Neogen Corporation (NASDAQ:NEOG) Receives $10.67 Consensus Price Target from Brokerages

Shares of Neogen Corporation (NASDAQ:NEOG) have been assigned an average rating of “Hold” from the six analysts that are currently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $10.6667.

Several analysts have commented on NEOG shares. Piper Sandler reiterated a “neutral” rating and set a $10.00 target price (up from $6.50) on shares of Neogen in a research note on Monday, January 12th. CJS Securities raised Neogen from a “market perform” rating to an “outperform” rating and set a $10.00 price objective on the stock in a research report on Wednesday, December 10th. Guggenheim reiterated a “buy” rating and issued a $12.00 price objective (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, Wall Street Zen downgraded shares of Neogen from a “buy” rating to a “hold” rating in a report on Saturday, January 10th.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake 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 period. ING Groep NV purchased 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 boosted its stake 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 worth $37,347,000 after acquiring an additional 54,590 shares during the last quarter. Institutional investors own 96.73% of the company’s stock.

Neogen Stock Performance

Shares of NEOG stock opened at $10.27 on Friday. The company has a market capitalization of $2.23 billion, a price-to-earnings ratio of -3.71 and a beta of 1.98. The company has a debt-to-equity ratio of 0.38, a quick ratio of 2.80 and a current ratio of 3.91. Neogen has a one year low of $3.87 and a one year high of $10.90. The company’s 50-day moving average is $7.91 and its 200 day moving average is $6.46.

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

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.