Neogen (NASDAQ:NEOG) Reaches New 12-Month High – Time to Buy?

Neogen Corporation (NASDAQ:NEOG) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $13.72 and last traded at $13.61, with a volume of 4398460 shares trading hands. The stock had previously closed at $13.00.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on NEOG shares. Wall Street Zen lowered Neogen from a “strong-buy” rating to a “buy” rating in a research report on Sunday. Piper Sandler raised shares of Neogen from a “neutral” rating to an “overweight” rating and raised their target price for the company from $13.00 to $14.00 in a report on Wednesday, August 26th. Finally, Weiss Ratings raised shares of Neogen from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, August 7th. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $12.00.

Neogen Stock Down 2.9%

The firm has a 50-day moving average price of $11.52 and a two-hundred day moving average price of $10.02. The firm has a market cap of $2.96 billion, a price-to-earnings ratio of -452.33, a price-to-earnings-growth ratio of 5.24 and a beta of 1.76. The company has a debt-to-equity ratio of 0.38, a quick ratio of 2.91 and a current ratio of 3.82.

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

Institutional Investors Weigh In On Neogen

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp purchased a new stake in shares of Neogen in the 2nd quarter valued at about $11,404,000. Sei Investments Co. increased its position in Neogen by 69.1% during the first quarter. Sei Investments Co. now owns 230,403 shares of the company’s stock worth $2,141,000 after buying an additional 94,148 shares during the period. Arrowstreet Capital Limited Partnership purchased a new stake in Neogen in the first quarter valued at approximately $2,980,000. Deutsche Bank AG acquired a new stake in shares of Neogen in the second quarter valued at approximately $3,382,000. Finally, Roubaix Capital LLC purchased a new position in shares of Neogen during the first quarter worth approximately $4,630,000. 96.73% of the stock is currently owned by institutional investors and hedge funds.

About Neogen

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.