State of Alaska Department of Revenue reduced its holdings in shares of Bio-Techne Co. (NASDAQ:TECH – Get Rating) by 43.6% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 9,042 shares of the biotechnology company’s stock after selling 6,993 shares during the quarter. State of Alaska Department of Revenue’s holdings in Bio-Techne were worth $3,133,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also modified their holdings of the company. Tcwp LLC bought a new stake in shares of Bio-Techne during the 1st quarter worth $25,000. Ellevest Inc. lifted its position in shares of Bio-Techne by 56.5% during the 1st quarter. Ellevest Inc. now owns 108 shares of the biotechnology company’s stock worth $47,000 after buying an additional 39 shares during the last quarter. Carolinas Wealth Consulting LLC lifted its position in shares of Bio-Techne by 162.5% during the 4th quarter. Carolinas Wealth Consulting LLC now owns 126 shares of the biotechnology company’s stock worth $65,000 after buying an additional 78 shares during the last quarter. Quantbot Technologies LP acquired a new position in Bio-Techne in the 1st quarter worth about $56,000. Finally, KB Financial Partners LLC acquired a new position in Bio-Techne in the 4th quarter worth about $98,000. 94.35% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
A number of equities analysts have issued reports on TECH shares. Stephens lowered their target price on Bio-Techne from $500.00 to $480.00 and set an “overweight” rating for the company in a report on Friday, August 5th. Wells Fargo & Company lowered their target price on Bio-Techne from $370.00 to $360.00 and set an “underweight” rating for the company in a report on Tuesday, August 16th. Robert W. Baird lowered their target price on Bio-Techne from $500.00 to $470.00 in a report on Friday, August 5th. Credit Suisse Group started coverage on Bio-Techne in a report on Wednesday, August 24th. They issued an “outperform” rating and a $465.00 target price for the company. Finally, StockNews.com raised Bio-Techne from a “hold” rating to a “buy” rating in a report on Friday, September 9th. One equities research analyst has rated the stock with a sell rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $475.00.
Bio-Techne Trading Down 2.0 %
Bio-Techne (NASDAQ:TECH – Get Rating) last issued its quarterly earnings results on Thursday, August 4th. The biotechnology company reported $2.05 earnings per share for the quarter, missing the consensus estimate of $2.08 by ($0.03). Bio-Techne had a net margin of 24.61% and a return on equity of 16.97%. The company had revenue of $288.30 million during the quarter, compared to analyst estimates of $287.04 million. During the same period in the previous year, the company posted $1.67 EPS. The company’s quarterly revenue was up 11.3% on a year-over-year basis. On average, equities research analysts forecast that Bio-Techne Co. will post 7.73 earnings per share for the current year.
Bio-Techne Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Monday, August 29th. Investors of record on Monday, August 15th were given a dividend of $0.32 per share. The ex-dividend date was Friday, August 12th. This represents a $1.28 annualized dividend and a dividend yield of 0.44%. Bio-Techne’s payout ratio is 19.34%.
Insider Activity at Bio-Techne
In related news, Director John L. Higgins sold 1,992 shares of the company’s stock in a transaction dated Wednesday, August 10th. The stock was sold at an average price of $377.11, for a total transaction of $751,203.12. Following the sale, the director now owns 6,014 shares in the company, valued at approximately $2,267,939.54. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 4.45% of the stock is owned by corporate insiders.
Bio-Techne Company Profile
Bio-Techne Corporation, together with its subsidiaries, develops, manufactures, and sells life science reagents, instruments, and services for the research and clinical diagnostic markets worldwide. The company operates through two segments, Protein Sciences, and Diagnostics and Genomics. The Protein Sciences segment develops and manufactures 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.
- Get a free copy of the StockNews.com research report on Bio-Techne (TECH)
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