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

Neogen Corporation (NASDAQ:NEOG) has earned a consensus recommendation of “Hold” from the six ratings firms that are covering the company, Marketbeat.com reports. One investment 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 target price among brokerages that have updated their coverage on the stock in the last year is $10.6667.

NEOG has been the subject of a number of recent research reports. Wall Street Zen downgraded Neogen from a “buy” rating to a “hold” rating in a research report on Saturday, April 11th. Weiss Ratings reissued a “sell (d-)” rating on shares of Neogen in a research note on Friday, April 10th. William Blair reissued a “market perform” rating on shares of Neogen in a research note on Monday, March 2nd. Piper Sandler reissued a “neutral” rating and set a $10.00 target price (up from $6.50) on shares of Neogen in a research note on Monday, January 12th. Finally, Guggenheim reissued 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 Trading of Neogen

Several large investors have recently added to or reduced their stakes in the company. Huntington National Bank raised its stake in Neogen by 8.4% during the 4th quarter. Huntington National Bank now owns 13,552 shares of the company’s stock valued at $95,000 after purchasing an additional 1,045 shares during the period. ProShare Advisors LLC raised its stake in Neogen by 3.2% during the 4th quarter. ProShare Advisors LLC now owns 42,509 shares of the company’s stock valued at $297,000 after purchasing an additional 1,331 shares during the period. State of Alaska Department of Revenue raised its stake in Neogen by 1.2% during the 4th quarter. State of Alaska Department of Revenue now owns 110,645 shares of the company’s stock valued at $773,000 after purchasing an additional 1,353 shares during the period. Evergreen Capital Management LLC increased its stake in shares of Neogen by 12.3% in the fourth quarter. Evergreen Capital Management LLC now owns 13,753 shares of the company’s stock worth $96,000 after acquiring an additional 1,504 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV increased its stake in shares of Neogen by 10.1% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 17,837 shares of the company’s stock worth $125,000 after acquiring an additional 1,638 shares during the last quarter. 96.73% of the stock is owned by institutional investors and hedge funds.

Neogen Price Performance

Shares of NASDAQ:NEOG opened at $9.24 on Friday. Neogen has a one year low of $4.32 and a one year high of $11.43. The stock has a fifty day moving average of $9.99 and a 200-day moving average of $8.12. The company has a market capitalization of $2.01 billion, a PE ratio of -3.30, a price-to-earnings-growth ratio of 4.38 and a beta of 1.97. 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 (NASDAQ:NEOG) last announced its quarterly earnings data on Thursday, April 9th. The company reported $0.09 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.05. Neogen had a positive return on equity of 2.35% and a negative net margin of 69.93%.The company had revenue of $211.20 million during the quarter, compared to the consensus estimate of $204.62 million. The business’s revenue for the quarter was down 4.4% compared to the same quarter last year. As a group, equities analysts anticipate that Neogen will post 0.38 EPS for the current fiscal year.

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.