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 note issued to investors on Friday.
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. “
Several other analysts also recently commented on the stock. Leerink Swann assumed coverage on shares of Techne Corp. in a report on Thursday, November 10th. They set an “outperform” rating and a $122.00 target price for the company. Robert W. Baird lifted their target price on shares of Techne Corp. from $115.00 to $116.00 and gave the stock 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 a consensus price target of $121.00.
Shares of Techne Corp. (NASDAQ:TECH) opened at 106.55 on Friday. The company has a market capitalization of $3.97 billion, a PE ratio of 40.68 and a beta of 0.72. The firm’s 50-day moving average is $105.48 and its 200 day moving average is $107.89. Techne Corp. has a 52 week low of $79.95 and a 52 week high of $117.42.
Techne Corp. (NASDAQ:TECH) last announced its earnings results on Monday, October 31st. The company reported $0.84 EPS for the quarter, topping the consensus estimate of $0.79 by $0.05. The business earned $130.60 million during the quarter, compared to the consensus estimate of $127.47 million. Techne Corp. had a net margin of 18.96% and a return on equity of 14.40%. Techne Corp.’s revenue was up 16.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.79 EPS. On average, analysts anticipate that Techne Corp. will post $3.64 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 28th. Shareholders of record on Monday, November 14th will be paid a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 1.20%. The ex-dividend date is Wednesday, November 9th. Techne Corp.’s dividend payout ratio (DPR) is 48.85%.
In other Techne Corp. news, SVP Kevin S. Gould sold 524 shares of Techne Corp. stock in a transaction dated Thursday, September 8th. The shares were sold at an average price of $110.50, for a total value of $57,902.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert V. Baumgartner sold 6,467 shares of Techne Corp. stock in a transaction dated Friday, September 2nd. The stock was sold at an average price of $107.17, for a total transaction of $693,068.39. Following the completion of the sale, the director now owns 8,446 shares of the company’s stock, valued at approximately $905,157.82. The disclosure for this sale can be found here. 2.70% of the stock is currently owned by company insiders.
Institutional investors have recently modified their holdings of the stock. State Street Corp boosted its position in shares of Techne Corp. by 2.0% in the first quarter. State Street Corp now owns 1,008,325 shares of the company’s stock valued at $95,298,000 after buying an additional 19,409 shares during the last quarter. Wellington Management Group LLP boosted 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 valued at $33,563,000 after buying an additional 19,424 shares during the last quarter. Lord Abbett & CO. LLC purchased a new position in shares of Techne Corp. during the second quarter valued at approximately $35,169,000. Geode Capital Management LLC boosted its position in shares of Techne Corp. by 5.0% in the first quarter. Geode Capital Management LLC now owns 242,843 shares of the company’s stock valued at $22,953,000 after buying an additional 11,522 shares during the last quarter. Finally, Nationwide Fund Advisors boosted its position in shares of Techne Corp. by 6.1% in the third quarter. Nationwide Fund Advisors now owns 219,306 shares of the company’s stock valued at $24,014,000 after buying an additional 12,514 shares during the last quarter. Institutional investors 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.
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