Neogen Corporation (NASDAQ:NEOG) Given Average Rating of “Hold” by Analysts

Neogen Corporation (NASDAQ:NEOG) has received a consensus recommendation of “Hold” from the six ratings firms that are presently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating on the company. The average 1-year target price among brokers that have covered the stock in the last year is $10.6667.

Several brokerages have weighed in on NEOG. Wall Street Zen upgraded Neogen from a “hold” rating to a “buy” rating in a research note on Saturday, February 14th. Guggenheim reiterated a “buy” rating and issued a $12.00 target price (up from $8.00) on shares of Neogen in a report on Friday, January 9th. Piper Sandler reissued a “neutral” rating and set a $10.00 price target (up from $6.50) on shares of Neogen in a research report on Monday, January 12th. William Blair restated a “market perform” rating on shares of Neogen in a report on Monday. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Neogen in a research report on Monday, December 29th.

Neogen Price Performance

NEOG stock opened at $11.15 on Thursday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 2.80 and a current ratio of 3.91. The business has a 50-day simple moving average of $9.60 and a two-hundred day simple moving average of $7.26. The company has a market capitalization of $2.43 billion, a P/E ratio of -4.03 and a beta of 1.98. Neogen has a 52-week low of $3.87 and a 52-week high of $11.43.

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

Institutional Trading of Neogen

A number of institutional investors and hedge funds have recently modified their holdings of NEOG. Grandeur Peak Global Advisors LLC grew its stake in Neogen by 27.4% in the 2nd quarter. Grandeur Peak Global Advisors LLC now owns 895,811 shares of the company’s stock valued at $4,282,000 after buying an additional 192,426 shares in the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd lifted its position in shares of Neogen by 84.9% during the third quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 351,155 shares of the company’s stock worth $2,005,000 after acquiring an additional 161,241 shares in the last quarter. ING Groep NV bought a new position in shares of Neogen in the third quarter worth $80,288,000. Bank of Montreal Can grew its position in shares of Neogen by 171.2% in the second quarter. Bank of Montreal Can now owns 110,406 shares of the company’s stock valued at $528,000 after purchasing an additional 69,703 shares in the last quarter. Finally, Public Sector Pension Investment Board raised its stake in shares of Neogen by 26.0% during the 3rd quarter. Public Sector Pension Investment Board now owns 847,266 shares of the company’s stock valued at $4,838,000 after purchasing an additional 174,962 shares during the period. 96.73% of the stock is owned by hedge funds and other 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.