Price Action To Observe: After Achieving 52-Week High, Is Neogen Corporation’s Near-Term Analysis Positive?

Price Action To Observe: After Achieving 52 Week High, Is Neogen Corporation's Near Term Analysis Positive?

The stock of Neogen Corporation (NASDAQ:NEOG) hit a new 52-week high and has $101.97 target or 66.00% above today’s $61.43 share price. The 6 months bullish chart indicates low risk for the $2.37B company. The 1-year high was reported on Nov, 11 by Barchart.com. If the $101.97 price target is reached, the company will be worth $1.56B more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 258,224 shares traded hands or 113.79% up from the average. Neogen Corporation (NASDAQ:NEOG) has risen 26.07% since April 11, 2016 and is uptrending. It has outperformed by 19.92% the S&P500.

Neogen Corporation (NASDAQ:NEOG) Ratings Coverage

Out of 2 analysts covering Neogen (NASDAQ:NEOG), 0 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 0 are positive. Neogen has been the topic of 3 analyst reports since August 26, 2015 according to StockzIntelligence Inc. The company was downgraded on Tuesday, September 22 by Zacks. Craig Hallum downgraded the shares of NEOG in a report on Tuesday, December 22 to “Hold” rating. The firm has “Buy” rating by Zacks given on Wednesday, August 26.

According to Zacks Investment Research, “Neogen Corporation develops, manufactures, and markets a diverse line of products dedicated to food and animal safety. The company’s food safety segment consists primarily of diagnostic test kits and related products, including dehydrated culture media, marketed to food producers and processors to aid in the detection of foodborne bacteria, natural toxins, food allergens, drug residues, pesticide residues, plant disease infections and levels of general sanitation.”

Insitutional Activity: The institutional sentiment decreased to 0.95 in Q2 2016. Its down 0.06, from 1.01 in 2016Q1. The ratio dropped, as 14 funds sold all Neogen Corporation shares owned while 64 reduced positions. 15 funds bought stakes while 59 increased positions. They now own 32.41 million shares or 0.83% less from 32.68 million shares in 2016Q1.
Moreover, Kennedy Cap Mgmt has 0.04% invested in Neogen Corporation (NASDAQ:NEOG) for 31,356 shares. The New York-based Bnp Paribas Arbitrage has invested 0% in Neogen Corporation (NASDAQ:NEOG). Dimensional Fund L P owns 645,935 shares or 0.02% of their US portfolio. Great West Life Assurance Company Can holds 4,306 shares or 0% of its portfolio. The Connecticut-based Thomson Horstmann & Bryant has invested 0.18% in Neogen Corporation (NASDAQ:NEOG). Wade G W Inc has 0.05% invested in the company for 5,271 shares. Public Employees Retirement Association Of Colorado has invested 0.12% of its portfolio in Neogen Corporation (NASDAQ:NEOG). Comerica Comml Bank holds 40,379 shares or 0.02% of its portfolio. Rhumbline Advisers holds 47,289 shares or 0.01% of its portfolio. New York State Teachers Retirement Sys has 0.01% invested in the company for 39,385 shares. Schwab Charles Inv Mngmt has invested 0.01% of its portfolio in Neogen Corporation (NASDAQ:NEOG). Sheets Smith Wealth Management, a North Carolina-based fund reported 4,125 shares. California State Teachers Retirement holds 0.01% of its portfolio in Neogen Corporation (NASDAQ:NEOG) for 76,499 shares. Moreover, Ls Investment Advsr Ltd Com has 0.17% invested in Neogen Corporation (NASDAQ:NEOG) for 43,706 shares. Ubs Asset Mngmt Americas holds 0% or 23,987 shares in its portfolio.

Insider Transactions: Since May 19, 2016, the stock had 0 insider buys, and 12 sales for $7.27 million net activity. Shares for $311,764 were sold by CALK RICHARD E JR. HERBERT JAMES L had sold 8,393 shares worth $462,701 on Thursday, August 4. $287,314 worth of Neogen Corporation (NASDAQ:NEOG) shares were sold by BRADLEY EDWARD. The insider MORRICAL TERRI A sold $519,706. Shares for $1.31M were sold by CROWDER RICHARD T. Quinlan Steven J. had sold 3,000 shares worth $165,448. PARNELL JACK C had sold 5,000 shares worth $284,347.

More notable recent Neogen Corporation (NASDAQ:NEOG) news were published by: Prnewswire.com which released: “Neogen selected by Scottish Gov’t for beef herd improvement program” on October 27, 2016, also Seekingalpha.com with their article: “Neogen Corporation’s (NEOG) CEO Jim Herbert on Q4 2016 Results – Earnings Call …” published on July 19, 2016, Seekingalpha.com published: “Neogen Corporation’s (NEOG) CEO Jim Herbert on Q1 2017 Results – Earnings Call …” on September 27, 2016. More interesting news about Neogen Corporation (NASDAQ:NEOG) were released by: Economictimes.Indiatimes.com and their article: “US-based Neogen Corporation acquires Sterling test house” published on June 02, 2015 as well as Equitiesfocus.com‘s news article titled: “Neogen Corporation (NASDAQ:NEOG) Reports Basic Consolidated EPS At $0.9769” with publication date: November 10, 2016.

NEOG Company Profile

Neogen Corporation, incorporated on June 30, 1981, develops, makes and markets a range of services and products dedicated to food and animal safety. The Firm operates through two divisions: Food Safety and Animal Safety. The Food Safety segment produces and markets diagnostic test kits and related products used by food producers and processors to detect harmful natural toxins, foodborne bacteria, allergens and levels of general sanitation. The Animal Safety segment is primarily engaged in the production and marketing of products dedicated to animal health, including a range of consumable products marketed to veterinarians and animal health product distributors. The Animal Safety segment also provides genetic identification services. Additionally, the Animal Safety segment produces and markets rodenticides, disinfectants and insecticides to assist in the control of rodents and disease in and around agricultural, food production and other facilities. The Firm is involved in environmental remediation and monitoring activities at its Randolph, Wisconsin manufacturing facility.

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