Neogen (NASDAQ:NEOG) Hits New 12-Month High – Here’s Why

Shares of Neogen Corporation (NASDAQ:NEOG) hit a new 52-week high during trading on Thursday . The company traded as high as $10.90 and last traded at $10.59, with a volume of 2994914 shares traded. The stock had previously closed at $10.54.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on NEOG. CJS Securities raised shares of Neogen from a “market perform” rating to an “outperform” rating and set a $10.00 price target for the company in a research note on Wednesday, December 10th. Wall Street Zen lowered Neogen from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. Piper Sandler reissued a “neutral” rating and set a $10.00 price target (up previously from $6.50) on shares of Neogen in a research report on Monday, January 12th. Guggenheim reiterated a “buy” rating and set a $12.00 target price (up from $8.00) on shares of Neogen in a report on Friday, January 9th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Neogen in a report on Monday, December 29th. Two investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $10.67.

Neogen Price Performance

The company has a market cap of $2.30 billion, a PE ratio of -3.82 and a beta of 1.98. The company has a quick ratio of 2.80, a current ratio of 3.91 and a debt-to-equity ratio of 0.38. The firm has a 50 day simple moving average of $8.00 and a 200-day simple moving average of $6.49.

Neogen (NASDAQ:NEOG) last released its quarterly earnings results on Thursday, January 8th. The company reported $0.10 earnings per share for the quarter, beating analysts’ consensus estimates of $0.07 by $0.03. The business had revenue of $224.69 million for the quarter, compared to analysts’ expectations of $208.50 million. Neogen had a negative net margin of 68.47% and a positive return on equity of 2.14%. The company’s revenue was down 2.9% compared to the same quarter last year. During the same period last year, the business earned $0.11 EPS. As a group, research analysts predict that Neogen Corporation will post 0.38 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in NEOG. State of Alaska Department of Revenue raised its stake in Neogen by 1.2% in the fourth quarter. State of Alaska Department of Revenue now owns 110,645 shares of the company’s stock valued at $773,000 after buying an additional 1,353 shares during the last quarter. Evergreen Capital Management LLC increased its holdings in shares of Neogen by 12.3% during the fourth quarter. Evergreen Capital Management LLC now owns 13,753 shares of the company’s stock valued at $96,000 after acquiring an additional 1,504 shares in the last quarter. California State Teachers Retirement System raised its position in shares of Neogen by 1.1% in the 2nd quarter. California State Teachers Retirement System now owns 191,084 shares of the company’s stock valued at $913,000 after purchasing an additional 2,166 shares during the last quarter. Sage Rhino Capital LLC boosted its stake in Neogen by 25.2% in the 3rd quarter. Sage Rhino Capital LLC now owns 16,618 shares of the company’s stock worth $95,000 after purchasing an additional 3,343 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its position in Neogen by 7.3% during the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 50,707 shares of the company’s stock worth $242,000 after purchasing an additional 3,463 shares during the last quarter. 96.73% of the stock is owned by institutional investors and hedge funds.

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.