Short Interest in Bio-Techne Co. (NASDAQ:TECH) Declines By 19.6%

Bio-Techne Co. (NASDAQ:TECHGet Rating) saw a significant decrease in short interest in April. As of April 15th, there was short interest totalling 700,000 shares, a decrease of 19.6% from the March 31st total of 870,200 shares. Based on an average daily volume of 255,000 shares, the short-interest ratio is presently 2.7 days. Approximately 1.8% of the shares of the stock are sold short.

A number of research analysts have recently weighed in on the stock. Zacks Investment Research raised shares of Bio-Techne from a “hold” rating to a “buy” rating and set a $484.00 price objective for the company in a research note on Wednesday, April 6th. SVB Leerink boosted their price target on Bio-Techne from $530.00 to $575.00 and gave the stock an “outperform” rating in a report on Wednesday, February 2nd. StockNews.com initiated coverage on Bio-Techne in a research report on Thursday, March 31st. They issued a “buy” rating on the stock. Finally, Wells Fargo & Company cut Bio-Techne from an “equal weight” rating to an “underweight” rating and dropped their price objective for the stock from $400.00 to $370.00 in a research report on Monday, April 25th. One equities research analyst has rated the stock with a sell rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, Bio-Techne presently has a consensus rating of “Buy” and a consensus price target of $509.50.

Shares of NASDAQ:TECH traded up $0.97 during midday trading on Tuesday, reaching $383.55. The company’s stock had a trading volume of 3,858 shares, compared to its average volume of 220,466. The firm has a market cap of $15.07 billion, a price-to-earnings ratio of 76.32, a price-to-earnings-growth ratio of 2.15 and a beta of 1.24. The business has a 50 day moving average price of $418.50 and a 200 day moving average price of $443.07. Bio-Techne has a 1 year low of $347.88 and a 1 year high of $543.85. The company has a quick ratio of 3.03, a current ratio of 3.81 and a debt-to-equity ratio of 0.16.

Bio-Techne (NASDAQ:TECHGet Rating) last issued its quarterly earnings results on Tuesday, February 1st. The biotechnology company reported $1.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.59 by $0.01. The firm had revenue of $269.30 million for the quarter, compared to analyst estimates of $266.57 million. Bio-Techne had a return on equity of 16.35% and a net margin of 20.45%. The firm’s quarterly revenue was up 20.1% on a year-over-year basis. During the same period last year, the company earned $1.26 EPS. Sell-side analysts anticipate that Bio-Techne will post 6.81 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Friday, February 25th. Investors of record on Friday, February 11th were given a $0.32 dividend. The ex-dividend date was Thursday, February 10th. This represents a $1.28 annualized dividend and a dividend yield of 0.33%. Bio-Techne’s dividend payout ratio is presently 25.00%.

A number of hedge funds have recently modified their holdings of the stock. Royal London Asset Management Ltd. boosted its holdings in shares of Bio-Techne by 92.2% in the 4th quarter. Royal London Asset Management Ltd. now owns 9,120 shares of the biotechnology company’s stock valued at $4,721,000 after purchasing an additional 4,375 shares during the last quarter. DekaBank Deutsche Girozentrale boosted its holdings in Bio-Techne by 24.0% in the fourth quarter. DekaBank Deutsche Girozentrale now owns 4,289 shares of the biotechnology company’s stock valued at $2,121,000 after acquiring an additional 831 shares during the last quarter. WMS Partners LLC grew its holdings in shares of Bio-Techne by 43.2% during the 3rd quarter. WMS Partners LLC now owns 2,138 shares of the biotechnology company’s stock worth $1,036,000 after purchasing an additional 645 shares during the period. Mercer Global Advisors Inc. ADV increased its position in Bio-Techne by 5.2% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 3,669 shares of the biotechnology company’s stock worth $1,898,000 after purchasing an additional 182 shares in the last quarter. Finally, CIBC Asset Management Inc grew its stake in Bio-Techne by 140.0% during the third quarter. CIBC Asset Management Inc now owns 3,449 shares of the biotechnology company’s stock worth $1,671,000 after buying an additional 2,012 shares during the period. 94.36% of the stock is owned by hedge funds and other institutional investors.

About Bio-Techne (Get Rating)

Bio-Techne Corporation, together with its subsidiaries, develops, manufactures, and sells life science reagents, instruments, and services for the research, and diagnostics and bioprocessing markets worldwide. The company operates through two segments, Protein Sciences, and Diagnostics and Genomics. The Protein Sciences segment provides biological reagents used in various aspects of life science research, diagnostics, and cell and gene therapy, such as cytokines and growth factors, antibodies, small molecules, tissue culture sera, and cell selection technologies.

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