Neogen (NASDAQ:NEOG) Lowered to Buy Rating by Wall Street Zen

Wall Street Zen lowered shares of Neogen (NASDAQ:NEOG) from a strong-buy rating to a buy rating in a research note issued to investors on Sunday morning,Wall Street Zen reports.

A number of other brokerages have also weighed in on NEOG. Weiss Ratings raised shares of Neogen from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, August 7th. Piper Sandler upgraded shares of Neogen from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $13.00 to $14.00 in a report on Wednesday, August 26th. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Neogen has an average rating of “Hold” and a consensus price target of $12.00.

Neogen Price Performance

NEOG opened at $13.00 on Friday. The company has a 50 day moving average of $11.28 and a 200 day moving average of $9.96. The company has a market cap of $2.84 billion, a PE ratio of -433.33, a price-to-earnings-growth ratio of 4.88 and a beta of 1.76. Neogen has a 12 month low of $5.09 and a 12 month high of $13.07. The company has a current ratio of 3.82, a quick ratio of 2.91 and a debt-to-equity ratio of 0.38.

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

Institutional Investors Weigh In On Neogen

Large investors have recently bought and sold shares of the business. Bank of New York Mellon Corp purchased a new position in shares of Neogen in the second quarter worth $11,404,000. Sei Investments Co. increased its position in shares of Neogen by 69.1% in the 1st quarter. Sei Investments Co. now owns 230,403 shares of the company’s stock valued at $2,141,000 after acquiring an additional 94,148 shares during the period. Arrowstreet Capital Limited Partnership acquired a new position in shares of Neogen in the 1st quarter valued at $2,980,000. Deutsche Bank AG purchased a new position in Neogen in the 2nd quarter worth $3,382,000. Finally, Roubaix Capital LLC acquired a new stake in Neogen during the 1st quarter worth about $4,630,000. 96.73% of the stock is currently owned by institutional investors.

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.