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

Shares of Neogen Corporation (NASDAQ:NEOG) have been given an average rating of “Hold” by the six research firms that are presently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating on the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $10.6667.

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

Neogen Price Performance

NEOG opened at $10.59 on Friday. The stock’s 50-day moving average price is $8.09 and its 200 day moving average price is $6.52. Neogen has a 12-month low of $3.87 and a 12-month high of $10.90. The firm has a market cap of $2.30 billion, a price-to-earnings ratio of -3.82 and a beta of 1.98. The company has a current ratio of 3.91, a quick ratio of 2.80 and a debt-to-equity ratio of 0.38.

Neogen (NASDAQ:NEOG) last issued its quarterly earnings results on Thursday, January 8th. The company reported $0.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.07 by $0.03. The company had revenue of $224.69 million for the quarter, compared to analyst estimates of $208.50 million. Neogen had a negative net margin of 68.47% and a positive return on equity of 2.14%. The business’s revenue for the quarter was down 2.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.11 earnings per share. As a group, sell-side analysts expect that Neogen will post 0.38 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in Neogen by 1.6% during the 3rd 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 during the last quarter. ING Groep NV acquired a new position in Neogen in the 3rd quarter valued at about $80,288,000. Clarkston Capital Partners LLC increased its position in 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 acquiring an additional 7,729,650 shares during the period. Norges Bank purchased a new stake in Neogen during the 2nd quarter valued at approximately $43,387,000. Finally, Mackenzie Financial Corp lifted its position in Neogen by 0.7% during the 2nd quarter. Mackenzie Financial Corp now owns 7,813,079 shares of the company’s stock worth $37,347,000 after acquiring an additional 54,590 shares during the period. Institutional investors and hedge funds 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.