Neogen (NASDAQ:NEOG) Hits New 12-Month High - What's Next?

Key Points

• Neogen shares reached a new 52-week high, trading as high as $13.72 and closing near $13.61, well above its 50-day and 200-day moving averages.
• Analyst sentiment is mixed but improving: Piper Sandler upgraded the stock to “overweight” with a $14 price target, while the broader consensus remains “Hold” with an average target of $12.
• Neogen’s latest quarterly results exceeded expectations, with earnings of $0.09 per share versus $0.06 expected and revenue of $225.3 million versus $212.35 million forecast; institutional investors own 96.73% of the stock.

Neogen Corporation (NASDAQ:NEOG - Get Free Report)'s stock price hit a new 52-week high on Tuesday . The stock traded as high as $13.72 and last traded at $13.61, with a volume of 4398460 shares changing hands. The stock had previously closed at $13.00.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Piper Sandler raised Neogen from a "neutral" rating to an "overweight" rating and lifted their target price for the stock from $13.00 to $14.00 in a research report on Wednesday, August 26th. Weiss Ratings upgraded shares of Neogen from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Friday, August 7th. Finally, Wall Street Zen lowered Neogen from a "strong-buy" rating to a "buy" rating in a research note on Sunday. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $12.00.

Neogen Stock Performance

The stock's 50-day moving average is $11.36 and its 200 day moving average is $9.98. The firm has a market cap of $2.97 billion, a P/E ratio of -453.67, a PEG ratio of 4.88 and a beta of 1.76. The company has a debt-to-equity ratio of 0.38, a quick ratio of 2.91 and a current ratio of 3.82.

Neogen (NASDAQ:NEOG - Get Free Report) last released its quarterly earnings data 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. The business had revenue of $225.30 million for the quarter, compared to analysts' expectations of $212.35 million. Neogen had a positive return on equity of 2.78% and a negative net margin of 0.91%.Neogen's revenue for the quarter was down .1% on a year-over-year basis. During the same quarter in the previous year, the business posted ($2.82) EPS. On average, research analysts predict that Neogen Corporation will post 0.27 earnings per share for the current year.

Hedge Funds Weigh In On Neogen

Large investors have recently bought and sold shares of the company. Nykredit A S acquired a new stake in Neogen in the 2nd quarter valued at $28,000. Public Employees Retirement System of Ohio bought a new position in shares of Neogen during the 2nd quarter worth approximately $34,000. Hantz Financial Services Inc. increased its holdings in shares of Neogen by 816.9% in the fourth quarter. Hantz Financial Services Inc. now owns 7,592 shares of the company's stock valued at $53,000 after purchasing an additional 6,764 shares during the last quarter. Integrated Wealth Concepts LLC bought a new position in Neogen in the 2nd quarter valued at about $73,000. Finally, Alpine Global Management LLC bought a new position in shares of Neogen during the fourth quarter worth approximately $89,000. Institutional investors and hedge funds 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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