Neogen (NASDAQ:NEOG) Share Price Breaks Above Fifty Day Moving Average – Here’s Why

Neogen Corporation (NASDAQ:NEOG)’s share price passed above its fifty day moving average during trading on Wednesday. The stock has a fifty day moving average of $12.25 and traded as high as $12.81. Neogen shares last traded at $12.46, with a volume of 4,511,767 shares changing hands.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Piper Sandler upgraded shares of Neogen from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $13.00 to $14.00 in a report on Wednesday, August 26th. Wall Street Zen lowered shares of Neogen from a “strong-buy” rating to a “buy” rating in a report on Sunday, October 11th. Weiss Ratings raised shares of Neogen from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, August 7th. Finally, Guggenheim restated a “buy” rating and set a $14.00 price objective (up from $12.00) on shares of Neogen in a report on Wednesday, September 30th. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Neogen has an average rating of “Hold” and a consensus target price of $12.67.

Neogen Stock Performance

The company has a quick ratio of 2.92, a current ratio of 3.90 and a debt-to-equity ratio of 0.37. The company has a market capitalization of $2.72 billion, a price-to-earnings ratio of -49.84, a P/E/G ratio of 4.32 and a beta of 1.86. The stock has a 50 day simple moving average of $12.25 and a 200 day simple moving average of $10.46.

Neogen (NASDAQ:NEOG) last posted its earnings results on Tuesday, October 6th. The company reported $0.08 EPS for the quarter, beating the consensus estimate of $0.05 by $0.03. Neogen had a positive return on equity of 3.29% and a negative net margin of 6.35%. The firm had revenue of $222.80 million for the quarter, compared to analysts’ expectations of $208.18 million. During the same period last year, the firm earned $0.04 EPS. The firm’s revenue was up 6.5% compared to the same quarter last year. As a group, analysts anticipate that Neogen Corporation will post 0.28 earnings per share for the current fiscal year.

Institutional Trading of Neogen

A number of institutional investors and hedge funds have recently made changes to their positions in NEOG. BlackRock Inc. bought a new stake in Neogen during the second quarter worth approximately $300,545,000. Bamco Inc. NY bought a new position in Neogen in the 2nd quarter worth $45,094,000. Cibc World Market Inc. acquired a new position in Neogen during the 2nd quarter worth $31,469,000. Bank of America Corp DE acquired a new position in Neogen during the 2nd quarter worth $28,280,000. Finally, Dimensional Fund Advisors LP lifted its position in Neogen by 23.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 9,132,021 shares of the company’s stock worth $84,831,000 after acquiring an additional 1,733,767 shares during the last quarter. Institutional investors and hedge funds own 96.73% of the company’s stock.

About Neogen

Neogen Corporation develops and markets products and services designed to help protect the food supply and support animal health. Its food safety offerings include diagnostic tests and laboratory products used to detect pathogens, allergens, mycotoxins, genetically modified organisms, veterinary drug residues, and other contaminants in food and agricultural environments.

The company also provides sanitation and hygiene products, environmental monitoring solutions, and software and data-management tools that help food processors, retailers, laboratories, and other organizations manage food safety programs.