Neogen (NASDAQ:NEOG) Stock Passes Above 200 Day Moving Average – Here’s Why

Neogen Corporation (NASDAQ:NEOG)’s share price crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $9.24 and traded as high as $9.29. Neogen shares last traded at $8.99, with a volume of 2,328,643 shares trading hands.

Analyst Upgrades and Downgrades

NEOG has been the topic of several research analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Neogen in a research note on Friday, April 10th. Wall Street Zen raised Neogen from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Two research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $10.67.

Neogen Trading Down 1.2%

The company has a debt-to-equity ratio of 0.38, a quick ratio of 2.84 and a current ratio of 3.92. The company has a market capitalization of $1.96 billion, a P/E ratio of -3.21, a PEG ratio of 4.07 and a beta of 1.80. The company’s fifty day simple moving average is $9.07 and its 200-day simple moving average is $9.24.

Neogen (NASDAQ:NEOG) last posted its quarterly earnings results on Thursday, April 9th. The company reported $0.09 EPS for the quarter, beating the consensus estimate of $0.04 by $0.05. Neogen had a negative net margin of 69.93% and a positive return on equity of 2.35%. The business had revenue of $211.20 million during the quarter, compared to analyst estimates of $204.62 million. The company’s quarterly revenue was down 4.4% on a year-over-year basis. Research analysts predict that Neogen Corporation will post 0.23 earnings per share for the current year.

Hedge Funds Weigh In On Neogen

Several institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in Neogen by 1.6% in the third quarter. Vanguard Group Inc. now owns 23,963,223 shares of the company’s stock worth $136,830,000 after buying an additional 385,885 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Neogen by 23.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 9,132,021 shares of the company’s stock valued at $84,831,000 after acquiring an additional 1,733,767 shares in the last quarter. T. Rowe Price Investment Management Inc. boosted its position in Neogen by 249.2% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 8,181,768 shares of the company’s stock valued at $57,191,000 after acquiring an additional 5,838,570 shares in the last quarter. Mackenzie Financial Corp increased its holdings in shares of Neogen by 1.0% in the 4th quarter. Mackenzie Financial Corp now owns 7,898,439 shares of the company’s stock valued at $55,574,000 after acquiring an additional 79,010 shares during the period. Finally, Cibc World Markets Corp purchased a new position in shares of Neogen in the 4th quarter valued at $47,983,000. 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.