Neogen (NASDAQ:NEOG) Stock Rating Upgraded by Wall Street Zen

Neogen (NASDAQ:NEOG) was upgraded by equities research analysts at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a research note issued to investors on Saturday, Wall Street Zen reports.

A number of other equities research analysts have also issued reports on the stock. Weiss Ratings upgraded shares of Neogen from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, August 7th. Guggenheim reaffirmed a “buy” rating and set a $14.00 target price (up from $12.00) on shares of Neogen in a report on Wednesday. Finally, Piper Sandler upgraded Neogen from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $13.00 to $14.00 in a report on Wednesday, August 26th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $12.67.

Neogen Stock Performance

Shares of NEOG opened at $12.15 on Friday. Neogen has a one year low of $5.37 and a one year high of $14.26. The stock has a 50-day moving average price of $11.95 and a 200 day moving average price of $10.20. The company has a debt-to-equity ratio of 0.38, a quick ratio of 2.91 and a current ratio of 3.82. The company has a market capitalization of $2.65 billion, a P/E ratio of -405.00, a P/E/G ratio of 4.56 and a beta of 1.79.

Neogen (NASDAQ:NEOG) last announced its earnings results on Thursday, July 30th. The company reported $0.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.06 by $0.03. Neogen had a positive return on equity of 2.78% and a negative net margin of 0.91%.The company had revenue of $225.30 million for the quarter, compared to analyst estimates of $212.35 million. During the same period in the prior year, the company posted ($2.82) EPS. Neogen’s quarterly revenue was down .1% on a year-over-year basis. Sell-side analysts forecast that Neogen will post 0.27 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sequoia Financial Advisors LLC bought a new position in Neogen during the 2nd quarter worth $94,000. Integrated Wealth Concepts LLC acquired a new position in shares of Neogen during the second quarter valued at $73,000. Squarepoint Ops LLC bought a new position in shares of Neogen during the second quarter worth about $2,642,000. Nykredit A S acquired a new stake in shares of Neogen in the 2nd quarter worth about $28,000. Finally, Corient Private Wealth LP increased its holdings in shares of Neogen by 9.1% in the 2nd quarter. Corient Private Wealth LP now owns 46,474 shares of the company’s stock worth $418,000 after acquiring an additional 3,859 shares during the period. Institutional investors and hedge funds own 96.73% of the company’s stock.

Neogen Company Profile

Neogen Corporation is a global provider of food safety and animal safety products and services. The company develops diagnostic tests, laboratory products, and related solutions that help customers detect foodborne pathogens, allergens, toxins, residues, and other contaminants throughout the food production process.

Its food safety portfolio includes test kits, culture media, molecular testing systems, sanitation monitoring products, and laboratory supplies used by food manufacturers, processors, retailers, and regulatory organizations.