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

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

A number of research analysts have weighed in on the stock. Piper Sandler reaffirmed a “neutral” rating and issued a $10.00 price target (up from $6.50) on shares of Neogen in a research note on Monday, January 12th. Guggenheim reaffirmed a “buy” rating and issued a $12.00 price target (up from $8.00) on shares of Neogen in a research note on Friday, January 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Neogen in a research note on Friday, April 10th. Wall Street Zen lowered shares of Neogen from a “buy” rating to a “hold” rating in a research note on Saturday, April 11th. Finally, William Blair reaffirmed a “market perform” rating on shares of Neogen in a research note on Monday, March 2nd.

Neogen Stock Performance

Shares of NEOG opened at $9.42 on Friday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 2.84 and a current ratio of 3.92. Neogen has a twelve month low of $4.53 and a twelve month high of $11.43. The firm’s 50 day moving average price is $9.92 and its two-hundred day moving average price is $8.23. The firm has a market cap of $2.05 billion, a P/E ratio of -3.36, a PEG ratio of 4.38 and a beta of 1.97.

Neogen (NASDAQ:NEOG) last announced its quarterly earnings results on Thursday, April 9th. The company reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $211.20 million for the quarter, compared to analyst estimates of $204.62 million. The company’s revenue was down 4.4% on a year-over-year basis. On average, analysts forecast that Neogen will post 0.22 EPS for the current fiscal year.

Institutional Trading of Neogen

A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of 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 purchasing an additional 385,885 shares in the last quarter. ING Groep NV bought a new stake in shares of Neogen in the third quarter worth $80,288,000. T. Rowe Price Investment Management Inc. lifted its position 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 purchasing an additional 5,838,570 shares in the last quarter. Mackenzie Financial Corp lifted its position in shares of Neogen by 1.0% in the fourth quarter. Mackenzie Financial Corp now owns 7,898,439 shares of the company’s stock worth $55,574,000 after purchasing an additional 79,010 shares in the last quarter. Finally, Cibc World Markets Corp bought a new stake in shares of Neogen in the fourth quarter worth $47,983,000. Institutional investors own 96.73% of the company’s stock.

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.