Neogen (NASDAQ:NEOG) Hits New 52-Week High – Here’s What Happened

Neogen Corporation (NASDAQ:NEOG)’s share price reached a new 52-week high on Wednesday . The stock traded as high as $12.88 and last traded at $12.8550, with a volume of 847492 shares changing hands. The stock had previously closed at $12.25.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on NEOG. Piper Sandler upgraded shares of Neogen from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $13.00 to $14.00 in a report on Wednesday, August 26th. Weiss Ratings raised shares of Neogen from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, August 7th. Finally, Wall Street Zen upgraded Neogen from a “buy” rating to a “strong-buy” rating in a report on Saturday. Three investment 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 data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $12.00.

Neogen Trading Up 4.9%

The company has a debt-to-equity ratio of 0.38, a quick ratio of 2.91 and a current ratio of 3.82. The business has a 50-day simple moving average of $11.08 and a two-hundred day simple moving average of $9.93. The stock has a market cap of $2.80 billion, a price-to-earnings ratio of -428.50, a P/E/G ratio of 4.48 and a beta of 1.76.

Neogen (NASDAQ:NEOG) last posted its quarterly earnings data on Thursday, July 30th. The company reported $0.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.06 by $0.03. The company had revenue of $225.30 million for the quarter, compared to the consensus estimate of $212.35 million. Neogen had a negative net margin of 0.91% and a positive return on equity of 2.78%. The firm’s revenue was down .1% compared to the same quarter last year. During the same period last year, the company earned ($2.82) earnings per share. As a group, research analysts forecast that Neogen Corporation will post 0.27 EPS for the current year.

Institutional Investors Weigh In On Neogen

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new stake in shares of Neogen in the second quarter valued at about $300,545,000. Dimensional Fund Advisors LP raised its holdings in 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 in the last quarter. SG Americas Securities LLC boosted its position in Neogen by 287.4% during the first quarter. SG Americas Securities LLC now owns 6,266,033 shares of the company’s stock valued at $58,211,000 after purchasing an additional 4,648,436 shares during the last quarter. Bamco Inc. NY acquired a new position in Neogen during the second quarter valued at approximately $45,094,000. Finally, Cibc World Market Inc. bought a new position in Neogen in the second quarter valued at approximately $31,469,000. 96.73% of the stock is owned by institutional investors.

Neogen Company Profile

Neogen Corporation develops and markets products and services designed to protect food, animals and people. The company’s offerings help customers detect, prevent and manage biological, chemical and physical hazards across the food production, agricultural and animal care industries.

Its food safety portfolio includes test kits and related technologies for detecting pathogens, allergens, mycotoxins, spoilage organisms, veterinary drug residues and other contaminants. Neogen also provides sanitation and hygiene products, diagnostic tools, laboratory services, software and training for food manufacturers, processors, retailers and other organizations involved in the food supply chain.

Neogen’s animal safety business serves livestock, poultry, companion animal and veterinary markets.