Neogen Corporation (NASDAQ:NEOG) Receives $10.67 Average Price Target from Brokerages

Neogen Corporation (NASDAQ:NEOG) has received a consensus recommendation of “Hold” from the six brokerages that are currently covering the stock, Marketbeat reports. One analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $10.6667.

A number of research analysts have weighed in on the company. Piper Sandler reiterated a “neutral” rating and set a $10.00 target price (up from $6.50) on shares of Neogen in a report on Monday, January 12th. Wall Street Zen upgraded Neogen from a “hold” rating to a “buy” rating in a research note on Saturday, February 14th. William Blair reaffirmed a “market perform” rating on shares of Neogen in a research note on Monday, March 2nd. CJS Securities upgraded Neogen from a “market perform” rating to an “outperform” rating and set a $10.00 price objective for the company in a report on Wednesday, December 10th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Neogen in a research report on Monday, December 29th.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. AQR Capital Management LLC increased its stake in shares of Neogen by 217.0% during the first quarter. AQR Capital Management LLC now owns 52,410 shares of the company’s stock valued at $443,000 after purchasing an additional 35,878 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Neogen by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 129,813 shares of the company’s stock worth $1,125,000 after purchasing an additional 5,638 shares in the last quarter. Jones Financial Companies Lllp grew its stake in shares of Neogen by 5,687.3% in the 1st quarter. Jones Financial Companies Lllp now owns 33,393 shares of the company’s stock worth $290,000 after buying an additional 32,816 shares during the last quarter. Goldman Sachs Group Inc. increased its position in Neogen by 14.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,678,493 shares of the company’s stock valued at $14,553,000 after buying an additional 209,990 shares in the last quarter. Finally, United Services Automobile Association bought a new position in Neogen during the 1st quarter valued at approximately $112,000. 96.73% of the stock is owned by hedge funds and other institutional investors.

Neogen Stock Up 0.5%

Shares of NASDAQ NEOG opened at $9.16 on Monday. The firm has a fifty day simple moving average of $10.16 and a two-hundred day simple moving average of $7.71. Neogen has a 12 month low of $3.87 and a 12 month high of $11.43. The company has a current ratio of 3.91, a quick ratio of 2.80 and a debt-to-equity ratio of 0.38. The firm has a market capitalization of $1.99 billion, a PE ratio of -3.31 and a beta of 1.95.

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

Neogen Company Profile

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.