Neogen (NEOG) Lowered to Hold at ValuEngine
ValuEngine lowered shares of Neogen (NASDAQ:NEOG) from a buy rating to a hold rating in a report released on Thursday morning.
A number of other research firms also recently issued reports on NEOG. BidaskClub downgraded shares of Neogen from a strong-buy rating to a buy rating in a report on Thursday, September 20th. Zacks Investment Research cut shares of Neogen from a hold rating to a sell rating in a research note on Friday, September 28th. Finally, Roth Capital reissued a neutral rating on shares of Neogen in a research note on Friday, December 14th. One research analyst has rated the stock with a sell rating and five have issued a hold rating to the company’s stock. Neogen currently has an average rating of Hold and a consensus target price of $66.33.
NEOG traded up $0.16 during midday trading on Thursday, hitting $59.16. The company’s stock had a trading volume of 172,800 shares, compared to its average volume of 269,914. The stock has a market capitalization of $2.96 billion, a price-to-earnings ratio of 48.89, a price-to-earnings-growth ratio of 4.70 and a beta of 1.42. Neogen has a 52-week low of $52.10 and a 52-week high of $97.38.
Neogen announced that its Board of Directors has initiated a share buyback program on Wednesday, October 10th that permits the company to buyback 3,000,000 shares. This buyback authorization permits the company to buy shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.
In related news, Chairman James L. Herbert sold 2,748 shares of the company’s stock in a transaction on Friday, November 23rd. The shares were sold at an average price of $60.51, for a total transaction of $166,281.48. Following the completion of the sale, the chairman now directly owns 742,576 shares of the company’s stock, valued at approximately $44,933,273.76. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider James L. Herbert sold 25,335 shares of the company’s stock in a transaction on Thursday, November 15th. The stock was sold at an average price of $62.44, for a total transaction of $1,581,917.40. Following the sale, the insider now directly owns 746,484 shares of the company’s stock, valued at $46,610,460.96. The disclosure for this sale can be found here. Insiders have sold a total of 72,851 shares of company stock valued at $4,482,628 in the last quarter. Company insiders own 3.00% of the company’s stock.
A number of institutional investors have recently made changes to their positions in NEOG. BlackRock Inc. boosted its position in shares of Neogen by 4.6% in the third quarter. BlackRock Inc. now owns 7,447,171 shares of the company’s stock worth $532,697,000 after buying an additional 326,485 shares during the period. Vanguard Group Inc. boosted its holdings in Neogen by 3.1% in the 3rd quarter. Vanguard Group Inc. now owns 5,020,145 shares of the company’s stock worth $359,091,000 after acquiring an additional 149,536 shares during the period. Vanguard Group Inc boosted its holdings in Neogen by 3.1% in the 3rd quarter. Vanguard Group Inc now owns 5,020,145 shares of the company’s stock worth $359,091,000 after acquiring an additional 149,536 shares during the period. Conestoga Capital Advisors LLC boosted its holdings in Neogen by 13.9% in the 3rd quarter. Conestoga Capital Advisors LLC now owns 1,440,469 shares of the company’s stock worth $103,037,000 after acquiring an additional 175,313 shares during the period. Finally, Northern Trust Corp boosted its stake in shares of Neogen by 2.4% in the second quarter. Northern Trust Corp now owns 705,992 shares of the company’s stock valued at $56,613,000 after purchasing an additional 16,686 shares during the period. 89.34% of the stock is owned by hedge funds and other institutional investors.
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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