Neogen (NASDAQ:NEOG) Reaches New 52-Week High – Here’s What Happened

Neogen Corporation (NASDAQ:NEOG) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $11.38 and last traded at $11.22, with a volume of 1937638 shares. The stock had previously closed at $11.09.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on NEOG shares. Piper Sandler reiterated a “neutral” rating and issued a $10.00 price objective (up from $6.50) on shares of Neogen in a research report on Monday, January 12th. CJS Securities upgraded 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. Guggenheim reissued a “buy” rating and set a $12.00 price objective (up from $8.00) on shares of Neogen in a research report on Friday, January 9th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Neogen in a research report on Monday, December 29th. Finally, Wall Street Zen raised shares of Neogen from a “hold” rating to a “buy” rating in a research note on Saturday, February 14th. Two investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Neogen currently has a consensus rating of “Hold” and a consensus target price of $10.67.

Neogen Price Performance

The company has a fifty day moving average of $9.28 and a 200-day moving average of $7.10. 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 stock has a market cap of $2.44 billion, a PE ratio of -4.05 and a beta of 1.98.

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

Institutional Investors Weigh In On Neogen

Large investors have recently added to or reduced their stakes in the business. UMB Bank n.a. boosted its position in Neogen by 238.2% in the 4th quarter. UMB Bank n.a. now owns 6,422 shares of the company’s stock valued at $45,000 after buying an additional 4,523 shares during the period. Savant Capital LLC acquired a new stake in shares of Neogen in the second quarter valued at $50,000. Hantz Financial Services Inc. boosted its holdings in Neogen by 816.9% in the fourth quarter. Hantz Financial Services Inc. now owns 7,592 shares of the company’s stock valued at $53,000 after purchasing an additional 6,764 shares during the period. Cresset Asset Management LLC acquired a new position in Neogen during the 2nd quarter worth $53,000. Finally, Evergreen Capital Management LLC acquired a new position in Neogen during the 2nd quarter worth $56,000. 96.73% of the stock is owned by hedge funds and other institutional investors.

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.