Techne Corp. (TECH) Rating Increased to Hold at Zacks Investment Research
Techne Corp. (NASDAQ:TECH) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Tuesday.
According to Zacks, “Bio-Techne Corporation is a global life sciences company. It develops, manufactures, and sells biotechnology products and clinical diagnostic controls. It provides proteins, such as cytokines, growth factors, and enzymes; antibodies, including polyclonal and monoclonal antibodies; immunoassays comprising quantikine kits; and clinical diagnostic immunoassay kits. The Company also offers flow cytometry products; natural and synthetic chemical compounds; hematology controls and calibrators; and hematology control products. Bio-Techne Corporation, formerly known as Techne Corporation, is headquartered in Minneapolis, Minnesota. “
TECH has been the subject of several other research reports. Robert W. Baird increased their price objective on Techne Corp. from $115.00 to $116.00 and gave the stock an “outperform” rating in a report on Thursday, August 18th. Leerink Swann reiterated a “hold” rating on shares of Techne Corp. in a report on Sunday, July 10th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $115.40.
Techne Corp. (NASDAQ:TECH) opened at 108.71 on Tuesday. The firm has a 50-day moving average price of $108.03 and a 200 day moving average price of $105.14. Techne Corp. has a 52-week low of $79.95 and a 52-week high of $117.42. The stock has a market cap of $4.05 billion, a PE ratio of 38.83 and a beta of 0.63.
Techne Corp. (NASDAQ:TECH) last released its quarterly earnings data on Wednesday, August 17th. The company reported $0.92 earnings per share for the quarter, missing the consensus estimate of $0.96 by $0.04. Techne Corp. had a return on equity of 14.49% and a net margin of 20.94%. The business earned $134.80 million during the quarter, compared to analysts’ expectations of $129.23 million. During the same quarter last year, the business posted $0.87 EPS. The company’s quarterly revenue was up 14.5% compared to the same quarter last year. On average, analysts forecast that Techne Corp. will post $3.64 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, September 12th. Stockholders of record on Monday, August 29th were given a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 1.18%. The ex-dividend date was Thursday, August 25th. Techne Corp.’s dividend payout ratio is currently 45.71%.
In related news, Director Robert V. Baumgartner sold 3,533 shares of the firm’s stock in a transaction that occurred on Wednesday, August 24th. The stock was sold at an average price of $107.10, for a total transaction of $378,384.30. Following the completion of the transaction, the director now owns 9,592 shares of the company’s stock, valued at approximately $1,027,303.20. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director John L. Higgins sold 1,700 shares of the firm’s stock in a transaction that occurred on Thursday, September 8th. The shares were sold at an average price of $109.83, for a total value of $186,711.00. Following the transaction, the director now directly owns 1,359 shares of the company’s stock, valued at approximately $149,258.97. The disclosure for this sale can be found here. 2.70% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. LS Investment Advisors LLC bought a new position in Techne Corp. during the second quarter worth $103,000. World Asset Management Inc bought a new position in Techne Corp. during the second quarter worth $204,000. Glenmede Trust Co. NA raised its position in Techne Corp. by 2.8% in the second quarter. Glenmede Trust Co. NA now owns 1,975 shares of the company’s stock worth $222,000 after buying an additional 53 shares during the period. Magnetar Financial LLC bought a new position in Techne Corp. during the first quarter worth $239,000. Finally, Eaton Vance Management bought a new position in Techne Corp. during the second quarter worth $283,000. 98.18% of the stock is owned by institutional investors.
About Techne Corp.
Bio-Techne Corporation (Bio-Techne), formerly Techne Corporation, develops, manufactures and sells biotechnology reagents, instruments and clinical diagnostic products around the world. The Company has three business segments: the Biotechnology, Clinical Controls and Protein Platforms divisions. The Biotechnology segment develops, manufactures and sells biotechnology research and diagnostic products around the world.
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