Neogen Corporation (NASDAQ:NEOG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday. The brokerage presently has a $88.00 price target on the stock. Zacks Investment Research‘s target price suggests a potential upside of 12.14% from the stock’s previous close.
According to Zacks, “Neogen Corporation develops, manufactures, and markets a diverse line of products dedicated to food and animal safety. The company’s food safety segment consists primarily of diagnostic test kits and related products, including dehydrated culture media, marketed to food producers and processors to aid in the detection of foodborne bacteria, natural toxins, food allergens, drug residues, pesticide residues, plant disease infections and levels of general sanitation. “
NEOG has been the topic of several other reports. CL King began coverage on shares of Neogen Corporation in a report on Friday, July 14th. They issued a “neutral” rating on the stock. BidaskClub raised shares of Neogen Corporation from a “buy” rating to a “strong-buy” rating in a report on Friday, June 30th.
Neogen Corporation (NEOG) opened at 78.47 on Wednesday. The company has a market capitalization of $3.00 billion, a PE ratio of 65.94 and a beta of 1.52. The company has a 50-day moving average price of $72.38 and a 200 day moving average price of $66.78. Neogen Corporation has a 52-week low of $50.53 and a 52-week high of $79.99.
Neogen Corporation (NASDAQ:NEOG) last released its quarterly earnings results on Tuesday, September 19th. The company reported $0.31 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.30 by $0.01. Neogen Corporation had a net margin of 12.28% and a return on equity of 9.93%. The business had revenue of $95.30 million for the quarter, compared to analyst estimates of $94.87 million. During the same period in the previous year, the company earned $0.26 earnings per share. The business’s revenue for the quarter was up 14.0% on a year-over-year basis. Equities research analysts anticipate that Neogen Corporation will post $1.32 earnings per share for the current year.
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In other news, VP Edward Bradley sold 38,876 shares of the business’s stock in a transaction on Wednesday, September 20th. The shares were sold at an average price of $71.28, for a total transaction of $2,771,081.28. Following the sale, the vice president now directly owns 83,712 shares of the company’s stock, valued at $5,966,991.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director James P. Tobin acquired 500 shares of the company’s stock in a transaction dated Thursday, July 27th. The shares were bought at an average cost of $64.64 per share, for a total transaction of $32,320.00. Following the completion of the acquisition, the director now directly owns 3,200 shares of the company’s stock, valued at $206,848. The disclosure for this purchase can be found here. Insiders have sold 158,543 shares of company stock worth $11,750,418 over the last three months. Corporate insiders own 4.20% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in NEOG. BlackRock Inc. grew its holdings in shares of Neogen Corporation by 149,314.6% during the first quarter. BlackRock Inc. now owns 4,466,002 shares of the company’s stock valued at $292,745,000 after buying an additional 4,463,013 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Neogen Corporation by 5.7% during the first quarter. Vanguard Group Inc. now owns 3,257,469 shares of the company’s stock valued at $213,527,000 after buying an additional 176,056 shares during the last quarter. Royce & Associates LP grew its holdings in shares of Neogen Corporation by 286.0% during the first quarter. Royce & Associates LP now owns 151,300 shares of the company’s stock valued at $9,918,000 after buying an additional 112,100 shares during the last quarter. OppenheimerFunds Inc. grew its holdings in shares of Neogen Corporation by 2,910.7% during the first quarter. OppenheimerFunds Inc. now owns 96,885 shares of the company’s stock valued at $6,351,000 after buying an additional 93,667 shares during the last quarter. Finally, Ameriprise Financial Inc. grew its holdings in shares of Neogen Corporation by 32.5% during the second quarter. Ameriprise Financial Inc. now owns 372,276 shares of the company’s stock valued at $25,728,000 after buying an additional 91,390 shares during the last quarter. 86.12% of the stock is currently owned by hedge funds and other institutional investors.
Neogen Corporation Company Profile
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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