Neogen (NASDAQ:NEOG) Cut to “Buy” at Wall Street Zen

Wall Street Zen cut shares of Neogen (NASDAQ:NEOG) from a strong-buy rating to a buy rating in a research note published on Sunday morning,Wall Street Zen reports.

A number of other equities research analysts have also recently weighed in on the company. Piper Sandler upgraded Neogen from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $13.00 to $14.00 in a research note on Wednesday, August 26th. Weiss Ratings raised Neogen from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, August 7th. Finally, Guggenheim restated a “buy” rating and set a $14.00 target price (up from $12.00) on shares of Neogen in a research report on Wednesday, September 30th. Three 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, Neogen currently has a consensus rating of “Hold” and an average target price of $12.67.

Neogen Stock Down 2.2%

Neogen stock opened at $11.73 on Friday. Neogen has a fifty-two week low of $5.37 and a fifty-two week high of $14.26. 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 capitalization of $2.56 billion, a P/E ratio of -46.92, a PEG ratio of 4.29 and a beta of 1.79. The stock has a 50-day simple moving average of $12.12 and a 200-day simple moving average of $10.35.

Neogen (NASDAQ:NEOG) last announced its earnings results on Tuesday, October 6th. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.05 by $0.03. The firm had revenue of $222.80 million during the quarter, compared to analysts’ expectations of $208.18 million. Neogen had a positive return on equity of 3.29% and a negative net margin of 6.35%. The business’s revenue was up 6.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.04 EPS. Equities research analysts expect that Neogen will post 0.28 earnings per share for the current year.

Institutional Trading of Neogen

A number of hedge funds have recently added to or reduced their stakes in NEOG. BlackRock Inc. purchased a new position in shares of Neogen during the 2nd quarter worth approximately $300,545,000. Dimensional Fund Advisors LP boosted its stake in shares of Neogen by 23.4% in the first quarter. Dimensional Fund Advisors LP now owns 9,132,021 shares of the company’s stock valued at $84,831,000 after buying an additional 1,733,767 shares in the last quarter. SG Americas Securities LLC boosted its stake in shares of Neogen by 287.4% in the first quarter. SG Americas Securities LLC now owns 6,266,033 shares of the company’s stock valued at $58,211,000 after buying an additional 4,648,436 shares in the last quarter. Bamco Inc. NY purchased a new stake in shares of Neogen in the second quarter valued at approximately $45,094,000. Finally, Cibc World Market Inc. acquired a new position in Neogen during the second quarter worth $31,469,000. 96.73% of the stock is owned by institutional investors and hedge funds.

Neogen Company Profile

Neogen Corporation is a global provider of food safety and animal safety products and services. The company develops diagnostic tests, laboratory products, and related solutions that help customers detect foodborne pathogens, allergens, toxins, residues, and other contaminants throughout the food production process.

Its food safety portfolio includes test kits, culture media, molecular testing systems, sanitation monitoring products, and laboratory supplies used by food manufacturers, processors, retailers, and regulatory organizations.