Neogen (NASDAQ:NEOG) Posts Quarterly Earnings Results, Beats Expectations By $0.02 EPS

Neogen (NASDAQ:NEOG) issued its earnings results on Tuesday. The company reported $0.07 EPS for the quarter, beating analysts’ consensus estimates of $0.05 by $0.02, Zacks reports. Neogen had a negative net margin of 0.91% and a positive return on equity of 2.78%.

Neogen Stock Down 8.1%

Shares of NEOG stock traded down $1.05 during trading hours on Tuesday, hitting $11.96. 5,823,236 shares of the company were exchanged, compared to its average volume of 2,892,215. The stock has a market capitalization of $2.61 billion, a price-to-earnings ratio of -398.67, a P/E/G ratio of 4.56 and a beta of 1.79. Neogen has a one year low of $5.37 and a one year high of $14.26. The business’s 50-day simple moving average is $12.02 and its two-hundred day simple moving average is $10.22. The company has a debt-to-equity ratio of 0.38, a quick ratio of 2.91 and a current ratio of 3.82.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on NEOG shares. Weiss Ratings upgraded Neogen from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, August 7th. Piper Sandler upgraded Neogen from a “neutral” rating to an “overweight” rating and increased their target price for the company from $13.00 to $14.00 in a research note on Wednesday, August 26th. Guggenheim reissued a “buy” rating and set a $14.00 price target (up from $12.00) on shares of Neogen in a research report on Wednesday, September 30th. Finally, Wall Street Zen upgraded Neogen from a “buy” rating to a “strong-buy” rating in a report on Saturday. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $12.67.

Neogen Company Profile

Neogen Corporation is a global provider of food safety and animal safety products and services. The company develops diagnostic tests, laboratory products, and related solutions that help customers detect foodborne pathogens, allergens, toxins, residues, and other contaminants throughout the food production process.

Its food safety portfolio includes test kits, culture media, molecular testing systems, sanitation monitoring products, and laboratory supplies used by food manufacturers, processors, retailers, and regulatory organizations.