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

Shares of Neogen Corporation (NASDAQ:NEOG) have been assigned an average recommendation of “Hold” from the six research firms that are currently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $10.6667.

A number of brokerages have issued reports on NEOG. Weiss Ratings restated a “sell (d-)” rating on shares of Neogen in a research note on Friday, April 10th. Wall Street Zen raised shares of Neogen from a “hold” rating to a “buy” rating in a report on Saturday, May 9th.

Neogen Price Performance

Shares of NEOG opened at $8.99 on Wednesday. The company has a market cap of $1.96 billion, a price-to-earnings ratio of -3.21, a price-to-earnings-growth ratio of 4.07 and a beta of 1.80. Neogen has a twelve month low of $4.56 and a twelve month high of $11.43. The company has a quick ratio of 2.84, a current ratio of 3.92 and a debt-to-equity ratio of 0.38. The company has a 50 day moving average of $9.07 and a two-hundred day moving average of $9.24.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in NEOG. Cibc World Markets Corp purchased a new position in shares of Neogen in the fourth quarter worth $47,983,000. T. Rowe Price Investment Management Inc. raised its holdings in shares of Neogen by 249.2% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 8,181,768 shares of the company’s stock worth $57,191,000 after buying an additional 5,838,570 shares during the last quarter. CIBC Bancorp USA Inc. purchased a new position in shares of Neogen in the third quarter worth $28,969,000. Hudson Bay Capital Management LP purchased a new position in shares of Neogen in the third quarter worth $28,550,000. Finally, SG Americas Securities LLC raised its holdings in shares of Neogen by 287.4% in the first quarter. SG Americas Securities LLC now owns 6,266,033 shares of the company’s stock worth $58,211,000 after buying an additional 4,648,436 shares during the last quarter. Hedge funds and other institutional investors own 96.73% of the company’s stock.

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.