Aperio Group LLC Raises Position in Techne Corp. (TECH)
Aperio Group LLC boosted its stake in shares of Techne Corp. (NASDAQ:TECH) by 228.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 46,582 shares of the company’s stock after buying an additional 32,389 shares during the period. Aperio Group LLC owned approximately 0.12% of Techne Corp. worth $5,101,000 as of its most recent SEC filing.
Other hedge funds have also recently bought and sold shares of the company. LS Investment Advisors LLC purchased a new stake in Techne Corp. during the second quarter valued at $103,000. World Asset Management Inc purchased a new stake in Techne Corp. during the second quarter valued at $204,000. Glenmede Trust Co. NA raised its stake in Techne Corp. by 2.8% in the second quarter. Glenmede Trust Co. NA now owns 1,975 shares of the company’s stock valued at $222,000 after buying an additional 53 shares during the period. Eaton Vance Management purchased a new stake in Techne Corp. during the second quarter valued at $283,000. Finally, Cantab Capital Partners LLP purchased a new stake in Techne Corp. during the second quarter valued at $620,000. 95.04% of the stock is currently owned by institutional investors.
Shares of Techne Corp. (NASDAQ:TECH) traded up 0.87% during mid-day trading on Tuesday, hitting $106.88. The stock had a trading volume of 121,520 shares. The company has a 50 day moving average price of $104.31 and a 200 day moving average price of $108.36. Techne Corp. has a 12-month low of $79.95 and a 12-month high of $117.42. The firm has a market cap of $3.99 billion, a P/E ratio of 40.81 and a beta of 0.72.
Techne Corp. (NASDAQ:TECH) last announced its earnings results on Monday, October 31st. The company reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.05. The firm had revenue of $130.60 million for the quarter, compared to the consensus estimate of $127.47 million. Techne Corp. had a return on equity of 14.40% and a net margin of 18.96%. The firm’s revenue for the quarter was up 16.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.79 EPS. Equities analysts forecast that Techne Corp. will post $3.64 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, November 28th. Stockholders of record on Monday, November 14th were given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 1.20%. The ex-dividend date of this dividend was Wednesday, November 9th. Techne Corp.’s dividend payout ratio (DPR) is presently 48.85%.
Several research firms have weighed in on TECH. Zacks Investment Research raised Techne Corp. from a “sell” rating to a “hold” rating in a report on Friday, September 9th. Robert W. Baird upped their price objective on Techne Corp. from $115.00 to $116.00 and gave the company an “outperform” rating in a research report on Thursday, August 18th. Finally, Leerink Swann initiated coverage on Techne Corp. in a research report on Thursday, November 10th. They issued an “outperform” rating and a $122.00 price objective on the stock. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $121.00.
In other news, Director John L. Higgins sold 1,700 shares of Techne Corp. stock in a transaction on Thursday, September 8th. The stock was sold at an average price of $109.83, for a total transaction of $186,711.00. Following the transaction, the director now directly owns 1,359 shares in the company, valued at approximately $149,258.97. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Robert V. Baumgartner sold 6,467 shares of Techne Corp. stock in a transaction on Friday, September 2nd. The shares were sold at an average price of $107.17, for a total value of $693,068.39. Following the transaction, the director now owns 8,446 shares in the company, valued at $905,157.82. The disclosure for this sale can be found here. Insiders own 2.70% of the company’s stock.
Techne Corp. Company Profile
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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