Bio-Techne Corp $TECH Stock Position Cut by Torque Asset Management LLC

Torque Asset Management LLC reduced its stake in shares of Bio-Techne Corp (NASDAQ:TECH) by 4.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 355,535 shares of the biotechnology company’s stock after selling 15,094 shares during the quarter. Bio-Techne makes up about 7.2% of Torque Asset Management LLC’s holdings, making the stock its 7th biggest holding. Torque Asset Management LLC’s holdings in Bio-Techne were worth $20,909,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in TECH. Danske Bank A S purchased a new position in shares of Bio-Techne in the 4th quarter valued at approximately $29,000. eCIO Inc. purchased a new position in shares of Bio-Techne in the 4th quarter valued at approximately $30,000. Measured Wealth Private Client Group LLC purchased a new position in shares of Bio-Techne in the 3rd quarter valued at approximately $32,000. iSAM Funds UK Ltd purchased a new position in shares of Bio-Techne in the 3rd quarter valued at approximately $33,000. Finally, EverSource Wealth Advisors LLC lifted its stake in shares of Bio-Techne by 506.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 673 shares of the biotechnology company’s stock valued at $35,000 after purchasing an additional 562 shares during the period. Hedge funds and other institutional investors own 98.95% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on TECH shares. Evercore set a $50.00 target price on shares of Bio-Techne in a research report on Thursday, May 7th. Wells Fargo & Company reduced their target price on shares of Bio-Techne from $76.00 to $62.00 and set an “overweight” rating on the stock in a research report on Thursday, May 7th. Stifel Nicolaus set a $50.00 target price on shares of Bio-Techne in a research report on Thursday, May 7th. Zacks Research downgraded shares of Bio-Techne from a “hold” rating to a “strong sell” rating in a research report on Monday, June 8th. Finally, Royal Bank Of Canada set a $62.00 target price on shares of Bio-Techne and gave the stock an “outperform” rating in a research report on Thursday, May 14th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $65.15.

Bio-Techne Stock Up 4.0%

NASDAQ:TECH opened at $56.17 on Tuesday. The firm’s 50-day moving average price is $52.19 and its 200-day moving average price is $57.28. The company has a market capitalization of $8.79 billion, a PE ratio of 81.41, a P/E/G ratio of 5.09 and a beta of 1.37. 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 $72.16.

Bio-Techne (NASDAQ:TECH) last announced its quarterly earnings results on Wednesday, May 6th. The biotechnology company reported $0.53 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.02). The firm had revenue of $311.42 million during the quarter, compared to the consensus estimate of $316.11 million. Bio-Techne had a return on equity of 13.57% and a net margin of 9.05%.The business’s revenue for the quarter was down 1.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.56 EPS. On average, equities analysts predict that Bio-Techne Corp will post 1.7 EPS for the current fiscal year.

Bio-Techne Dividend Announcement

The company also recently declared 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 0.6%. Bio-Techne’s payout ratio is presently 46.38%.

About Bio-Techne

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.