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

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

A number of equities research analysts have recently commented on the company. Piper Sandler restated a “neutral” rating and set a $10.00 target price (up from $6.50) on shares of Neogen in a research report on Monday, January 12th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Neogen in a report on Monday, December 29th. William Blair reiterated a “market perform” rating on shares of Neogen in a research report on Monday, March 2nd. Guggenheim reissued a “buy” rating and issued a $12.00 price objective (up from $8.00) on shares of Neogen in a report on Friday, January 9th. Finally, Wall Street Zen upgraded Neogen from a “hold” rating to a “buy” rating in a research report on Saturday, February 14th.

Institutional Investors Weigh In On Neogen

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. AQR Capital Management LLC lifted its holdings in Neogen by 217.0% during the first quarter. AQR Capital Management LLC now owns 52,410 shares of the company’s stock valued at $443,000 after purchasing an additional 35,878 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Neogen by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 129,813 shares of the company’s stock worth $1,125,000 after purchasing an additional 5,638 shares in the last quarter. Jones Financial Companies Lllp raised its position in shares of Neogen by 5,687.3% during the 1st quarter. Jones Financial Companies Lllp now owns 33,393 shares of the company’s stock worth $290,000 after purchasing an additional 32,816 shares during the last quarter. Goldman Sachs Group Inc. raised its position in shares of Neogen by 14.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,678,493 shares of the company’s stock worth $14,553,000 after purchasing an additional 209,990 shares during the last quarter. Finally, United Services Automobile Association purchased a new position in Neogen in the 1st quarter valued at about $112,000. Hedge funds and other institutional investors own 96.73% of the company’s stock.

Neogen Price Performance

Shares of NASDAQ NEOG opened at $8.70 on Monday. The company has a debt-to-equity ratio of 0.38, a current ratio of 3.91 and a quick ratio of 2.80. The stock has a market capitalization of $1.89 billion, a price-to-earnings ratio of -3.14 and a beta of 1.95. The firm’s 50 day simple moving average is $10.14 and its 200-day simple moving average is $7.77. Neogen has a 12 month low of $3.87 and a 12 month high of $11.43.

Neogen (NASDAQ:NEOG) last announced 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. Neogen had a negative net margin of 68.47% and a positive return on equity of 2.14%. The firm had revenue of $224.69 million for the quarter, compared to the consensus estimate of $208.50 million. During the same period in the prior year, the firm posted $0.11 earnings per share. The firm’s quarterly revenue was down 2.9% compared to the same quarter last year. Analysts expect that Neogen will post 0.38 EPS for the current 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.