Neogen (NASDAQ:NEOG) Reaches New 1-Year High – Time to Buy?

Neogen Corporation (NASDAQ:NEOG) shares reached a new 52-week high on Wednesday . The company traded as high as $12.88 and last traded at $12.8550, with a volume of 847492 shares traded. The stock had previously closed at $12.25.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Wall Street Zen upgraded Neogen from a “buy” rating to a “strong-buy” rating in a research report on Saturday, September 12th. Weiss Ratings upgraded shares of Neogen from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, August 7th. Finally, Piper Sandler upgraded Neogen from a “neutral” rating to an “overweight” rating and increased their price target for the company from $13.00 to $14.00 in a research note on Wednesday, August 26th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $12.00.

Neogen Stock Performance

The stock has a fifty day simple moving average of $11.21 and a two-hundred day simple moving average of $9.95. The stock has a market capitalization of $2.80 billion, a price-to-earnings ratio of -427.67, a P/E/G ratio of 4.71 and a beta of 1.76. The company has a debt-to-equity ratio of 0.38, a quick ratio of 2.91 and a current ratio of 3.82.

Neogen (NASDAQ:NEOG) last posted its quarterly earnings results on Thursday, July 30th. The company reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.03. The firm had revenue of $225.30 million during the quarter, compared to the consensus estimate of $212.35 million. Neogen had a negative net margin of 0.91% and a positive return on equity of 2.78%. The business’s revenue was down .1% compared to the same quarter last year. During the same period in the previous year, the firm posted ($2.82) earnings per share. Analysts forecast that Neogen Corporation will post 0.27 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Neogen

Institutional investors and hedge funds have recently bought and sold shares of the stock. Bank of New York Mellon Corp purchased a new stake in shares of Neogen in the second quarter valued at about $11,404,000. Sei Investments Co. grew its stake in shares of Neogen by 69.1% during the 1st quarter. Sei Investments Co. now owns 230,403 shares of the company’s stock worth $2,141,000 after acquiring an additional 94,148 shares during the period. Arrowstreet Capital Limited Partnership bought a new stake in Neogen in the 1st quarter valued at about $2,980,000. Roubaix Capital LLC bought a new stake in Neogen in the 1st quarter valued at about $4,630,000. Finally, Deutsche Bank AG bought a new position in Neogen during the second quarter worth about $3,382,000. 96.73% of the stock is owned by hedge funds and other institutional investors.

About Neogen

Neogen Corporation develops and markets products and services designed to protect food, animals and people. The company’s offerings help customers detect, prevent and manage biological, chemical and physical hazards across the food production, agricultural and animal care industries.

Its food safety portfolio includes test kits and related technologies for detecting pathogens, allergens, mycotoxins, spoilage organisms, veterinary drug residues and other contaminants. Neogen also provides sanitation and hygiene products, diagnostic tools, laboratory services, software and training for food manufacturers, processors, retailers and other organizations involved in the food supply chain.

Neogen’s animal safety business serves livestock, poultry, companion animal and veterinary markets.