and levels of general sanitation.

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