Neogen (NASDAQ:NEOG) Upgraded to Strong-Buy at Wall Street Zen

Key Points

• Wall Street Zen upgraded Neogen to “strong-buy” from “buy,” while the broader analyst consensus remains “Hold” with an average price target of $12.67. Piper Sandler and Guggenheim also raised their ratings or price targets to $14.
• Neogen shares opened at $12.15, down 0.7%, with the stock trading between a 1-year range of $5.37 and $14.26. The company recently exceeded quarterly expectations, reporting $0.09 EPS versus a $0.06 consensus and revenue of $225.3 million.
• Institutional ownership is high at 96.73%, with major investors including Bank of America, Bank of New York Mellon, and Sei Investments recently buying or increasing positions.

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

Several other research firms have also recently weighed in on NEOG. Weiss Ratings upgraded Neogen from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Friday, August 7th. Piper Sandler upgraded Neogen from a "neutral" rating to an "overweight" rating and lifted their price target for the company from $13.00 to $14.00 in a research note on Wednesday, August 26th. Finally, Guggenheim restated a "buy" rating and set a $14.00 price objective (up from $12.00) on shares of Neogen in a research report on Wednesday. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Neogen currently has an average rating of "Hold" and a consensus target price of $12.67.

Neogen Stock Down 0.7%

NEOG stock opened at $12.15 on Friday. Neogen has a 1-year low of $5.37 and a 1-year high of $14.26. The business's 50 day simple moving average is $11.95 and its 200 day simple moving average is $10.19. The company has a current ratio of 3.82, a quick ratio of 2.91 and a debt-to-equity ratio of 0.38. The firm has a market capitalization of $2.65 billion, a PE ratio of -405.00, a PEG ratio of 4.59 and a beta of 1.79.

Neogen (NASDAQ:NEOG - Get Free Report) last released 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. Neogen had a negative net margin of 0.91% and a positive return on equity of 2.78%. The firm had revenue of $225.30 million for the quarter, compared to analysts' expectations of $212.35 million. During the same period in the prior year, the firm earned ($2.82) EPS. The business's revenue was down .1% on a year-over-year basis. As a group, research analysts anticipate that Neogen will post 0.27 EPS for the current year.

Institutional Investors Weigh In On Neogen

Several large investors have recently modified their holdings of NEOG. Bank of New York Mellon Corp bought a new stake in shares of Neogen in the 2nd quarter valued at $11,404,000. Bank of America Corp DE bought a new stake in Neogen in the second quarter valued at $28,280,000. Sei Investments Co. increased its stake in Neogen by 69.1% in the first quarter. Sei Investments Co. now owns 230,403 shares of the company's stock valued at $2,141,000 after purchasing an additional 94,148 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in shares of Neogen during the first quarter valued at about $2,980,000. Finally, The Manufacturers Life Insurance Company bought a new position in shares of Neogen during the 2nd quarter worth about $956,000. 96.73% of the stock is currently owned by institutional investors and hedge funds.

About Neogen

Neogen Corporation is a global provider of food safety and animal safety products and services. The company develops diagnostic tests, laboratory products, and related solutions that help customers detect foodborne pathogens, allergens, toxins, residues, and other contaminants throughout the food production process.

Its food safety portfolio includes test kits, culture media, molecular testing systems, sanitation monitoring products, and laboratory supplies used by food manufacturers, processors, retailers, and regulatory organizations.

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