BidaskClub Downgrades Neogen (NASDAQ:NEOG) to Sell

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BidaskClub cut shares of Neogen (NASDAQ:NEOG) from a hold rating to a sell rating in a research report sent to investors on Saturday morning, BidAskClub reports.

A number of other research firms have also recently weighed in on NEOG. ValuEngine cut Neogen from a buy rating to a hold rating in a report on Friday, September 27th. Zacks Investment Research cut Neogen from a hold rating to a sell rating and set a $70.00 target price on the stock. in a report on Friday, October 18th. Finally, Craig Hallum increased their target price on Neogen from $72.00 to $78.00 and gave the company an in-line rating in a report on Wednesday, July 24th. Two investment analysts have rated the stock with a sell rating and four have issued a hold rating to the stock. The company currently has an average rating of Hold and an average target price of $74.00.

Shares of Neogen stock traded down $0.67 on Friday, hitting $64.27. The stock had a trading volume of 129,100 shares, compared to its average volume of 209,756. The stock has a market cap of $3.49 billion, a price-to-earnings ratio of 55.89, a P/E/G ratio of 5.47 and a beta of 1.37. The company’s 50 day moving average price is $65.93 and its 200 day moving average price is $64.90. Neogen has a 52-week low of $50.60 and a 52-week high of $79.83.

Neogen (NASDAQ:NEOG) last released its quarterly earnings results on Tuesday, September 24th. The company reported $0.28 earnings per share for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.01). The firm had revenue of $101.42 million during the quarter, compared to analyst estimates of $105.16 million. Neogen had a return on equity of 9.46% and a net margin of 14.32%. The business’s revenue was up 1.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.29 EPS. As a group, research analysts predict that Neogen will post 1.22 EPS for the current fiscal year.

In other Neogen news, Director James L. Herbert sold 20,000 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $67.17, for a total transaction of $1,343,400.00. Following the sale, the director now owns 216,970 shares in the company, valued at approximately $14,573,874.90. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director James L. Herbert sold 15,000 shares of the stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $71.67, for a total value of $1,075,050.00. Following the sale, the director now owns 226,970 shares in the company, valued at approximately $16,266,939.90. The disclosure for this sale can be found here. In the last quarter, insiders have sold 138,069 shares of company stock worth $9,054,542. 1.70% of the stock is owned by insiders.

Large investors have recently made changes to their positions in the business. Steward Partners Investment Advisory LLC acquired a new stake in Neogen during the 2nd quarter valued at $25,000. Executive Wealth Management LLC lifted its stake in shares of Neogen by 124.2% during the 3rd quarter. Executive Wealth Management LLC now owns 509 shares of the company’s stock worth $34,000 after purchasing an additional 282 shares during the period. Gradient Investments LLC purchased a new position in shares of Neogen during the 3rd quarter worth $46,000. Captrust Financial Advisors lifted its stake in shares of Neogen by 20.0% during the 2nd quarter. Captrust Financial Advisors now owns 1,135 shares of the company’s stock worth $70,000 after purchasing an additional 189 shares during the period. Finally, Manchester Financial Inc. purchased a new position in shares of Neogen during the 2nd quarter worth $71,000. Hedge funds and other institutional investors own 90.10% 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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