Neogen (NASDAQ:NEOG) Shares Break Above 50 Day Moving Average - Here's What Happened

Key Points

• Neogen shares moved above their 50-day moving average, reaching $12.35 before closing at $12.21, with about 1.69 million shares traded.
• Analyst sentiment is mixed but improving: Piper Sandler upgraded the stock to “overweight” and Guggenheim raised its price target to $14.00. The consensus rating remains “Hold,” with an average target price of $12.67.
• Neogen exceeded quarterly expectations, reporting $0.08 in EPS versus the $0.05 consensus and revenue of $222.8 million, up 6.5% year over year. Institutional investors own approximately 96.73% of the company.

Neogen Corporation (NASDAQ:NEOG - Get Free Report)'s stock price passed above its 50-day moving average during trading on Monday. The stock has a 50-day moving average of $12.20 and traded as high as $12.35. Neogen shares last traded at $12.21, with a volume of 1,691,236 shares trading hands.

Analyst Upgrades and Downgrades

NEOG has been the subject of a number of recent research reports. Weiss Ratings raised 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 stock from $13.00 to $14.00 in a report on Wednesday, August 26th. Wall Street Zen cut shares of Neogen from a "strong-buy" rating to a "buy" rating in a research report on Sunday, October 11th. 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, September 30th. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $12.67.

Neogen Stock Up 0.2%

The business has a 50-day simple moving average of $12.20 and a 200-day simple moving average of $10.36. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.92 and a current ratio of 3.90. The company has a market cap of $2.67 billion, a price-to-earnings ratio of -48.84, a price-to-earnings-growth ratio of 4.46 and a beta of 1.79.

Neogen (NASDAQ:NEOG - Get Free Report) last posted its quarterly earnings results on Tuesday, October 6th. The company reported $0.08 EPS for the quarter, topping the consensus estimate of $0.05 by $0.03. The company had revenue of $222.80 million during the quarter, compared to analysts' expectations of $208.18 million. Neogen had a negative net margin of 6.35% and a positive return on equity of 3.29%. The firm's revenue was up 6.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.04 EPS. On average, equities analysts anticipate that Neogen Corporation will post 0.27 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of NEOG. BlackRock Inc. purchased a new position in shares of Neogen during the second quarter worth about $300,545,000. Dimensional Fund Advisors LP increased its stake in shares of Neogen by 23.4% during the first quarter. Dimensional Fund Advisors LP now owns 9,132,021 shares of the company's stock worth $84,831,000 after acquiring an additional 1,733,767 shares during the period. Bamco Inc. NY purchased a new position in shares of Neogen during the 2nd quarter worth approximately $45,094,000. Cibc World Market Inc. purchased a new position in Neogen in the second quarter worth $31,469,000. Finally, Bank of America Corp DE purchased a new position in shares of Neogen in the 2nd quarter valued at about $28,280,000. 96.73% of the stock is owned by hedge funds and other institutional investors.

About Neogen

Neogen Corporation develops and markets products and services designed to help protect the food supply and support animal health. Its food safety offerings include diagnostic tests and laboratory products used to detect pathogens, allergens, mycotoxins, genetically modified organisms, veterinary drug residues, and other contaminants in food and agricultural environments.

The company also provides sanitation and hygiene products, environmental monitoring solutions, and software and data-management tools that help food processors, retailers, laboratories, and other organizations manage food safety programs.

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