White Pine Capital LLC Lowers Holdings in Bio-Techne Corp (TECH)
White Pine Capital LLC lessened its position in shares of Bio-Techne Corp (NASDAQ:TECH) by 1.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,335 shares of the biotechnology company’s stock after selling 138 shares during the period. White Pine Capital LLC’s holdings in Bio-Techne Corp were worth $862,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in TECH. Glen Harbor Capital Management LLC increased its holdings in Bio-Techne Corp by 10.0% during the 1st quarter. Glen Harbor Capital Management LLC now owns 1,848 shares of the biotechnology company’s stock worth $188,000 after purchasing an additional 168 shares in the last quarter. Russell Investments Group Ltd. increased its holdings in Bio-Techne Corp by 11.5% during the 1st quarter. Russell Investments Group Ltd. now owns 127,512 shares of the biotechnology company’s stock worth $12,962,000 after purchasing an additional 13,117 shares in the last quarter. Oregon Public Employees Retirement Fund increased its holdings in Bio-Techne Corp by 1.6% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 13,101 shares of the biotechnology company’s stock worth $1,332,000 after purchasing an additional 200 shares in the last quarter. Wells Fargo & Company MN increased its holdings in Bio-Techne Corp by 17.7% during the 1st quarter. Wells Fargo & Company MN now owns 46,182 shares of the biotechnology company’s stock worth $4,695,000 after purchasing an additional 6,955 shares in the last quarter. Finally, Great West Life Assurance Co. Can increased its holdings in Bio-Techne Corp by 3.8% during the 1st quarter. Great West Life Assurance Co. Can now owns 22,118 shares of the biotechnology company’s stock worth $2,247,000 after purchasing an additional 811 shares in the last quarter. Hedge funds and other institutional investors own 98.77% of the company’s stock.
In related news, Director Karen A. Holbrook sold 1,059 shares of the company’s stock in a transaction dated Wednesday, September 6th. The shares were sold at an average price of $121.73, for a total value of $128,912.07. Following the sale, the director now owns 914 shares in the company, valued at approximately $111,261.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold a total of 1,259 shares of company stock worth $152,028 in the last 90 days. 2.70% of the stock is currently owned by company insiders.
A number of equities analysts have issued reports on TECH shares. BidaskClub cut Bio-Techne Corp from a “buy” rating to a “hold” rating in a report on Tuesday, June 13th. Zacks Investment Research upgraded Bio-Techne Corp from a “hold” rating to a “buy” rating and set a $131.00 target price for the company in a report on Thursday, July 6th. Wells Fargo & Company started coverage on Bio-Techne Corp in a report on Thursday, July 13th. They set a “market perform” rating for the company. Finally, Deutsche Bank AG increased their target price on Bio-Techne Corp from $130.00 to $132.00 and gave the stock a “buy” rating in a report on Wednesday, August 9th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $127.50.
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Shares of Bio-Techne Corp (NASDAQ:TECH) traded down 0.59% during trading on Friday, hitting $119.91. The stock had a trading volume of 149,056 shares. Bio-Techne Corp has a 1-year low of $95.68 and a 1-year high of $124.00. The firm has a 50-day moving average of $118.29 and a 200 day moving average of $111.35. The company has a market capitalization of $4.48 billion, a P/E ratio of 58.21 and a beta of 0.78.
Bio-Techne Corp (NASDAQ:TECH) last posted its earnings results on Tuesday, August 8th. The biotechnology company reported $1.09 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.99 by $0.10. Bio-Techne Corp had a net margin of 12.93% and a return on equity of 14.18%. The company had revenue of $156.60 million for the quarter, compared to analyst estimates of $150.25 million. During the same quarter in the prior year, the business posted $0.92 EPS. The firm’s revenue was up 16.2% compared to the same quarter last year. Equities research analysts predict that Bio-Techne Corp will post $3.99 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Friday, August 18th were issued a $0.32 dividend. The ex-dividend date was Wednesday, August 16th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.07%. Bio-Techne Corp’s dividend payout ratio is presently 65.98%.
Bio-Techne Corp 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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