Neogen Corporation (NASDAQ:NEOG) Sees Large Decrease in Short Interest

Neogen Corporation (NASDAQ:NEOG) saw a significant decline in short interest in the month of January. As of January 30th, there was short interest totaling 11,865,302 shares, a decline of 15.8% from the January 15th total of 14,099,129 shares. Currently, 5.5% of the shares of the company are sold short. Based on an average daily volume of 3,196,788 shares, the short-interest ratio is currently 3.7 days. Based on an average daily volume of 3,196,788 shares, the short-interest ratio is currently 3.7 days. Currently, 5.5% of the shares of the company are sold short.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Huntington National Bank grew its holdings in shares of Neogen by 8.4% during the fourth quarter. Huntington National Bank now owns 13,552 shares of the company’s stock worth $95,000 after buying an additional 1,045 shares in the last quarter. ProShare Advisors LLC grew its stake in Neogen by 3.2% during the 4th quarter. ProShare Advisors LLC now owns 42,509 shares of the company’s stock valued at $297,000 after acquiring an additional 1,331 shares in the last quarter. State of Alaska Department of Revenue raised its holdings in Neogen by 1.2% in the 4th quarter. State of Alaska Department of Revenue now owns 110,645 shares of the company’s stock valued at $773,000 after acquiring an additional 1,353 shares during the last quarter. Evergreen Capital Management LLC lifted its stake in Neogen by 12.3% in the 4th quarter. Evergreen Capital Management LLC now owns 13,753 shares of the company’s stock worth $96,000 after purchasing an additional 1,504 shares in the last quarter. Finally, California State Teachers Retirement System boosted its holdings in shares of Neogen by 1.1% during the 2nd quarter. California State Teachers Retirement System now owns 191,084 shares of the company’s stock worth $913,000 after purchasing an additional 2,166 shares during the last quarter. 96.73% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on NEOG. CJS Securities raised Neogen from a “market perform” rating to an “outperform” rating and set a $10.00 price objective for the company in a report on Wednesday, December 10th. Guggenheim reissued a “buy” rating and issued a $12.00 price target (up from $8.00) on shares of Neogen in a report on Friday, January 9th. Piper Sandler reaffirmed a “neutral” rating and set a $10.00 price objective (up previously from $6.50) on shares of Neogen in a research note on Monday, January 12th. Wall Street Zen raised shares of Neogen from a “hold” rating to a “buy” rating in a report on Saturday. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Neogen in a report on Monday, December 29th. Two research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $10.67.

Neogen Stock Up 1.5%

Shares of NASDAQ NEOG opened at $10.94 on Monday. The firm has a market cap of $2.38 billion, a price-to-earnings ratio of -3.95 and a beta of 1.98. The company’s 50-day simple moving average is $8.67 and its 200-day simple moving average is $6.78. The company has a quick ratio of 2.80, a current ratio of 3.91 and a debt-to-equity ratio of 0.38. Neogen has a 52-week low of $3.87 and a 52-week high of $11.15.

Neogen (NASDAQ:NEOG) last issued its quarterly earnings results on Thursday, January 8th. The company reported $0.10 earnings per share for the quarter, beating analysts’ consensus estimates of $0.07 by $0.03. Neogen had a negative net margin of 68.47% and a positive return on equity of 2.14%. The firm had revenue of $224.69 million for the quarter, compared to analyst estimates of $208.50 million. During the same period last year, the company posted $0.11 EPS. Neogen’s quarterly revenue was down 2.9% compared to the same quarter last year. Equities analysts predict that Neogen will post 0.38 EPS for the current fiscal year.

About Neogen

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.