Neogen Corporation (NASDAQ:NEOG) Stock Rated “Hold” by Sell-Side Analysts

Neogen Corporation (NASDAQ:NEOG) has been assigned a consensus rating of “Hold” from the five brokerages that are covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, one has given a hold recommendation and three have given a buy recommendation to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $12.67.

Several analysts recently weighed in on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Neogen in a report on Wednesday, November 4th. Piper Sandler raised Neogen from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $13.00 to $14.00 in a research report on Wednesday, August 26th. Guggenheim restated a “buy” rating and set a $14.00 price target (up from $12.00) on shares of Neogen in a research note on Wednesday, September 30th. Finally, Wall Street Zen lowered Neogen from a “strong-buy” rating to a “buy” rating in a research report on Sunday, October 11th.

Hedge Funds Weigh In On Neogen

Several hedge funds have recently bought and sold shares of the company. Canton Hathaway LLC purchased a new position in Neogen during the 3rd quarter valued at about $26,000. Parallel Advisors LLC increased its stake in Neogen by 121.8% during the third quarter. Parallel Advisors LLC now owns 2,085 shares of the company’s stock worth $27,000 after purchasing an additional 1,145 shares during the period. Farther Finance Advisors LLC increased its stake in Neogen by 76.1% during the third quarter. Farther Finance Advisors LLC now owns 2,184 shares of the company’s stock worth $28,000 after purchasing an additional 944 shares during the period. Nykredit A S purchased a new stake in Neogen during the second quarter worth about $28,000. Finally, Public Employees Retirement System of Ohio acquired a new stake in shares of Neogen during the second quarter worth about $34,000. Institutional investors and hedge funds own 96.73% of the company’s stock.

Neogen Stock Up 2.7%

Shares of NEOG opened at $12.08 on Tuesday. The company’s 50-day moving average price is $12.26 and its 200 day moving average price is $10.50. Neogen has a 12-month low of $5.37 and a 12-month high of $14.26. The company has a current ratio of 3.90, a quick ratio of 2.92 and a debt-to-equity ratio of 0.37. The firm has a market cap of $2.64 billion, a P/E ratio of -48.32, a price-to-earnings-growth ratio of 4.45 and a beta of 1.86.

Neogen (NASDAQ:NEOG) last announced its earnings results on Tuesday, October 6th. The company reported $0.08 earnings per share for the quarter, topping the consensus estimate of $0.05 by $0.03. Neogen had a negative net margin of 6.35% and a positive return on equity of 3.29%. The company had revenue of $222.80 million during the quarter, compared to analyst estimates of $208.18 million. During the same quarter last year, the firm posted $0.04 earnings per share. Neogen’s revenue was up 6.5% compared to the same quarter last year. On average, sell-side analysts forecast that Neogen will post 0.28 earnings per share for the current year.

About Neogen

Neogen Corporation develops and markets products and services focused on food and animal safety. Its offerings help food producers, processors, laboratories and livestock producers detect risks, support animal health and meet safety and quality requirements.

Neogen’s food safety products include tests for foodborne pathogens, allergens, toxins and sanitation indicators, as well as related laboratory supplies and services. Its animal safety offerings include veterinary instruments, animal health products, biosecurity solutions and genetic testing services for livestock.

Founded in 1982, Neogen expanded its food safety business through its 2022 combination with 3M’s food safety business.