Quantinno Capital Management LP Cuts Holdings in Bio-Techne Corp $TECH

Quantinno Capital Management LP decreased its holdings in Bio-Techne Corp (NASDAQ:TECH) by 20.1% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 814,322 shares of the biotechnology company’s stock after selling 205,020 shares during the quarter. Quantinno Capital Management LP’s holdings in Bio-Techne were worth $42,556,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of TECH. Wellington Management Group LLP raised its position in shares of Bio-Techne by 349.8% in the 3rd quarter. Wellington Management Group LLP now owns 5,115,133 shares of the biotechnology company’s stock worth $284,555,000 after acquiring an additional 3,978,026 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its position in Bio-Techne by 164.4% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 4,012,818 shares of the biotechnology company’s stock valued at $235,994,000 after purchasing an additional 2,495,328 shares in the last quarter. Norges Bank bought a new stake in Bio-Techne during the fourth quarter valued at about $99,494,000. Durable Capital Partners LP purchased a new position in Bio-Techne in the third quarter valued at about $77,658,000. Finally, First Trust Advisors LP grew its stake in Bio-Techne by 2,874.9% in the first quarter. First Trust Advisors LP now owns 1,281,792 shares of the biotechnology company’s stock valued at $66,986,000 after purchasing an additional 1,238,705 shares during the last quarter. Institutional investors own 98.95% of the company’s stock.

Bio-Techne Stock Performance

Shares of NASDAQ:TECH opened at $72.03 on Friday. The business’s 50-day moving average is $62.56 and its 200 day moving average is $58.98. The company has a debt-to-equity ratio of 0.10, a current ratio of 4.49 and a quick ratio of 3.18. Bio-Techne Corp has a 1 year low of $43.19 and a 1 year high of $72.36. The firm has a market capitalization of $11.28 billion, a P/E ratio of 104.39, a P/E/G ratio of 8.58 and a beta of 1.29.

Bio-Techne (NASDAQ:TECH) last issued its quarterly earnings results on Wednesday, May 6th. The biotechnology company reported $0.53 earnings per share for the quarter, missing the consensus estimate of $0.55 by ($0.02). Bio-Techne had a return on equity of 13.57% and a net margin of 9.05%.The business had revenue of $311.42 million during the quarter, compared to analyst estimates of $316.11 million. During the same period in the prior year, the business posted $0.56 EPS. Bio-Techne’s revenue was down 1.5% compared to the same quarter last year. On average, research analysts predict that Bio-Techne Corp will post 1.65 earnings per share for the current fiscal year.

Bio-Techne Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Monday, May 18th were paid a $0.08 dividend. The ex-dividend date was Monday, May 18th. This represents a $0.32 dividend on an annualized basis and a yield of 0.4%. Bio-Techne’s dividend payout ratio (DPR) is 46.38%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. William Blair downgraded shares of Bio-Techne from an “outperform” rating to a “market perform” rating in a report on Thursday, June 25th. Zacks Research downgraded shares of Bio-Techne from a “hold” rating to a “strong sell” rating in a research report on Monday, June 8th. Benchmark lowered shares of Bio-Techne from a “buy” rating to a “hold” rating in a research note on Tuesday, June 30th. Stifel Nicolaus set a $50.00 target price on shares of Bio-Techne in a research report on Thursday, May 7th. Finally, Leerink Partners set a $73.00 target price on shares of Bio-Techne in a research note on Thursday, June 25th. Three investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $68.08.

Bio-Techne Company Profile

Bio-Techne Corporation (NASDAQ:TECH) is a global life sciences company that develops, manufactures and sells high-quality reagents, instruments and services for the research, diagnostic and bioprocessing markets. Its core product offerings include recombinant proteins, antibodies, immunoassays, nucleic acid probes and kits, single-cell analysis solutions and automated protein analysis systems. Flagship brands such as R&D Systems, Novus Biologicals, ProteinSimple and Advanced Cell Diagnostics provide researchers and clinicians with reliable tools for cell biology, immunology, proteomics and genomics applications.

Headquartered in Minneapolis, Minnesota, Bio-Techne serves customers across North America, Europe and the Asia-Pacific region through a combination of direct sales, distributors and strategic partnerships.