Zacks Investment Research cut shares of Neogen Co. (NASDAQ:NEOG) from a buy rating to a hold rating in a report published on Thursday.

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. “

Several other equities research analysts have also recently commented on the stock. BidaskClub cut shares of Neogen from a buy rating to a hold rating in a research report on Friday, August 18th. CL King assumed coverage on shares of Neogen in a research report on Friday, July 14th. They set a neutral rating on the stock.

Shares of Neogen (NASDAQ NEOG) opened at 66.67 on Thursday. The stock has a market cap of $2.55 billion, a P/E ratio of 58.48 and a beta of 1.52. The firm’s 50-day moving average price is $66.50 and its 200-day moving average price is $65.03. Neogen has a 52-week low of $50.53 and a 52-week high of $69.97.

Neogen (NASDAQ:NEOG) last issued its quarterly earnings results on Tuesday, July 18th. The company reported $0.32 EPS for the quarter, hitting the consensus estimate of $0.32. Neogen had a net margin of 12.64% and a return on equity of 10.84%. The firm had revenue of $98.80 million for the quarter, compared to analysts’ expectations of $100.80 million. During the same period in the previous year, the firm posted $0.26 EPS. The company’s revenue for the quarter was up 9.7% on a year-over-year basis. On average, equities research analysts forecast that Neogen will post $1.30 earnings per share for the current fiscal year.

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In other news, VP Edward Bradley sold 5,000 shares of the business’s stock in a transaction dated Wednesday, July 19th. The shares were sold at an average price of $66.33, for a total transaction of $331,650.00. Following the transaction, the vice president now directly owns 86,512 shares in the company, valued at approximately $5,738,340.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James P. Tobin acquired 500 shares of the stock in a transaction dated Thursday, July 27th. The shares were purchased at an average price of $64.64 per share, for a total transaction of $32,320.00. Following the completion of the purchase, the director now directly owns 3,200 shares in the company, valued at $206,848. The disclosure for this purchase can be found here. Insiders have sold a total of 18,333 shares of company stock worth $1,246,737 over the last 90 days. 4.70% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Teachers Advisors LLC raised its position in Neogen by 2.8% in the fourth quarter. Teachers Advisors LLC now owns 62,771 shares of the company’s stock valued at $4,143,000 after buying an additional 1,691 shares in the last quarter. Louisiana State Employees Retirement System raised its position in Neogen by 2.0% in the first quarter. Louisiana State Employees Retirement System now owns 15,500 shares of the company’s stock valued at $1,016,000 after buying an additional 300 shares in the last quarter. State of Alaska Department of Revenue raised its position in Neogen by 3.4% in the first quarter. State of Alaska Department of Revenue now owns 4,210 shares of the company’s stock valued at $275,000 after buying an additional 140 shares in the last quarter. Great West Life Assurance Co. Can raised its position in Neogen by 6.9% in the first quarter. Great West Life Assurance Co. Can now owns 53,513 shares of the company’s stock valued at $3,507,000 after buying an additional 3,465 shares in the last quarter. Finally, First Trust Advisors LP raised its position in Neogen by 78.2% in the first quarter. First Trust Advisors LP now owns 14,884 shares of the company’s stock valued at $976,000 after buying an additional 6,530 shares in the last quarter. Institutional investors own 85.54% of the company’s stock.

About Neogen

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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