Neogen (NASDAQ:NEOG) Sets New 52-Week High – Time to Buy?

Shares of Neogen Corporation (NASDAQ:NEOG) reached a new 52-week high during trading on Thursday . The company traded as high as $11.22 and last traded at $11.15, with a volume of 2872746 shares trading hands. The stock had previously closed at $10.99.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on NEOG shares. Weiss Ratings reiterated a “sell (e+)” rating on shares of Neogen in a research report on Monday, December 29th. CJS Securities upgraded Neogen from a “market perform” rating to an “outperform” rating and set a $10.00 price target on the stock in a report on Wednesday, December 10th. Guggenheim reissued a “buy” rating and set a $12.00 price target (up previously from $8.00) on shares of Neogen in a research report on Friday, January 9th. Piper Sandler reaffirmed a “neutral” rating and set a $10.00 target price (up from $6.50) on shares of Neogen in a research note on Monday, January 12th. Finally, Wall Street Zen upgraded shares of Neogen from a “hold” rating to a “buy” rating in a report on Saturday, February 14th. Two investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Neogen has a consensus rating of “Hold” and a consensus target price of $10.67.

Neogen Stock Up 1.5%

The stock has a market capitalization of $2.43 billion, a price-to-earnings ratio of -4.03 and a beta of 1.98. The business has a 50-day moving average of $8.94 and a 200-day moving average of $6.90. The company has a debt-to-equity ratio of 0.38, a quick ratio of 2.80 and a current ratio of 3.91.

Neogen (NASDAQ:NEOG) last announced its earnings results on Thursday, January 8th. The company reported $0.10 earnings per share for the quarter, topping the consensus estimate of $0.07 by $0.03. The company had revenue of $224.69 million during the quarter, compared to analyst estimates of $208.50 million. Neogen had a negative net margin of 68.47% and a positive return on equity of 2.14%. Neogen’s revenue was down 2.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.11 earnings per share. On average, sell-side analysts expect that Neogen Corporation will post 0.38 EPS for the current year.

Institutional Investors Weigh In On Neogen

A number of institutional investors have recently modified their holdings of NEOG. ING Groep NV acquired a new position in Neogen during the 3rd quarter worth about $80,288,000. Norges Bank acquired a new position in Neogen in the 2nd quarter valued at about $43,387,000. Clarkston Capital Partners LLC increased its stake in Neogen by 123.2% during the second quarter. Clarkston Capital Partners LLC now owns 14,005,725 shares of the company’s stock worth $66,947,000 after purchasing an additional 7,729,650 shares during the period. Cibc World Markets Corp acquired a new stake in shares of Neogen during the fourth quarter worth about $47,983,000. Finally, CIBC Bancorp USA Inc. purchased a new position in shares of Neogen in the third quarter valued at approximately $28,969,000. 96.73% of the stock is owned by institutional investors and hedge funds.

Neogen Company Profile

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.