Neogen (NASDAQ:NEOG) Downgraded to "Buy" Rating by Wall Street Zen

Key Points

• Wall Street Zen downgraded Neogen from “strong buy” to “buy.” Overall analyst sentiment is “Hold,” with a consensus price target of $12.00.
• Neogen shares opened at $13.00, near their 52-week high of $13.07, while the stock’s 50-day and 200-day moving averages were $11.28 and $9.97, respectively.
• The company exceeded quarterly expectations, reporting $0.09 in EPS versus $0.06 expected and revenue of $225.30 million versus $212.35 million estimated, despite slightly lower year-over-year revenue and a negative net margin.

Neogen (NASDAQ:NEOG - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a research note issued to investors on Sunday, Wall Street Zen reports.

NEOG has been the subject of several other reports. Weiss Ratings upgraded shares of Neogen from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Friday, August 7th. Piper Sandler upgraded shares of 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 report on Wednesday, August 26th. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $12.00.

Neogen Stock Performance

NEOG opened at $13.00 on Friday. The business's 50-day moving average price is $11.28 and its two-hundred day moving average price is $9.97. Neogen has a 1 year low of $5.09 and a 1 year high of $13.07. The company has a market capitalization of $2.84 billion, a price-to-earnings ratio of -433.33, a P/E/G ratio of 4.87 and a beta of 1.76. The company has a debt-to-equity ratio of 0.38, a current ratio of 3.82 and a quick ratio of 2.91.

Neogen (NASDAQ:NEOG - Get Free Report) last released its earnings results on Thursday, July 30th. The company reported $0.09 earnings per share for the quarter, beating analysts' consensus estimates of $0.06 by $0.03. The business 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 company's revenue for the quarter was down .1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($2.82) EPS. Equities analysts expect that Neogen will post 0.27 EPS for the current fiscal year.

Institutional Trading of Neogen

Several hedge funds have recently modified their holdings of NEOG. Huntington National Bank lifted its holdings in Neogen by 8.4% during the fourth quarter. Huntington National Bank now owns 13,552 shares of the company's stock worth $95,000 after acquiring an additional 1,045 shares during the period. ProShare Advisors LLC grew its stake in Neogen by 3.2% in the 4th quarter. ProShare Advisors LLC now owns 42,509 shares of the company's stock valued at $297,000 after purchasing an additional 1,331 shares during the period. Values First Advisors Inc. increased its position in shares of Neogen by 2.2% during the 1st quarter. Values First Advisors Inc. now owns 90,238 shares of the company's stock valued at $838,000 after purchasing an additional 1,917 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Neogen by 3.1% during the 1st quarter. The Manufacturers Life Insurance Company now owns 96,859 shares of the company's stock valued at $900,000 after purchasing an additional 2,869 shares during the last quarter. Finally, Nykredit A S purchased a new stake in shares of Neogen during the 2nd quarter valued at $28,000. Institutional investors own 96.73% of the company's stock.

Neogen Company Profile

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.

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