Neogen Corporation (NASDAQ:NEOG) Given Consensus Recommendation of "Hold" by Brokerages

Key Points

• Neogen Corporation (NASDAQ:NEOG) has received a consensus recommendation of "Hold" from five brokers, with four ratings being a hold and one a buy.
• The average 12-month price target set by analysts for Neogen is $8.33, reflecting a significant decrease from previous targets, including a cut from $13.00 to $10.00 by Guggenheim.
• Neogen's stock price has recently traded at $5.53, with a 52-week range between $3.87 and $17.18, indicating its current position well below its high.

Shares of Neogen Corporation (NASDAQ:NEOG - Get Free Report) have been assigned a consensus recommendation of "Hold" from the five ratings firms that are covering the firm, Marketbeat reports. Four research analysts have rated the stock with a hold rating and one has issued a buy rating on the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $8.3333.

Several equities research analysts have commented on the company. Guggenheim cut their price objective on Neogen from $13.00 to $10.00 and set a "buy" rating for the company in a research note on Monday, June 30th. Zacks Research upgraded Neogen from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 20th. CJS Securities started coverage on Neogen in a report on Monday. They set a "market perform" rating and a $10.00 target price on the stock. Finally, William Blair cut Neogen from an "outperform" rating to a "market perform" rating in a report on Tuesday, July 29th.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Versant Capital Management Inc lifted its holdings in Neogen by 1,495.4% in the first quarter. Versant Capital Management Inc now owns 3,127 shares of the company's stock valued at $27,000 after acquiring an additional 2,931 shares during the last quarter. Savant Capital LLC acquired a new position in Neogen in the second quarter valued at approximately $50,000. Cresset Asset Management LLC acquired a new position in Neogen in the second quarter valued at approximately $53,000. Evergreen Capital Management LLC acquired a new position in Neogen in the second quarter valued at approximately $56,000. Finally, Blue Trust Inc. lifted its stake in Neogen by 181.7% during the second quarter. Blue Trust Inc. now owns 11,974 shares of the company's stock worth $57,000 after purchasing an additional 7,724 shares in the last quarter. 96.73% of the stock is currently owned by institutional investors and hedge funds.

Neogen Price Performance

NASDAQ:NEOG traded down $0.15 during trading hours on Monday, hitting $5.53. 2,576,385 shares of the stock were exchanged, compared to its average volume of 5,455,764. Neogen has a 52-week low of $3.87 and a 52-week high of $17.18. The firm's fifty day moving average price is $5.38 and its 200 day moving average price is $5.81. The company has a current ratio of 3.32, a quick ratio of 2.22 and a debt-to-equity ratio of 0.42. The company has a market cap of $1.20 billion, a P/E ratio of -1.10 and a beta of 1.84.

About Neogen

Neogen Corporation, together with its subsidiaries, engages in the development, manufacture, and marketing of various products and services dedicated to food and animal safety worldwide. It operates through two segments, Food Safety and Animal Safety. The Food Safety segment offers diagnostic test kits and related products to detect dangerous and unintended substances in food and animal feed, including foodborne pathogens, spoilage organisms, natural toxins, food allergens, genetic modifications, ruminant by-products, meat speciation, drug residues, pesticide residues, and general sanitation concerns; and AccuPoint Advanced rapid sanitation test to detect the presence of adenosine triphosphate, a chemical found in living cells, as well as provides genomics-based diagnostic technology and software systems that help testers to objectively analyze and store their results and perform analysis on the results from multiple locations over extended periods.

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