Zacks Investment Research lowered shares of Neogen Corporation (NASDAQ:NEOG) from a buy rating to a hold rating in a research note released on Wednesday morning.

According to Zacks, “Neogen Corporation develops, manufactures, and markets a diverse line of products dedicated to food and animal safety. The company’s food safety segment consists primarily of diagnostic test kits and related products, including dehydrated culture media, marketed to food producers and processors to aid in the detection of foodborne bacteria, natural toxins, food allergens, drug residues, pesticide residues, plant disease infections and levels of general sanitation. “

NEOG has been the subject of several other reports. BidaskClub lowered shares of Neogen Corporation from a strong-buy rating to a buy rating in a report on Friday, July 28th. CL King initiated coverage on shares of Neogen Corporation in a report on Friday, July 14th. They issued a neutral rating for the company.

Shares of Neogen Corporation (NASDAQ:NEOG) opened at $81.76 on Wednesday. The company has a market cap of $3,130.00, a PE ratio of 68.71, a PEG ratio of 4.16 and a beta of 1.53. Neogen Corporation has a 52-week low of $51.51 and a 52-week high of $82.00.

Neogen Corporation (NASDAQ:NEOG) last released its earnings results on Tuesday, September 19th. The company reported $0.31 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.30 by $0.01. The company had revenue of $95.30 million during the quarter, compared to analyst estimates of $94.87 million. Neogen Corporation had a net margin of 12.28% and a return on equity of 9.93%. The firm’s quarterly revenue was up 14.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.26 EPS. analysts predict that Neogen Corporation will post 1.31 earnings per share for the current year.

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In other Neogen Corporation news, CFO Steven J. Quinlan sold 4,000 shares of the stock in a transaction that occurred on Tuesday, October 31st. The shares were sold at an average price of $80.26, for a total transaction of $321,040.00. Following the completion of the sale, the chief financial officer now directly owns 14,103 shares of the company’s stock, valued at approximately $1,131,906.78. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Ronald D. Green sold 4,333 shares of the stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $68.49, for a total transaction of $296,767.17. Following the sale, the director now directly owns 3,333 shares of the company’s stock, valued at $228,277.17. The disclosure for this sale can be found here. Insiders sold a total of 157,543 shares of company stock valued at $11,739,808 over the last three months. 4.20% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. BNP Paribas Arbitrage SA grew its holdings in Neogen Corporation by 61.2% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 20,008 shares of the company’s stock valued at $1,550,000 after buying an additional 7,594 shares in the last quarter. Prudential Financial Inc. grew its holdings in Neogen Corporation by 1.5% during the 3rd quarter. Prudential Financial Inc. now owns 65,445 shares of the company’s stock valued at $5,069,000 after buying an additional 970 shares in the last quarter. State of Wisconsin Investment Board grew its holdings in Neogen Corporation by 23.8% during the 3rd quarter. State of Wisconsin Investment Board now owns 59,553 shares of the company’s stock valued at $4,613,000 after buying an additional 11,453 shares in the last quarter. Bridge City Capital LLC grew its holdings in Neogen Corporation by 8.7% during the 3rd quarter. Bridge City Capital LLC now owns 15,152 shares of the company’s stock valued at $1,174,000 after buying an additional 1,215 shares in the last quarter. Finally, Public Employees Retirement Association of Colorado grew its holdings in Neogen Corporation by 4.9% during the 3rd quarter. Public Employees Retirement Association of Colorado now owns 264,691 shares of the company’s stock valued at $20,503,000 after buying an additional 12,400 shares in the last quarter. 86.54% of the stock is owned by institutional investors and hedge funds.

About Neogen Corporation

Neogen Corporation develops, manufactures and markets a range of products and services dedicated to food and animal safety. The Company operates through two segments: Food Safety and Animal Safety. The Food Safety segment produces and markets diagnostic test kits and related products used by food producers and processors to detect harmful natural toxins, foodborne bacteria, allergens and levels of general sanitation.

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