Granite Investment Partners LLC reduced its stake in shares of Bio-Techne Corp (NASDAQ:TECH) by 26.6% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 15,418 shares of the biotechnology company’s stock after selling 5,577 shares during the quarter. Granite Investment Partners LLC’s holdings in Bio-Techne were worth $1,864,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Teachers Advisors LLC grew its holdings in Bio-Techne by 13.0% during the first quarter. Teachers Advisors LLC now owns 58,744 shares of the biotechnology company’s stock worth $5,971,000 after acquiring an additional 6,743 shares during the period. Dimensional Fund Advisors LP increased its stake in Bio-Techne by 4.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 188,094 shares of the biotechnology company’s stock worth $19,119,000 after purchasing an additional 7,889 shares in the last quarter. Morgan Stanley increased its stake in Bio-Techne by 5.9% in the 1st quarter. Morgan Stanley now owns 90,126 shares of the biotechnology company’s stock worth $9,162,000 after purchasing an additional 4,988 shares in the last quarter. State of Alaska Department of Revenue increased its stake in Bio-Techne by 6.8% in the 2nd quarter. State of Alaska Department of Revenue now owns 3,799 shares of the biotechnology company’s stock worth $446,000 after purchasing an additional 242 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund increased its stake in Bio-Techne by 4.2% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 13,656 shares of the biotechnology company’s stock worth $1,605,000 after purchasing an additional 555 shares in the last quarter. Institutional investors and hedge funds own 97.03% of the company’s stock.
In related news, Director Robert V. Baumgartner sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $130.18, for a total value of $650,900.00. Following the completion of the sale, the director now directly owns 12,712 shares in the company, valued at approximately $1,654,848.16. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Over the last 90 days, insiders sold 5,200 shares of company stock valued at $675,190. Corporate insiders own 3.40% of the company’s stock.
Shares of Bio-Techne Corp (NASDAQ TECH) traded up $0.18 during trading on Thursday, hitting $128.90. The stock had a trading volume of 150,315 shares, compared to its average volume of 166,540. The firm has a market cap of $4,812.77, a price-to-earnings ratio of 37.02, a price-to-earnings-growth ratio of 3.21 and a beta of 0.75. The company has a current ratio of 2.87, a quick ratio of 2.25 and a debt-to-equity ratio of 0.35. Bio-Techne Corp has a fifty-two week low of $95.68 and a fifty-two week high of $136.39.
Bio-Techne (NASDAQ:TECH) last announced its quarterly earnings results on Tuesday, October 31st. The biotechnology company reported $0.90 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.82 by $0.08. Bio-Techne had a return on equity of 14.11% and a net margin of 12.54%. The business had revenue of $144.61 million during the quarter, compared to analyst estimates of $142.37 million. During the same period in the previous year, the company earned $0.84 EPS. The firm’s revenue was up 10.7% on a year-over-year basis. equities research analysts predict that Bio-Techne Corp will post 3.76 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, November 24th. Investors of record on Friday, November 10th were issued a $0.32 dividend. The ex-dividend date of this dividend was Thursday, November 9th. This represents a $1.28 annualized dividend and a yield of 0.99%. Bio-Techne’s dividend payout ratio (DPR) is currently 66.32%.
A number of equities analysts recently weighed in on TECH shares. Deutsche Bank lifted their price target on Bio-Techne from $130.00 to $132.00 and gave the stock a “buy” rating in a research note on Wednesday, August 9th. BidaskClub upgraded Bio-Techne from a “sell” rating to a “hold” rating in a research report on Saturday, August 12th. Zacks Investment Research lowered Bio-Techne from a “buy” rating to a “hold” rating in a research report on Tuesday, August 15th. Citigroup restated a “buy” rating and set a $115.00 price objective (down from $125.00) on shares of Bio-Techne in a research report on Tuesday, October 24th. Finally, Leerink Swann restated a “buy” rating on shares of Bio-Techne in a research report on Tuesday. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $134.33.
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Bio-Techne Corporation develops, manufactures and sells biotechnology reagents and instruments for the research and clinical diagnostic markets. The Company operates through three segments: Biotechnology, Clinical Controls and Protein Platforms. The Biotechnology segment develops, manufactures and sells biotechnology research and diagnostic products, such as cytokines, growth factors, immunoassays, antibodies and related reagents, across the world.
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