Leerink Swann Begins Coverage on Techne Corp. (TECH)
A number of other analysts also recently issued reports on the stock. Zacks Investment Research downgraded shares of Techne Corp. from a hold rating to a sell rating in a report on Friday, August 26th. Robert W. Baird lifted their price objective on shares of Techne Corp. from $115.00 to $116.00 and gave the company an outperform rating in a report on Thursday, August 18th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. The company has an average rating of Buy and an average target price of $121.00.
Shares of Techne Corp. (NASDAQ:TECH) opened at 106.55 on Thursday. The firm has a 50-day moving average of $105.48 and a 200-day moving average of $107.89. The company has a market capitalization of $3.97 billion, a P/E ratio of 40.68 and a beta of 0.72. Techne Corp. has a one year low of $79.95 and a one year high of $117.42.
Techne Corp. (NASDAQ:TECH) last posted its quarterly earnings data on Monday, October 31st. The company reported $0.84 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.79 by $0.05. Techne Corp. had a net margin of 18.96% and a return on equity of 14.40%. The company had revenue of $130.60 million for the quarter, compared to the consensus estimate of $127.47 million. During the same period last year, the company earned $0.79 earnings per share. The firm’s revenue was up 16.2% compared to the same quarter last year. Equities research analysts expect that Techne Corp. will post $3.64 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, November 28th. Investors of record on Monday, November 14th will be issued a dividend of $0.32 per share. The ex-dividend date is Wednesday, November 9th. This represents a $1.28 dividend on an annualized basis and a yield of 1.20%. Techne Corp.’s payout ratio is 48.85%.
In related news, Director Robert V. Baumgartner sold 3,533 shares of the business’s stock in a transaction on Wednesday, August 24th. The shares were sold at an average price of $107.10, for a total transaction of $378,384.30. Following the transaction, the director now directly owns 9,592 shares in the company, valued at $1,027,303.20. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Kevin S. Gould sold 524 shares of the business’s stock in a transaction on Thursday, September 8th. The stock was sold at an average price of $110.50, for a total transaction of $57,902.00. The disclosure for this sale can be found here. Corporate insiders own 2.70% of the company’s stock.
A number of institutional investors have recently modified their holdings of the company. Lord Abbett & CO. LLC purchased a new position in shares of Techne Corp. during the second quarter worth $35,169,000. Emerald Acquisition Ltd. purchased a new position in shares of Techne Corp. during the second quarter worth $16,695,000. Aperio Group LLC increased its position in shares of Techne Corp. by 228.2% in the third quarter. Aperio Group LLC now owns 46,582 shares of the company’s stock worth $5,101,000 after buying an additional 32,389 shares during the last quarter. Quantum Capital Management increased its position in shares of Techne Corp. by 22.2% in the first quarter. Quantum Capital Management now owns 175,486 shares of the company’s stock worth $16,586,000 after buying an additional 31,920 shares during the last quarter. Finally, Wellington Management Group LLP increased its position in shares of Techne Corp. by 5.8% in the first quarter. Wellington Management Group LLP now owns 355,089 shares of the company’s stock worth $33,563,000 after buying an additional 19,424 shares during the last quarter. Institutional investors and hedge funds own 98.28% of the company’s stock.
About Techne Corp.
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.
Receive News & Stock Ratings for Techne Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Techne Corp. and related stocks with our FREE daily email newsletter.