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

Neogen Corporation (NASDAQ:NEOG) has earned a consensus rating of “Hold” from the five brokerages that are currently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating on the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $11.6667.

NEOG has been the subject of several recent analyst reports. Piper Sandler reissued a “neutral” rating and set a $13.00 target price (up from $11.00) on shares of Neogen in a research note on Monday, August 3rd. Weiss Ratings upgraded shares of Neogen from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, August 7th. Finally, Wall Street Zen upgraded Neogen from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th.

Hedge Funds Weigh In On Neogen

Several hedge funds have recently made changes to their positions in NEOG. Public Employees Retirement System of Ohio acquired a new position in Neogen during the second quarter worth approximately $34,000. UMB Bank n.a. lifted its position in Neogen by 238.2% in the fourth quarter. UMB Bank n.a. now owns 6,422 shares of the company’s stock valued at $45,000 after purchasing an additional 4,523 shares during the period. Hantz Financial Services Inc. boosted its stake in shares of Neogen by 816.9% in the fourth quarter. Hantz Financial Services Inc. now owns 7,592 shares of the company’s stock valued at $53,000 after buying an additional 6,764 shares in the last quarter. Cresset Asset Management LLC purchased a new stake in shares of Neogen during the 2nd quarter worth $53,000. Finally, Evergreen Capital Management LLC acquired a new position in Neogen during the second quarter worth about $56,000. Hedge funds and other institutional investors own 96.73% of the company’s stock.

Neogen Stock Performance

NASDAQ NEOG opened at $12.15 on Thursday. Neogen has a 1-year low of $4.90 and a 1-year high of $12.85. The company has a debt-to-equity ratio of 0.38, a current ratio of 3.82 and a quick ratio of 2.91. The stock’s 50 day simple moving average is $10.11 and its 200-day simple moving average is $9.80. The company has a market cap of $2.65 billion, a PE ratio of -405.00, a price-to-earnings-growth ratio of 4.57 and a beta of 1.77.

Neogen (NASDAQ:NEOG) last released its quarterly earnings data on Thursday, July 30th. The company reported $0.09 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.03. Neogen had a negative net margin of 0.91% and a positive return on equity of 2.78%. The company had revenue of $225.30 million during the quarter, compared to the consensus estimate of $212.35 million. During the same quarter in the prior year, the firm earned ($2.82) EPS. Neogen’s quarterly revenue was down .1% on a year-over-year basis. As a group, equities research analysts anticipate that Neogen will post 0.25 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.