Neogen (NASDAQ:NEOG) Sets New 1-Year High - Time to Buy?

Key Points

• Neogen shares reached a new 52-week high of $12.88, up from a previous close of $12.25, with the stock trading above its 50-day and 200-day moving averages.
• Analyst sentiment remains mixed: Piper Sandler upgraded Neogen to “overweight” and raised its target to $14, but the broader consensus is “Hold” with an average price target of $12.
• Neogen exceeded quarterly expectations with earnings of $0.09 per share versus $0.06 expected and revenue of $225.3 million versus $212.35 million projected, though it reported a negative net margin and slightly lower year-over-year revenue.

Neogen Corporation (NASDAQ:NEOG - Get Free Report)'s stock price hit a new 52-week high during trading on Wednesday . The stock traded as high as $12.88 and last traded at $12.8550, with a volume of 847492 shares changing hands. The stock had previously closed at $12.25.

Analysts Set New Price Targets

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

Neogen Price Performance

The stock has a fifty day moving average of $11.08 and a 200-day moving average of $9.93. The firm has a market capitalization of $2.80 billion, a P/E ratio of -428.50, a PEG ratio of 4.48 and a beta of 1.76. 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 announced its earnings results on Thursday, July 30th. The company reported $0.09 earnings per share for the quarter, topping analysts' consensus estimates of $0.06 by $0.03. The company had revenue of $225.30 million during 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 in the previous year, the firm posted ($2.82) earnings per share. Equities analysts predict that Neogen Corporation will post 0.27 EPS for the current fiscal year.

Institutional Investors Weigh In On Neogen

Institutional investors and hedge funds have recently modified their holdings of the business. Nykredit A S acquired a new position in Neogen in the second quarter valued at about $28,000. Public Employees Retirement System of Ohio acquired a new stake in shares of Neogen during the second quarter worth about $34,000. Hantz Financial Services Inc. lifted its holdings in shares of Neogen by 816.9% during the 4th 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 in the last quarter. Integrated Wealth Concepts LLC acquired a new position in shares of Neogen in the 2nd quarter valued at approximately $73,000. Finally, Swiss Life Asset Management Ltd acquired a new position in shares of Neogen in the 4th quarter valued at approximately $73,000. 96.73% of the stock is owned by institutional investors.

About Neogen

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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