Neogen (NASDAQ:NEOG) Sees Strong Trading Volume – Time to Buy?
by Doug Wharley · The Cerbat GemNeogen Corporation (NASDAQ:NEOG – Get Free Report) shares saw an uptick in trading volume on Friday . 4,702,857 shares were traded during mid-day trading, a decline of 6% from the previous session’s volume of 5,004,718 shares.The stock last traded at $9.9060 and had previously closed at $9.93.
Wall Street Analyst Weigh In
NEOG has been the subject of a number of research analyst reports. Wall Street Zen downgraded shares of Neogen from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. CJS Securities raised Neogen from a “market perform” rating to an “outperform” rating and set a $10.00 price target on the stock in a report on Wednesday, December 10th. Piper Sandler reaffirmed a “neutral” rating and set a $10.00 price objective (up from $6.50) on shares of Neogen in a research note on Monday, January 12th. Guggenheim restated a “buy” rating and issued a $12.00 price target (up previously from $8.00) on shares of Neogen in a research report on Friday, January 9th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Neogen in a report on Monday, December 29th. Two investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $10.67.
Get Our Latest Research Report on Neogen
Neogen Trading Down 0.1%
The stock has a market cap of $2.16 billion, a P/E ratio of -3.58 and a beta of 1.96. The company has a debt-to-equity ratio of 0.38, a current ratio of 3.91 and a quick ratio of 2.80. The business’s 50 day simple moving average is $7.23 and its 200 day simple moving average is $6.17.
Neogen (NASDAQ:NEOG – Get Free Report) last issued its quarterly earnings data on Thursday, January 8th. The company reported $0.10 EPS for the quarter, topping 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 quarter in the prior year, the firm earned $0.11 EPS. The company’s revenue was down 2.9% on a year-over-year basis. On average, analysts expect that Neogen Corporation will post 0.38 earnings per share for the current fiscal year.
Institutional Trading of Neogen
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Neogen by 1.6% during the third quarter. Vanguard Group Inc. now owns 23,963,223 shares of the company’s stock worth $136,830,000 after buying an additional 385,885 shares during the last quarter. ING Groep NV bought a new stake in Neogen during the 3rd quarter worth about $80,288,000. Clarkston Capital Partners LLC boosted its stake in shares of Neogen by 123.2% during the 2nd quarter. Clarkston Capital Partners LLC now owns 14,005,725 shares of the company’s stock worth $66,947,000 after buying an additional 7,729,650 shares during the last quarter. Norges Bank bought a new position in shares of Neogen in the 2nd quarter valued at about $43,387,000. Finally, Mackenzie Financial Corp increased its position in shares of Neogen by 0.7% in the second quarter. Mackenzie Financial Corp now owns 7,813,079 shares of the company’s stock valued at $37,347,000 after acquiring an additional 54,590 shares during the last quarter. 96.73% of the stock is currently owned by institutional investors and hedge funds.
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.