Neogen (NEOG) Coverage Initiated at Guggenheim

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Guggenheim initiated coverage on shares of Neogen (NASDAQ:NEOG) in a research note published on Thursday, Briefing.com Automated Import reports. The brokerage issued a neutral rating on the stock.

NEOG has been the subject of several other research reports. BidaskClub raised shares of Neogen from a strong sell rating to a sell rating in a research note on Wednesday, March 20th. Craig Hallum raised shares of Neogen from a hold rating to a buy rating and set a $62.76 target price for the company in a research note on Tuesday, March 19th. ValuEngine lowered shares of Neogen from a buy rating to a hold rating in a research note on Wednesday, January 30th. Finally, Zacks Investment Research lowered shares of Neogen from a hold rating to a sell rating in a research note on Monday, May 20th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company. Neogen has an average rating of Hold and an average target price of $62.76.

Shares of NEOG opened at $57.07 on Thursday. The stock has a market capitalization of $2.97 billion, a P/E ratio of 47.17, a PEG ratio of 5.24 and a beta of 1.33. Neogen has a 12-month low of $50.60 and a 12-month high of $97.38.

Neogen (NASDAQ:NEOG) last announced its earnings results on Tuesday, March 26th. The company reported $0.25 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.27 by ($0.02). The company had revenue of $97.70 million for the quarter, compared to analysts’ expectations of $102.55 million. Neogen had a return on equity of 10.48% and a net margin of 14.96%. The company’s quarterly revenue was up 3.0% compared to the same quarter last year. During the same period last year, the business earned $0.32 EPS. As a group, research analysts expect that Neogen will post 1.12 EPS for the current fiscal year.

In other news, CFO Steven J. Quinlan sold 6,902 shares of the stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $60.13, for a total transaction of $415,017.26. Following the sale, the chief financial officer now owns 20,372 shares of the company’s stock, valued at $1,224,968.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James L. Herbert sold 41,000 shares of the stock in a transaction dated 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. In the last ninety days, insiders have sold 103,385 shares of company stock valued at $6,027,055. 3.00% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently modified their holdings of the company. Brand Asset Management Group Inc. acquired a new stake in shares of Neogen during the first quarter worth about $39,000. First Hawaiian Bank acquired a new stake in shares of Neogen during the fourth quarter worth about $26,000. Manchester Capital Management LLC lifted its position in shares of Neogen by 105.6% during the first 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. Buffington Mohr McNeal acquired a new stake in shares of Neogen during the first quarter worth about $43,000. Finally, Captrust Financial Advisors lifted its position in shares of Neogen by 47.0% during the fourth quarter. Captrust Financial Advisors now owns 970 shares of the company’s stock worth $55,000 after purchasing an additional 310 shares in the last quarter. 88.81% of the stock is currently owned by institutional investors and hedge funds.

Neogen Company Profile

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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