Neogen (NASDAQ:NEOG) Share Price Passes Above 200-Day Moving Average – Here’s Why

Neogen Corporation (NASDAQ:NEOG) shares crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $8.82 and traded as high as $8.84. Neogen shares last traded at $8.81, with a volume of 2,014,423 shares changing hands.

Wall Street Analyst Weigh In

NEOG has been the subject of a number of recent analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Neogen in a research report on Friday, April 10th. Wall Street Zen raised Neogen from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Finally, William Blair reaffirmed a “market perform” rating on shares of Neogen in a research report on Monday, March 2nd. Two investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $10.67.

Neogen Stock Performance

The company has a 50-day simple moving average of $9.17 and a two-hundred day simple moving average of $8.84. The company has a debt-to-equity ratio of 0.38, a quick ratio of 2.84 and a current ratio of 3.92. The firm has a market capitalization of $1.94 billion, a P/E ratio of 43.43, a PEG ratio of 4.08 and a beta of 1.80.

Neogen (NASDAQ:NEOG) last posted its earnings results on Thursday, April 9th. The company reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.05. Neogen had a positive return on equity of 2.35% and a negative net margin of 69.93%.The firm had revenue of $211.20 million for the quarter, compared to the consensus estimate of $204.62 million. The company’s revenue for the quarter was down 4.4% compared to the same quarter last year. As a group, equities analysts forecast that Neogen Corporation will post 0.23 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in NEOG. ING Groep NV purchased a new position in shares of Neogen during the 3rd quarter worth approximately $80,288,000. Cibc World Markets Corp purchased a new position in shares of Neogen during the 4th quarter worth approximately $47,983,000. T. Rowe Price Investment Management Inc. grew its holdings in shares of Neogen by 249.2% during 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 acquiring an additional 5,838,570 shares during the period. CIBC Bancorp USA Inc. purchased a new position in shares of Neogen during the 3rd quarter worth approximately $28,969,000. Finally, Hudson Bay Capital Management LP purchased a new position in shares of Neogen during the 3rd quarter worth approximately $28,550,000. Hedge funds and other institutional investors own 96.73% of the company’s stock.

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.