Engineers Gate Manager LP Takes Position in Bio-Techne Corp $TECH

Engineers Gate Manager LP purchased a new position in Bio-Techne Corp (NASDAQ:TECH) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 29,793 shares of the biotechnology company’s stock, valued at approximately $2,105,000.

Several other institutional investors have also made changes to their positions in TECH. American Capital Management Inc. boosted its stake in shares of Bio-Techne by 8.5% during the 1st quarter. American Capital Management Inc. now owns 1,021,128 shares of the biotechnology company’s stock valued at $53,364,000 after buying an additional 79,979 shares during the period. S&CO Inc. purchased a new position in shares of Bio-Techne during the 2nd quarter valued at $5,412,000. Ceredex Value Advisors LLC acquired a new position in shares of Bio-Techne in the second quarter worth $8,488,000. P Schoenfeld Asset Management LP acquired a new position in shares of Bio-Techne in the second quarter worth $4,592,250. Finally, Granite Investment Partners LLC raised its holdings in shares of Bio-Techne by 31.3% during the first quarter. Granite Investment Partners LLC now owns 137,562 shares of the biotechnology company’s stock worth $7,189,000 after acquiring an additional 32,754 shares in the last quarter. 98.95% of the stock is currently owned by institutional investors and hedge funds.

Bio-Techne Stock Up 0.1%

TECH stock opened at $72.34 on Wednesday. The company has a current ratio of 4.55, a quick ratio of 3.35 and a debt-to-equity ratio of 0.09. Bio-Techne Corp has a 1 year low of $43.19 and a 1 year high of $72.62. The company has a fifty day simple moving average of $72.04 and a 200 day simple moving average of $60.81. The firm has a market cap of $11.34 billion, a PE ratio of 62.90, a PEG ratio of 8.60 and a beta of 1.28.

Bio-Techne (NASDAQ:TECH) last issued its quarterly earnings data on Wednesday, August 12th. The biotechnology company reported $0.52 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.52. The firm had revenue of $321.19 million during the quarter, compared to analysts’ expectations of $314.63 million. Bio-Techne had a net margin of 14.97% and a return on equity of 13.23%. Bio-Techne’s revenue for the quarter was up 1.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.53 earnings per share. Sell-side analysts anticipate that Bio-Techne Corp will post 1.76 EPS for the current fiscal year.

Bio-Techne Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 4th. Stockholders of record on Monday, August 24th were paid a dividend of $0.65 per share. This is a boost from Bio-Techne’s previous quarterly dividend of $0.08. The ex-dividend date was Monday, August 24th. This represents a $2.60 annualized dividend and a dividend yield of 3.6%. Bio-Techne’s dividend payout ratio is currently 27.83%.

Analysts Set New Price Targets

A number of analysts recently issued reports on TECH shares. Robert W. Baird lifted their price objective on Bio-Techne from $49.00 to $73.00 and gave the company a “neutral” rating in a research report on Friday, June 26th. Leerink Partners set a $73.00 target price on Bio-Techne in a research report on Thursday, June 25th. Citigroup downgraded Bio-Techne from a “buy” rating to a “neutral” rating and raised their price target for the stock from $70.00 to $73.00 in a research note on Friday, June 26th. Wells Fargo & Company lowered Bio-Techne from an “overweight” rating to an “equal weight” rating and lifted their price target for the company from $62.00 to $73.00 in a report on Thursday, August 13th. Finally, Deutsche Bank Aktiengesellschaft cut Bio-Techne from a “buy” rating to a “hold” rating and set a $73.00 price target for the company. in a research note on Friday, June 26th. Two investment analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $68.92.

Bio-Techne Profile

Bio-Techne Corporation (NASDAQ:TECH) is a global life sciences company that develops and supplies research, diagnostic and bioprocessing products. Its portfolio includes proteins, antibodies, immunoassays, molecular biology reagents, cell and gene therapy tools, and instruments used by academic, pharmaceutical, biotechnology and diagnostic laboratories.

The company operates through brands including R&D Systems, Novus Biologicals, ProteinSimple and Advanced Cell Diagnostics. Its products support applications such as protein analysis, spatial biology, single-cell research, biomarker discovery, drug development and the manufacture of cell and gene therapies.