Neogen (NEOG) Downgraded by BidaskClub to “Sell”

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BidaskClub downgraded shares of Neogen (NASDAQ:NEOG) from a hold rating to a sell rating in a report released on Wednesday, BidAskClub reports.

Other equities analysts have also recently issued reports about the stock. ValuEngine raised shares of Neogen from a hold rating to a buy rating in a research note on Thursday, January 24th. Craig Hallum raised shares of Neogen from a hold rating to a buy rating and set a $62.76 price objective on the stock in a research note on Tuesday, March 19th. Finally, Zacks Investment Research cut shares of Neogen from a hold rating to a sell rating in a research note on Monday, May 20th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company. Neogen presently has a consensus rating of Hold and a consensus target price of $62.76.

Shares of NEOG opened at $57.07 on Wednesday. The firm has a market capitalization of $2.97 billion, a price-to-earnings ratio of 47.17, a PEG ratio of 5.24 and a beta of 1.33. Neogen has a 1 year low of $50.60 and a 1 year high of $97.38.

Neogen (NASDAQ:NEOG) last announced its quarterly earnings data on Tuesday, March 26th. The company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.02). The firm had revenue of $97.70 million during the quarter, compared to analyst estimates of $102.55 million. Neogen had a net margin of 14.96% and a return on equity of 10.48%. The business’s quarterly revenue was up 3.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.32 earnings per share. Equities research analysts anticipate that Neogen will post 1.12 earnings per share for the current fiscal year.

In other Neogen news, Director Jack C. Parnell sold 9,883 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $56.98, for a total transaction of $563,133.34. Following the sale, the director now directly owns 18,655 shares in the company, valued at approximately $1,062,961.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director James L. Herbert sold 41,000 shares of the business’s stock in a transaction on Thursday, April 18th. The stock was sold at an average price of $56.09, for a total transaction of $2,299,690.00. The disclosure for this sale can be found here. Insiders have sold a total of 103,385 shares of company stock worth $6,027,055 over the last 90 days. Insiders own 3.00% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the business. First Hawaiian Bank purchased a new stake in shares of Neogen during the 4th quarter worth $26,000. Manchester Capital Management LLC boosted its position in shares of Neogen by 105.6% during the 1st quarter. Manchester Capital Management LLC now owns 590 shares of the company’s stock worth $34,000 after purchasing an additional 303 shares in the last quarter. Brand Asset Management Group Inc. purchased a new stake in shares of Neogen during the 1st quarter worth $39,000. Ellis Investment Partners LLC purchased a new stake in shares of Neogen during the 1st quarter worth $40,000. Finally, Buffington Mohr McNeal purchased a new stake in shares of Neogen during the 1st quarter worth $43,000. Institutional investors own 88.81% of the company’s stock.

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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