Neogen (NASDAQ:NEOG) Shares Pass Above 200 Day Moving Average – Should You Sell?

Neogen Corporation (NASDAQ:NEOG) shares passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $9.39 and traded as high as $9.75. Neogen shares last traded at $9.65, with a volume of 1,455,338 shares.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on NEOG shares. Wall Street Zen upgraded Neogen from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Neogen in a research note on Wednesday, July 8th. Two research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Neogen presently has an average rating of “Hold” and an average price target of $10.67.

Neogen Trading Up 3.2%

The company has a debt-to-equity ratio of 0.38, a current ratio of 3.92 and a quick ratio of 2.84. The stock’s 50 day moving average is $9.09 and its 200-day moving average is $9.41. The company has a market capitalization of $2.17 billion, a P/E ratio of -3.56, a P/E/G ratio of 4.32 and a beta of 1.80.

Institutional Investors Weigh In On Neogen

Several hedge funds have recently made changes to their positions in NEOG. Dimensional Fund Advisors LP lifted its position in Neogen by 23.4% during the first quarter. Dimensional Fund Advisors LP now owns 9,132,021 shares of the company’s stock valued at $84,831,000 after buying an additional 1,733,767 shares during the period. T. Rowe Price Investment Management Inc. grew its position in shares of Neogen by 249.2% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 8,181,768 shares of the company’s stock worth $57,191,000 after buying an additional 5,838,570 shares during the period. Mackenzie Financial Corp grew its position in shares of Neogen by 1.0% in the 4th quarter. Mackenzie Financial Corp now owns 7,898,439 shares of the company’s stock worth $55,574,000 after buying an additional 79,010 shares during the period. Cibc World Markets Corp bought a new position in shares of Neogen in the 4th quarter worth about $47,983,000. Finally, Hudson Bay Capital Management LP increased its stake in shares of Neogen by 30.0% in the 4th quarter. Hudson Bay Capital Management LP now owns 6,500,000 shares of the company’s stock worth $45,435,000 after acquiring an additional 1,500,000 shares in the last quarter. 96.73% of the stock is currently owned by 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.