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

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

A number of equities analysts recently weighed in on the stock. Wall Street Zen upgraded shares of Neogen from a “hold” rating to a “buy” rating in a report on Saturday, February 14th. Weiss Ratings reissued a “sell (e+)” rating on shares of Neogen in a report on Monday, December 29th. 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 report on Wednesday, December 10th. Piper Sandler reiterated a “neutral” rating and issued a $10.00 price objective (up from $6.50) on shares of Neogen in a report on Monday, January 12th. Finally, Guggenheim restated a “buy” rating and set a $12.00 target price (up from $8.00) on shares of Neogen in a research note on Friday, January 9th.

Institutional Investors Weigh In On Neogen

A number of large investors have recently added to or reduced their stakes in NEOG. ING Groep NV purchased a new stake in Neogen in the 3rd quarter worth approximately $80,288,000. Norges Bank bought a new stake in shares of Neogen during the 2nd quarter valued at $43,387,000. Clarkston Capital Partners LLC raised its position in shares of Neogen by 123.2% during 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 period. Cibc World Markets Corp purchased a new position in shares of Neogen during the 4th quarter valued at $47,983,000. Finally, T. Rowe Price Investment Management Inc. boosted its holdings in Neogen by 249.2% in the 4th 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 period. Institutional investors own 96.73% of the company’s stock.

Neogen Trading Up 0.7%

NASDAQ NEOG opened at $11.30 on Thursday. Neogen has a 12 month low of $3.87 and a 12 month high of $11.43. The company has a current ratio of 3.91, a quick ratio of 2.80 and a debt-to-equity ratio of 0.38. The stock’s fifty day moving average price is $9.36 and its 200-day moving average price is $7.12. The stock has a market cap of $2.46 billion, a P/E ratio of -4.08 and a beta of 1.98.

Neogen (NASDAQ:NEOG) last announced its quarterly earnings data on Thursday, January 8th. The company reported $0.10 EPS for the quarter, beating the consensus estimate of $0.07 by $0.03. The company had revenue of $224.69 million for the quarter, compared to the consensus estimate of $208.50 million. Neogen had a negative net margin of 68.47% and a positive return on equity of 2.14%. Neogen’s revenue for the quarter was down 2.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.11 EPS. As a group, 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.