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

Neogen Corporation (NASDAQ:NEOG) has earned a consensus recommendation of “Hold” from the six research firms that are presently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $10.6667.

A number of research analysts have weighed in on the stock. Weiss Ratings reissued a “sell (e+)” rating on shares of Neogen in a research report on Monday, December 29th. Piper Sandler reiterated a “neutral” rating and issued a $10.00 price objective (up from $6.50) on shares of Neogen in a research note on Monday, January 12th. Wall Street Zen cut Neogen from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. Guggenheim reaffirmed a “buy” rating and issued a $12.00 target price (up previously from $8.00) on shares of Neogen in a report on Friday, January 9th. Finally, CJS Securities raised Neogen from a “market perform” rating to an “outperform” rating and set a $10.00 price target on the stock in a research report on Wednesday, December 10th.

Hedge Funds Weigh In On Neogen

Institutional investors and hedge funds have recently bought and sold shares of the stock. ING Groep NV bought a new position in shares of Neogen during the 3rd quarter worth about $80,288,000. Norges Bank bought a new stake in shares of Neogen in the 2nd quarter valued at approximately $43,387,000. Clarkston Capital Partners LLC grew its position in Neogen by 123.2% in the second quarter. Clarkston Capital Partners LLC now owns 14,005,725 shares of the company’s stock valued at $66,947,000 after acquiring an additional 7,729,650 shares during the period. CIBC Bancorp USA Inc. bought a new stake in shares of Neogen in the 3rd quarter worth about $28,969,000. Finally, Hudson Bay Capital Management LP bought a new stake in Neogen during the third quarter worth about $28,550,000. Institutional investors own 96.73% of the company’s stock.

Neogen Stock Up 0.1%

Shares of NEOG stock opened at $10.22 on Friday. The stock’s 50 day simple moving average is $7.74 and its 200 day simple moving average is $6.38. Neogen has a twelve month low of $3.87 and a twelve month high of $11.76. 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 company has a market capitalization of $2.22 billion, a price-to-earnings ratio of -3.69 and a beta of 1.96.

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