Neogen (NASDAQ:NEOG) Rating Increased to Buy at ValuEngine

Neogen (NASDAQ:NEOG) was upgraded by ValuEngine from a “hold” rating to a “buy” rating in a research note issued on Thursday, ValuEngine reports.

Several other equities analysts also recently commented on NEOG. Guggenheim initiated coverage on Neogen in a research report on Thursday, May 23rd. They issued a “neutral” rating on the stock. Craig Hallum upped their target price on Neogen from $72.00 to $78.00 and gave the company an “in-line” rating in a research report on Wednesday, July 24th. Zacks Investment Research downgraded Neogen from a “hold” rating to a “sell” rating and set a $68.00 target price on the stock. in a research report on Friday, June 21st. Finally, BidaskClub raised Neogen from a “hold” rating to a “buy” rating in a research report on Friday, July 19th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Hold” and an average price target of $73.00.

NASDAQ NEOG traded up $0.27 during trading on Thursday, reaching $70.29. 184,459 shares of the company’s stock were exchanged, compared to its average volume of 243,187. The firm’s 50 day simple moving average is $63.84. The firm has a market capitalization of $3.73 billion, a PE ratio of 61.12, a P/E/G ratio of 5.87 and a beta of 1.38. Neogen has a fifty-two week low of $50.60 and a fifty-two week high of $97.38.

Neogen (NASDAQ:NEOG) last announced its quarterly earnings results on Tuesday, July 23rd. The company reported $0.30 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.02. The firm had revenue of $109.80 million for the quarter, compared to the consensus estimate of $110.14 million. Neogen had a return on equity of 9.86% and a net margin of 14.53%. The business’s revenue was up 1.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.33 earnings per share. As a group, analysts forecast that Neogen will post 1.22 earnings per share for the current year.

In other news, Director James L. Herbert sold 10,499 shares of the company’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $70.30, for a total value of $738,079.70. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Terri A. Morrical sold 7,600 shares of the company’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $61.69, for a total value of $468,844.00. Following the completion of the transaction, the vice president now directly owns 45,175 shares in the company, valued at approximately $2,786,845.75. The disclosure for this sale can be found here. Insiders sold 145,870 shares of company stock worth $9,273,967 in the last ninety days. 3.00% of the stock is owned by company insiders.

Several hedge funds have recently modified their holdings of the stock. BlackRock Inc. boosted its stake in shares of Neogen by 0.8% in the first quarter. BlackRock Inc. now owns 7,482,989 shares of the company’s stock valued at $429,448,000 after buying an additional 59,751 shares during the period. Wasatch Advisors Inc. boosted its stake in shares of Neogen by 23.4% in the first quarter. Wasatch Advisors Inc. now owns 2,597,553 shares of the company’s stock valued at $149,074,000 after buying an additional 492,494 shares during the period. Conestoga Capital Advisors LLC boosted its stake in shares of Neogen by 3.0% in the second quarter. Conestoga Capital Advisors LLC now owns 1,593,083 shares of the company’s stock valued at $98,946,000 after buying an additional 47,025 shares during the period. Riverbridge Partners LLC boosted its stake in shares of Neogen by 26.2% in the second quarter. Riverbridge Partners LLC now owns 1,064,724 shares of the company’s stock valued at $66,130,000 after buying an additional 221,143 shares during the period. Finally, Neuberger Berman Group LLC boosted its stake in shares of Neogen by 8.0% in the first quarter. Neuberger Berman Group LLC now owns 910,657 shares of the company’s stock valued at $52,263,000 after buying an additional 67,781 shares during the period. Institutional investors and hedge funds own 90.36% 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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