Neogen (NASDAQ:NEOG) Trading Up 3.8% – Time to Buy?

Shares of Neogen Corporation (NASDAQ:NEOG) were up 3.8% during trading on Tuesday . The stock traded as high as $9.88 and last traded at $9.9240. Approximately 324,298 shares traded hands during mid-day trading, a decline of 90% from the average daily volume of 3,297,451 shares. The stock had previously closed at $9.56.

Wall Street Analyst Weigh In

Several equities analysts have commented on NEOG shares. Weiss Ratings reissued a “sell (e+)” rating on shares of Neogen in a research report on Monday, December 29th. Wall Street Zen raised shares of Neogen from a “hold” rating to a “buy” rating in a research report on Saturday, February 14th. 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 report on Wednesday, December 10th. Piper Sandler reissued a “neutral” rating and issued a $10.00 price target (up from $6.50) on shares of Neogen in a research report on Monday, January 12th. Finally, William Blair reissued a “market perform” rating on shares of Neogen in a research report on Monday, March 2nd. Two equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Neogen currently has an average rating of “Hold” and a consensus target price of $10.67.

Neogen Stock Performance

The firm’s 50-day moving average price is $10.10 and its two-hundred day moving average price is $7.93. The firm has a market capitalization of $2.16 billion, a PE ratio of -3.60 and a beta of 1.97. The company has a quick ratio of 2.80, a current ratio of 3.91 and a debt-to-equity ratio of 0.38.

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

Hedge Funds Weigh In On Neogen

A number of hedge funds have recently made changes to their positions in NEOG. Vanguard Group Inc. grew its holdings in shares of Neogen by 1.6% in the 3rd quarter. Vanguard Group Inc. now owns 23,963,223 shares of the company’s stock worth $136,830,000 after purchasing an additional 385,885 shares during the last quarter. ING Groep NV acquired a new position in shares of Neogen in the 3rd quarter valued at $80,288,000. T. Rowe Price Investment Management Inc. boosted its stake in Neogen by 249.2% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 8,181,768 shares of the company’s stock worth $57,191,000 after acquiring an additional 5,838,570 shares during the last quarter. Mackenzie Financial Corp boosted its stake in Neogen by 1.0% during the 4th quarter. Mackenzie Financial Corp now owns 7,898,439 shares of the company’s stock worth $55,574,000 after acquiring an additional 79,010 shares during the last quarter. Finally, Cibc World Markets Corp bought a new position in Neogen during the 4th quarter worth approximately $47,983,000. Institutional investors and hedge funds own 96.73% of the company’s stock.

Neogen Company Profile

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.