Neogen (NEOG) Downgraded to Buy at BidaskClub

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Neogen (NASDAQ:NEOG) was downgraded by analysts at BidaskClub from a “strong-buy” rating to a “buy” rating in a research report issued on Thursday, September 20th.

A number of other equities research analysts have also commented on the company. Craig Hallum upped their price target on Neogen from $65.00 to $70.00 and gave the company a “hold” rating in a research report on Wednesday, July 18th. ValuEngine upgraded Neogen from a “buy” rating to a “strong-buy” rating in a research report on Friday, July 6th. Finally, Zacks Investment Research lowered Neogen from a “hold” rating to a “sell” rating in a research report on Thursday, May 31st. One investment analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the stock. Neogen currently has a consensus rating of “Hold” and a consensus target price of $67.75.

NEOG stock traded down $0.21 during midday trading on Thursday, reaching $64.92. 336,149 shares of the stock were exchanged, compared to its average volume of 218,229. The firm has a market capitalization of $3.71 billion, a P/E ratio of 53.65 and a beta of 1.37. Neogen has a 52 week low of $54.09 and a 52 week high of $97.38. The company has a quick ratio of 8.09, a current ratio of 10.10 and a debt-to-equity ratio of 0.03.

Neogen (NASDAQ:NEOG) last issued its quarterly earnings data on Tuesday, September 25th. The company reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.01. The business had revenue of $99.60 million for the quarter, compared to analyst estimates of $104.43 million. Neogen had a return on equity of 12.06% and a net margin of 16.35%. Neogen’s quarterly revenue was up 5.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.31 EPS. As a group, equities research analysts expect that Neogen will post 1.24 EPS for the current fiscal year.

Neogen announced that its Board of Directors has approved a stock repurchase plan on Wednesday, October 10th that allows the company to buyback 3,000,000 outstanding shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

In related news, Director Thomas H. Reed sold 5,333 shares of the company’s stock in a transaction dated Friday, July 20th. The stock was sold at an average price of $82.56, for a total transaction of $440,292.48. Following the sale, the director now owns 8,040 shares in the company, valued at approximately $663,782.40. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider James L. Herbert sold 38,600 shares of the company’s stock in a transaction dated Wednesday, July 18th. The shares were sold at an average price of $82.20, for a total value of $3,172,920.00. Following the sale, the insider now owns 775,226 shares in the company, valued at approximately $63,723,577.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 281,450 shares of company stock worth $23,364,113. 3.00% of the stock is owned by corporate insiders.

A number of hedge funds have recently bought and sold shares of the stock. Northern Trust Corp raised its stake in Neogen by 2.4% during the 2nd quarter. Northern Trust Corp now owns 705,992 shares of the company’s stock worth $56,613,000 after buying an additional 16,686 shares during the period. WINTON GROUP Ltd acquired a new position in Neogen during the 2nd quarter worth approximately $882,000. Granahan Investment Management Inc. MA acquired a new position in Neogen during the 2nd quarter worth approximately $283,000. MetLife Investment Advisors LLC raised its stake in Neogen by 3.9% during the 2nd quarter. MetLife Investment Advisors LLC now owns 22,979 shares of the company’s stock worth $1,843,000 after buying an additional 861 shares during the period. Finally, Tower Research Capital LLC TRC acquired a new position in Neogen during the 2nd quarter worth approximately $106,000. 89.47% 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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