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

by · The Markets Daily

Neogen (NASDAQ:NEOG – Get Free Report) was upgraded by analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a report issued on Saturday.

A number of other brokerages have also recently issued reports 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 report on Wednesday, December 10th. 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. Weiss Ratings restated a “sell (e+)” rating on shares of Neogen in a research note on Monday, December 29th. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $10.00 price objective (up previously from $6.50) on shares of Neogen in a research report on Monday, January 12th. Two investment 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, the company presently has a consensus rating of “Hold” and an average price target of $10.67.

Check Out Our Latest Stock Analysis on Neogen

Neogen Trading Up 1.5%

NEOG opened at $10.94 on Friday. The stock has a market cap of $2.38 billion, a PE ratio of -3.95 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 business has a 50 day moving average of $8.67 and a 200-day moving average of $6.78. Neogen has a 52 week low of $3.87 and a 52 week high of $11.15.

Neogen (NASDAQ:NEOG – Get Free Report) last issued its quarterly earnings results on Thursday, January 8th. The company reported $0.10 earnings per share for the quarter, topping the consensus estimate of $0.07 by $0.03. The company had revenue of $224.69 million for the quarter, compared to analysts’ expectations of $208.50 million. Neogen had a positive return on equity of 2.14% and a negative net margin of 68.47%.The firm’s revenue for the quarter was down 2.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.11 earnings per share. Equities research analysts predict that Neogen will post 0.38 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Vanguard Group Inc. grew its stake in shares of Neogen by 1.6% during the 3rd quarter. Vanguard Group Inc. now owns 23,963,223 shares of the company’s stock valued at $136,830,000 after purchasing an additional 385,885 shares during the period. ING Groep NV bought a new stake in Neogen during the third quarter valued at approximately $80,288,000. Clarkston Capital Partners LLC raised its position in Neogen by 123.2% in the second quarter. Clarkston Capital Partners LLC now owns 14,005,725 shares of the company’s stock worth $66,947,000 after acquiring an additional 7,729,650 shares during the period. Norges Bank purchased a new position in shares of Neogen during the 2nd quarter worth $43,387,000. Finally, Mackenzie Financial Corp grew its position in shares of Neogen by 0.7% during the 2nd quarter. Mackenzie Financial Corp now owns 7,813,079 shares of the company’s stock valued at $37,347,000 after acquiring an additional 54,590 shares during the period. Hedge funds and other institutional investors own 96.73% of the company’s stock.

Neogen Company Profile

(Get Free Report)

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.

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