Neogen (NASDAQ:NEOG) Cut to “C” at TheStreet

TheStreet lowered shares of Neogen (NASDAQ:NEOG) from a b- rating to a c rating in a research report sent to investors on Tuesday, TheStreetRatingsTable reports.

NEOG has been the topic of a number of other research reports. Roth Capital reaffirmed a neutral rating on shares of Neogen in a research report on Tuesday, December 31st. BidaskClub upgraded shares of Neogen from a buy rating to a strong-buy rating in a research note on Wednesday. Stephens assumed coverage on shares of Neogen in a research note on Monday, February 10th. They set an overweight rating and a $88.00 price target on the stock. Finally, Zacks Investment Research lowered shares of Neogen from a hold rating to a sell rating and set a $64.00 price target on the stock. in a research note on Monday, March 2nd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of Hold and an average target price of $76.67.

NASDAQ NEOG opened at $59.40 on Tuesday. The firm’s 50-day moving average is $64.72 and its two-hundred day moving average is $66.73. Neogen has a 12 month low of $48.91 and a 12 month high of $79.83. The stock has a market capitalization of $3.23 billion, a P/E ratio of 53.04, a PEG ratio of 5.24 and a beta of 1.31.

Neogen (NASDAQ:NEOG) last posted its earnings results on Tuesday, March 24th. The company reported $0.23 EPS for the quarter, missing the Zacks’ consensus estimate of $0.27 by ($0.04). Neogen had a net margin of 14.07% and a return on equity of 8.73%. The company had revenue of $99.60 million during the quarter, compared to analyst estimates of $102.42 million. During the same period in the previous year, the company earned $0.25 EPS. The company’s quarterly revenue was up 1.9% compared to the same quarter last year. On average, equities research analysts anticipate that Neogen will post 1.17 EPS for the current fiscal year.

In related news, VP Jason Warren Lilly sold 7,107 shares of the company’s stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $72.75, for a total transaction of $517,034.25. Following the sale, the vice president now directly owns 18,401 shares in the company, valued at $1,338,672.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director James L. Herbert sold 7,339 shares of the company’s stock in a transaction that occurred on Thursday, January 9th. The stock was sold at an average price of $65.10, for a total transaction of $477,768.90. Following the sale, the director now owns 12,010 shares in the company, valued at $781,851. The disclosure for this sale can be found here. Insiders have sold 75,477 shares of company stock worth $5,106,022 over the last quarter. Insiders own 1.70% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in NEOG. ProShare Advisors LLC boosted its holdings in Neogen by 14.8% in the fourth quarter. ProShare Advisors LLC now owns 9,646 shares of the company’s stock valued at $629,000 after purchasing an additional 1,247 shares in the last quarter. Metropolitan Life Insurance Co NY boosted its holdings in Neogen by 3.7% in the third quarter. Metropolitan Life Insurance Co NY now owns 16,625 shares of the company’s stock valued at $1,132,000 after purchasing an additional 598 shares in the last quarter. Point72 Asset Management L.P. acquired a new position in Neogen in the third quarter valued at approximately $68,000. Parametric Portfolio Associates LLC boosted its holdings in Neogen by 12.3% in the third quarter. Parametric Portfolio Associates LLC now owns 175,543 shares of the company’s stock valued at $11,956,000 after purchasing an additional 19,218 shares in the last quarter. Finally, Man Group plc boosted its holdings in Neogen by 159.5% in the third quarter. Man Group plc now owns 156,315 shares of the company’s stock valued at $10,647,000 after purchasing an additional 96,085 shares in the last quarter. Hedge funds and other institutional investors own 95.11% 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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