Neogen Corporation (NASDAQ:NEOG) Given Average Recommendation of “Hold” by Brokerages

Shares of Neogen Corporation (NASDAQ:NEOG) have been assigned a consensus recommendation of “Hold” from the six brokerages that are currently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $10.6667.

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

Hedge Funds Weigh In On Neogen

A number of hedge funds have recently added to or reduced their stakes in NEOG. ING Groep NV acquired a new stake in Neogen in the third quarter valued at approximately $80,288,000. Norges Bank bought a new position in shares of Neogen during the 2nd quarter valued at $43,387,000. Clarkston Capital Partners LLC lifted its stake in shares of Neogen by 123.2% in the 2nd quarter. Clarkston Capital Partners LLC now owns 14,005,725 shares of the company’s stock valued at $66,947,000 after purchasing an additional 7,729,650 shares during the last quarter. CIBC Bancorp USA Inc. bought a new stake in Neogen in the third quarter worth $28,969,000. Finally, Hudson Bay Capital Management LP acquired a new position in Neogen during the third quarter worth $28,550,000. Institutional investors and hedge funds own 96.73% of the company’s stock.

Neogen Price Performance

NEOG opened at $10.22 on Friday. The firm has a market capitalization of $2.22 billion, a P/E ratio of -3.69 and a beta of 1.96. The stock has a fifty day moving average of $7.74 and a 200-day moving average of $6.38. The company has a quick ratio of 2.80, a current ratio of 3.91 and a debt-to-equity ratio of 0.38. Neogen has a 12-month low of $3.87 and a 12-month high of $11.76.

Neogen (NASDAQ:NEOG) last posted its quarterly earnings results on Thursday, January 8th. The company reported $0.10 earnings per share 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 firm had revenue of $224.69 million for the quarter, compared to analyst estimates of $208.50 million. During the same period in the previous year, the firm earned $0.11 earnings per share. Neogen’s quarterly revenue was down 2.9% on a year-over-year basis. Equities analysts forecast that Neogen will post 0.38 EPS for the current fiscal year.

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.