Bio-Techne Corp (TECH) Earns “Buy” Rating from Citigroup Inc.
Bio-Techne Corp (NASDAQ:TECH)‘s stock had its “buy” rating reaffirmed by equities research analysts at Citigroup Inc. in a research report issued to clients and investors on Tuesday. They presently have a $115.00 price target on the biotechnology company’s stock, down from their previous price target of $125.00. Citigroup Inc.’s price objective would indicate a potential downside of 7.17% from the stock’s previous close.
Other research analysts have also recently issued research reports about the company. Zacks Investment Research cut Bio-Techne Corp from a “buy” rating to a “hold” rating in a research report on Tuesday. Deutsche Bank AG lifted their target price on Bio-Techne Corp from $130.00 to $132.00 and gave the company a “buy” rating in a research report on Wednesday, August 9th. BidaskClub upgraded Bio-Techne Corp from a “sell” rating to a “hold” rating in a research report on Saturday, August 12th. Finally, Wells Fargo & Company began coverage on Bio-Techne Corp in a research report on Thursday, July 13th. They issued a “market perform” rating on the stock. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Bio-Techne Corp has an average rating of “Buy” and an average price target of $133.75.
Shares of Bio-Techne Corp (NASDAQ TECH) traded up 0.06% on Tuesday, reaching $123.95. 38,087 shares of the company traded hands. Bio-Techne Corp has a one year low of $95.68 and a one year high of $125.40. The company has a market capitalization of $4.63 billion, a P/E ratio of 61.06 and a beta of 0.76. The firm’s 50 day moving average is $122.06 and its 200 day moving average is $115.43.
Bio-Techne Corp (NASDAQ:TECH) last released its earnings results on Tuesday, August 8th. The biotechnology company reported $1.09 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.99 by $0.10. Bio-Techne Corp had a return on equity of 14.19% and a net margin of 12.93%. The firm had revenue of $156.60 million for the quarter, compared to analysts’ expectations of $150.25 million. During the same quarter in the previous year, the business posted $0.92 earnings per share. The business’s revenue for the quarter was up 16.2% on a year-over-year basis. Analysts expect that Bio-Techne Corp will post $3.99 earnings per share for the current fiscal year.
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In other news, Director Karen A. Holbrook sold 1,059 shares of Bio-Techne Corp stock in a transaction dated Wednesday, September 6th. The stock was sold at an average price of $121.73, for a total transaction of $128,912.07. Following the sale, the director now directly owns 914 shares of the company’s stock, valued at $111,261.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 1,359 shares of company stock worth $164,632 over the last three months. Insiders own 3.40% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. First Trust Advisors LP boosted its stake in shares of Bio-Techne Corp by 18.6% during the third quarter. First Trust Advisors LP now owns 361,521 shares of the biotechnology company’s stock valued at $43,704,000 after purchasing an additional 56,775 shares in the last quarter. Nationwide Fund Advisors boosted its stake in shares of Bio-Techne Corp by 2.0% during the third quarter. Nationwide Fund Advisors now owns 233,752 shares of the biotechnology company’s stock valued at $28,258,000 after purchasing an additional 4,693 shares in the last quarter. Assenagon Asset Management S.A. acquired a new stake in shares of Bio-Techne Corp during the third quarter valued at about $3,566,000. Lord Abbett & CO. LLC boosted its stake in shares of Bio-Techne Corp by 51.8% during the second quarter. Lord Abbett & CO. LLC now owns 327,274 shares of the biotechnology company’s stock valued at $38,455,000 after purchasing an additional 111,629 shares in the last quarter. Finally, WFG Advisors LP boosted its stake in shares of Bio-Techne Corp by 11.8% during the second quarter. WFG Advisors LP now owns 5,686 shares of the biotechnology company’s stock valued at $668,000 after purchasing an additional 601 shares in the last quarter. 98.54% of the stock is currently owned by hedge funds and other institutional investors.
Bio-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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