Neogen (NASDAQ:NEOG) Reaches New 12-Month High – What’s Next?

Neogen Corporation (NASDAQ:NEOG)’s share price reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $11.22 and last traded at $11.15, with a volume of 2872746 shares trading hands. The stock had previously closed at $10.99.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. CJS Securities raised Neogen from a “market perform” rating to an “outperform” rating and set a $10.00 target price on the stock in a report on Wednesday, December 10th. Piper Sandler reiterated a “neutral” rating and set a $10.00 price target (up from $6.50) on shares of Neogen in a research report on Monday, January 12th. Weiss Ratings reissued a “sell (e+)” rating on shares of Neogen in a research note on Monday, December 29th. Guggenheim restated a “buy” rating and issued a $12.00 price objective (up previously from $8.00) on shares of Neogen in a report on Friday, January 9th. Finally, Wall Street Zen raised Neogen from a “hold” rating to a “buy” rating in a report on Saturday, February 14th. Two research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Neogen currently has a consensus rating of “Hold” and a consensus target price of $10.67.

Neogen Trading Up 3.2%

The firm has a market cap of $2.46 billion, a price-to-earnings ratio of -4.09 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 company has a 50-day moving average price of $9.11 and a 200 day moving average price of $6.98.

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

Hedge Funds Weigh In On Neogen

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in shares of Neogen by 1.6% during the third quarter. Vanguard Group Inc. now owns 23,963,223 shares of the company’s stock worth $136,830,000 after acquiring an additional 385,885 shares in the last quarter. ING Groep NV acquired a new position in Neogen in the 3rd quarter worth about $80,288,000. Clarkston Capital Partners LLC raised its stake in shares of Neogen by 123.2% during the 2nd quarter. Clarkston Capital Partners LLC now owns 14,005,725 shares of the company’s stock worth $66,947,000 after purchasing an additional 7,729,650 shares in the last quarter. Norges Bank purchased a new stake in shares of Neogen during the 2nd quarter worth about $43,387,000. Finally, T. Rowe Price Investment Management Inc. lifted its holdings in shares of 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 valued at $57,191,000 after buying an additional 5,838,570 shares during the last quarter. 96.73% of the stock is currently owned by hedge funds and other institutional investors.

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.