Vanguard Group Inc. Grows Stake in Bio-Techne Corp (TECH)
Vanguard Group Inc. grew its position in Bio-Techne Corp (NASDAQ:TECH) by 1.2% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 3,042,458 shares of the biotechnology company’s stock after buying an additional 36,768 shares during the period. Vanguard Group Inc. owned 8.15% of Bio-Techne Corp worth $357,489,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Bank of America Corp DE increased its stake in shares of Bio-Techne Corp by 22.5% in the 1st quarter. Bank of America Corp DE now owns 249,413 shares of the biotechnology company’s stock valued at $25,353,000 after buying an additional 45,852 shares during the period. Eagle Asset Management Inc. increased its stake in shares of Bio-Techne Corp by 5.0% in the 2nd quarter. Eagle Asset Management Inc. now owns 49,945 shares of the biotechnology company’s stock valued at $5,868,000 after buying an additional 2,371 shares during the period. American Century Companies Inc. increased its stake in shares of Bio-Techne Corp by 174.8% in the 2nd quarter. American Century Companies Inc. now owns 731,589 shares of the biotechnology company’s stock valued at $85,962,000 after buying an additional 465,398 shares during the period. Los Angeles Capital Management & Equity Research Inc. increased its stake in shares of Bio-Techne Corp by 55.3% in the 2nd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 48,208 shares of the biotechnology company’s stock valued at $5,664,000 after buying an additional 17,158 shares during the period. Finally, Menta Capital LLC acquired a new stake in shares of Bio-Techne Corp in the 1st quarter valued at $351,000. 98.41% of the stock is owned by institutional investors.
In other Bio-Techne Corp 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 value of $128,912.07. Following the sale, the director now owns 914 shares of the company’s stock, valued at approximately $111,261.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold a total of 1,359 shares of company stock worth $164,122 in the last three months. Company insiders own 3.40% of the company’s stock.
Bio-Techne Corp (TECH) opened at 122.56 on Friday. The company has a market capitalization of $4.58 billion, a price-to-earnings ratio of 60.37 and a beta of 0.76. Bio-Techne Corp has a 52-week low of $95.68 and a 52-week high of $124.00. The stock has a 50 day moving average price of $121.26 and a 200 day moving average price of $113.53.
Bio-Techne Corp (NASDAQ:TECH) last released its quarterly earnings results on Tuesday, August 8th. The biotechnology company reported $1.09 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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 the consensus estimate of $150.25 million. During the same quarter last year, the business posted $0.92 EPS. The company’s revenue for the quarter was up 16.2% on a year-over-year basis. Analysts anticipate that Bio-Techne Corp will post $3.99 EPS for the current fiscal year.
Several equities research analysts have recently commented on TECH shares. BidaskClub cut Bio-Techne Corp from a “buy” rating to a “hold” rating in a research note on Tuesday, June 13th. Zacks Investment Research upgraded Bio-Techne Corp from a “hold” rating to a “buy” rating and set a $131.00 price target on the stock in a research report on Thursday, July 6th. Wells Fargo & Company started coverage on Bio-Techne Corp in a research report on Thursday, July 13th. They issued a “market perform” rating on the stock. Finally, Deutsche Bank AG raised their price target on Bio-Techne Corp from $130.00 to $132.00 and gave the stock a “buy” rating in a research report on Wednesday, August 9th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $127.50.
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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