Neogen (NASDAQ:NEOG) Stock Rating Upgraded by Wall Street Zen

Key Points

• Wall Street Zen upgraded Neogen from “buy” to “strong-buy,” while Piper Sandler also raised its rating to “overweight” and increased its price target to $14.
• Despite these upgrades, analysts’ overall consensus remains “Hold”, with a consensus price target of $12.00; three analysts rate the stock Buy, one Hold, and one Sell.
• Neogen’s latest quarterly results exceeded expectations, reporting $0.09 in EPS versus a $0.06 estimate and $225.3 million in revenue versus $212.35 million expected. Institutional investors own approximately 96.73% of the company’s shares.

Neogen (NASDAQ:NEOG - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a note issued to investors on Saturday, Wall Street Zen reports.

NEOG has been the topic of a number of other research reports. Piper Sandler raised shares of Neogen from a "neutral" rating to an "overweight" rating and raised their target price for the company from $13.00 to $14.00 in a research report on Wednesday, August 26th. Weiss Ratings raised shares of Neogen from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Friday, August 7th. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $12.00.

Neogen Trading Up 0.1%

Shares of NASDAQ NEOG opened at $11.78 on Friday. Neogen has a twelve month low of $4.90 and a twelve month high of $12.85. The firm has a market cap of $2.57 billion, a PE ratio of -392.67, a price-to-earnings-growth ratio of 4.41 and a beta of 1.76. The business has a fifty day simple moving average of $10.98 and a two-hundred day simple moving average of $9.93. The company has a quick ratio of 2.91, a current ratio of 3.82 and a debt-to-equity ratio of 0.38.

Neogen (NASDAQ:NEOG - Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The company reported $0.09 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.06 by $0.03. The business had revenue of $225.30 million for the quarter, compared to the consensus estimate of $212.35 million. Neogen had a positive return on equity of 2.78% and a negative net margin of 0.91%.The business's revenue was down .1% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($2.82) EPS. Analysts expect that Neogen will post 0.27 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Neogen

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Huntington National Bank raised its holdings in Neogen by 8.4% in the fourth quarter. Huntington National Bank now owns 13,552 shares of the company's stock worth $95,000 after purchasing an additional 1,045 shares in the last quarter. ProShare Advisors LLC boosted its stake in Neogen by 3.2% in the fourth quarter. ProShare Advisors LLC now owns 42,509 shares of the company's stock valued at $297,000 after acquiring an additional 1,331 shares in the last quarter. Mercer Global Advisors Inc. ADV boosted its stake in Neogen by 10.1% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 17,837 shares of the company's stock valued at $125,000 after acquiring an additional 1,638 shares in the last quarter. Values First Advisors Inc. grew its holdings in Neogen by 2.2% in the first quarter. Values First Advisors Inc. now owns 90,238 shares of the company's stock worth $838,000 after purchasing an additional 1,917 shares during the last quarter. Finally, California State Teachers Retirement System grew its holdings in Neogen by 1.1% in the second quarter. California State Teachers Retirement System now owns 191,084 shares of the company's stock worth $913,000 after purchasing an additional 2,166 shares during the last quarter. Hedge funds and other 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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