Neogen Corporation (NASDAQ:NEOG) Given Average Rating of "Hold" by Brokerages

Key Points

• Neogen has a consensus “Hold” rating from five analysts: two buys, two holds and one sell. The average 12-month price target is $11.67, below the reported opening price of $12.15.
• Institutional investors own 96.73% of Neogen’s shares, with several funds increasing their positions during the fourth quarter.
• Neogen beat quarterly expectations, reporting $0.09 in EPS versus $0.06 expected and revenue of $225.3 million versus $212.35 million forecast, although revenue declined slightly year over year and net margin remained negative.

Shares of Neogen Corporation (NASDAQ:NEOG - Get Free Report) have received a consensus recommendation of "Hold" from the five research firms that are currently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating on the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $11.6667.

NEOG has been the subject of a number of analyst reports. Piper Sandler reaffirmed a "neutral" rating and issued a $13.00 price target (up from $11.00) on shares of Neogen in a report on Monday, August 3rd. Weiss Ratings upgraded shares of Neogen from a "sell (e+)" rating to a "sell (d-)" rating in a report on Friday, August 7th. Finally, Wall Street Zen upgraded Neogen from a "hold" rating to a "buy" rating in a report on Saturday, May 9th.

Institutional Investors Weigh In On Neogen

Hedge funds have recently made changes to their positions in the stock. Huntington National Bank lifted its position in shares of Neogen by 8.4% during the fourth quarter. Huntington National Bank now owns 13,552 shares of the company's stock valued at $95,000 after buying an additional 1,045 shares during the last quarter. ProShare Advisors LLC boosted its position 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 buying an additional 1,331 shares during the last quarter. State of Alaska Department of Revenue increased its stake in shares of Neogen by 1.2% in the fourth quarter. State of Alaska Department of Revenue now owns 110,645 shares of the company's stock worth $773,000 after acquiring an additional 1,353 shares during the period. Evergreen Capital Management LLC grew its position in Neogen by 12.3% during the 4th quarter. Evergreen Capital Management LLC now owns 13,753 shares of the company's stock worth $96,000 after purchasing an additional 1,504 shares during the period. Finally, Mercer Global Advisors Inc. ADV grew its holdings in Neogen by 10.1% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 17,837 shares of the company's stock worth $125,000 after acquiring an additional 1,638 shares during the period. 96.73% of the stock is currently owned by hedge funds and other institutional investors.

Neogen Price Performance

Shares of Neogen stock opened at $12.15 on Thursday. Neogen has a one year low of $4.90 and a one year high of $12.85. The company has a debt-to-equity ratio of 0.38, a quick ratio of 2.91 and a current ratio of 3.82. The stock has a market cap of $2.65 billion, a P/E ratio of -405.00, a P/E/G ratio of 4.57 and a beta of 1.77. The stock's fifty day moving average is $10.11 and its 200 day moving average is $9.80.

Neogen (NASDAQ:NEOG - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The company reported $0.09 EPS for the quarter, beating the consensus estimate of $0.06 by $0.03. The firm had revenue of $225.30 million for 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 was down .1% on a year-over-year basis. During the same period last year, the firm earned ($2.82) EPS. Sell-side analysts anticipate that Neogen will post 0.25 earnings per share for the current year.

About Neogen

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.

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