1832 Asset Management L.P. Takes $7.72 Million Position in Bio-Techne Corp $TECH

1832 Asset Management L.P. acquired a new position in Bio-Techne Corp (NASDAQ:TECH) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 150,000 shares of the biotechnology company’s stock, valued at approximately $7,718,000. 1832 Asset Management L.P. owned about 0.10% of Bio-Techne at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in TECH. Park Avenue Securities LLC bought a new stake in shares of Bio-Techne during the 2nd quarter worth $270,000. Segall Bryant & Hamill LLC boosted its position in shares of Bio-Techne by 9.5% in the 2nd quarter. Segall Bryant & Hamill LLC now owns 565,601 shares of the biotechnology company’s stock valued at $29,100,000 after purchasing an additional 48,838 shares during the period. Fifth Third Bancorp increased its stake in Bio-Techne by 142.7% in the 2nd quarter. Fifth Third Bancorp now owns 17,696 shares of the biotechnology company’s stock worth $910,000 after purchasing an additional 10,404 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Bio-Techne by 2.7% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 1,552,440 shares of the biotechnology company’s stock worth $79,873,000 after buying an additional 41,180 shares during the period. Finally, Public Employees Retirement System of Ohio lifted its stake in Bio-Techne by 0.9% during the second quarter. Public Employees Retirement System of Ohio now owns 49,542 shares of the biotechnology company’s stock valued at $2,549,000 after buying an additional 457 shares in the last quarter. 98.95% of the stock is owned by institutional investors and hedge funds.

Bio-Techne Trading Down 0.4%

NASDAQ:TECH opened at $63.54 on Friday. The company’s 50 day moving average is $61.01 and its 200-day moving average is $55.30. The company has a quick ratio of 2.81, a current ratio of 4.22 and a debt-to-equity ratio of 0.15. Bio-Techne Corp has a 12 month low of $46.01 and a 12 month high of $79.28. The firm has a market cap of $9.90 billion, a price-to-earnings ratio of 129.68, a P/E/G ratio of 4.17 and a beta of 1.46.

Bio-Techne (NASDAQ:TECH) last announced its earnings results on Wednesday, November 5th. The biotechnology company reported $0.42 EPS for the quarter, hitting the consensus estimate of $0.42. The firm had revenue of $286.56 million for the quarter, compared to the consensus estimate of $292.02 million. Bio-Techne had a net margin of 6.41% and a return on equity of 13.59%. The business’s quarterly revenue was down 1.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.42 EPS. Equities analysts anticipate that Bio-Techne Corp will post 1.67 EPS for the current year.

Bio-Techne Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 28th. Investors of record on Monday, November 17th were given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.5%. The ex-dividend date of this dividend was Monday, November 17th. Bio-Techne’s payout ratio is currently 65.31%.

Analyst Upgrades and Downgrades

TECH has been the topic of several research analyst reports. Wells Fargo & Company lifted their price objective on shares of Bio-Techne from $59.00 to $70.00 and gave the stock an “overweight” rating in a research report on Thursday, November 6th. Cowen reaffirmed a “buy” rating on shares of Bio-Techne in a research report on Tuesday, October 14th. Royal Bank Of Canada upgraded Bio-Techne from a “hold” rating to a “moderate buy” rating in a report on Wednesday, September 3rd. Weiss Ratings reissued a “sell (d+)” rating on shares of Bio-Techne in a research report on Wednesday, October 8th. Finally, TD Cowen raised their price objective on Bio-Techne from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Tuesday, October 14th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Bio-Techne presently has a consensus rating of “Moderate Buy” and an average price target of $70.92.

About Bio-Techne

Bio-Techne Corporation, together with its subsidiaries, develops, manufactures, and sells life science reagents, instruments, and services for the research and clinical diagnostic markets in the United States, the United Kingdom, rest of Europe, Middle East, and Africa, Greater China, rest of Asia-Pacific, and internationally.