Neogen Corporation (NASDAQ:NEOG) Receives Average Recommendation of “Hold” from Brokerages

Neogen Corporation (NASDAQ:NEOG) has received an average rating of “Hold” from the six analysts that are covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, three have given a hold recommendation and two have assigned a buy recommendation to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $10.6667.

Several brokerages recently commented on NEOG. Piper Sandler reiterated a “neutral” rating and issued a $10.00 price target (up previously from $6.50) on shares of Neogen in a research note on Monday. Guggenheim restated a “buy” rating and set a $12.00 price objective (up previously from $8.00) on shares of Neogen in a report on Friday. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Neogen in a research report on Monday, December 29th. CJS Securities raised Neogen from a “market perform” rating to an “outperform” rating and set a $10.00 price target for the company in a report on Wednesday, December 10th. Finally, Wall Street Zen downgraded Neogen from a “buy” rating to a “hold” rating in a research note on Saturday.

Neogen Stock Down 1.9%

NEOG opened at $9.19 on Wednesday. The stock’s fifty day simple moving average is $6.78 and its 200 day simple moving average is $5.97. Neogen has a 1-year low of $3.87 and a 1-year high of $12.66. The stock has a market cap of $2.00 billion, a PE ratio of -3.32 and a beta of 1.96. The company has a current ratio of 3.91, a quick ratio of 2.80 and a debt-to-equity ratio of 0.38.

Neogen (NASDAQ:NEOG) last released its quarterly earnings data on Thursday, January 8th. The company reported $0.10 EPS for the quarter, beating the consensus estimate of $0.07 by $0.03. The firm had revenue of $224.69 million for the quarter, compared to the consensus estimate of $208.50 million. Neogen had a negative net margin of 68.47% and a positive return on equity of 2.14%. The company’s quarterly revenue was down 2.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.11 earnings per share. As a group, research analysts expect that Neogen will post 0.38 earnings per share for the current year.

Hedge Funds Weigh In On Neogen

A number of hedge funds have recently bought and sold shares of NEOG. California State Teachers Retirement System raised its position in Neogen by 1.1% during the second quarter. California State Teachers Retirement System now owns 191,084 shares of the company’s stock valued at $913,000 after purchasing an additional 2,166 shares in the last quarter. Avanza Fonder AB increased its stake in shares of Neogen by 17.9% in the 2nd quarter. Avanza Fonder AB now owns 16,435 shares of the company’s stock valued at $79,000 after purchasing an additional 2,499 shares during the last quarter. Sage Rhino Capital LLC raised its holdings in shares of Neogen by 25.2% during the 3rd quarter. Sage Rhino Capital LLC now owns 16,618 shares of the company’s stock worth $95,000 after buying an additional 3,343 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in shares of Neogen by 7.3% during the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 50,707 shares of the company’s stock worth $242,000 after buying an additional 3,463 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV lifted its position in shares of Neogen by 27.8% during the 3rd quarter. Mercer Global Advisors Inc. ADV now owns 16,199 shares of the company’s stock worth $92,000 after buying an additional 3,522 shares during the last quarter. 96.73% of the stock is owned by institutional investors.

About Neogen

Neogen Corporation is a global provider of food and animal safety products, offering a broad portfolio of diagnostic and testing solutions. Headquartered in Lansing, Michigan, the company develops and manufactures tests designed to detect foodborne pathogens, allergens and toxins in food, beverage and environmental samples. Since its founding in 1982, Neogen has focused on delivering rapid, accurate and user‐friendly assays to food processors, grain handlers and quality laboratories around the world.

In the food safety arena, Neogen’s product lineup includes immunoassay kits, molecular diagnostics and enrichment media for pathogens such as Salmonella, Listeria and E.