Osterweis Capital Management Inc. reduced its position in shares of BIO-TECHNE Corp (NASDAQ:TECH) by 41.0% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 30,215 shares of the biotechnology company’s stock after selling 21,000 shares during the period. Osterweis Capital Management Inc. owned about 0.08% of BIO-TECHNE worth $4,470,000 at the end of the most recent quarter.
Other hedge funds have also recently made changes to their positions in the company. Summit Trail Advisors LLC increased its position in BIO-TECHNE by 13,323.2% in the 1st quarter. Summit Trail Advisors LLC now owns 100,137 shares of the biotechnology company’s stock valued at $100,000 after acquiring an additional 99,391 shares in the last quarter. Rockefeller Capital Management L.P. acquired a new stake in BIO-TECHNE in the 2nd quarter valued at about $110,000. Contravisory Investment Management Inc. acquired a new stake in BIO-TECHNE in the 2nd quarter valued at about $136,000. We Are One Seven LLC increased its position in BIO-TECHNE by 241.0% in the 1st quarter. We Are One Seven LLC now owns 924 shares of the biotechnology company’s stock valued at $140,000 after acquiring an additional 653 shares in the last quarter. Finally, Robecosam AG acquired a new stake in BIO-TECHNE in the 2nd quarter valued at about $144,000. 94.72% of the stock is owned by hedge funds and other institutional investors.
Several research firms have weighed in on TECH. Zacks Investment Research upgraded shares of BIO-TECHNE from a “strong sell” rating to a “hold” rating in a research report on Saturday, August 25th. BidaskClub cut shares of BIO-TECHNE from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 28th. Deutsche Bank cut shares of BIO-TECHNE from a “buy” rating to a “hold” rating and set a $165.00 price objective for the company. in a research report on Wednesday, June 27th. Argus began coverage on shares of BIO-TECHNE in a research report on Friday, June 15th. They issued a “buy” rating and a $185.00 price objective for the company. Finally, Citigroup raised their price objective on shares of BIO-TECHNE from $160.00 to $205.00 and gave the company a “buy” rating in a research report on Thursday, August 9th. Two equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $185.57.
Shares of NASDAQ:TECH opened at $191.08 on Wednesday. BIO-TECHNE Corp has a one year low of $119.01 and a one year high of $194.31. The company has a quick ratio of 3.93, a current ratio of 5.01 and a debt-to-equity ratio of 0.31. The company has a market cap of $7.25 billion, a PE ratio of 46.95, a price-to-earnings-growth ratio of 3.32 and a beta of 0.87.
BIO-TECHNE (NASDAQ:TECH) last issued its quarterly earnings results on Tuesday, August 7th. The biotechnology company reported $1.34 EPS for the quarter, topping the consensus estimate of $1.29 by $0.05. BIO-TECHNE had a net margin of 19.50% and a return on equity of 14.64%. The company had revenue of $180.25 million during the quarter, compared to analysts’ expectations of $176.24 million. equities research analysts forecast that BIO-TECHNE Corp will post 3.86 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, August 31st. Stockholders of record on Friday, August 17th were given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 0.67%. The ex-dividend date of this dividend was Thursday, August 16th. BIO-TECHNE’s dividend payout ratio is 31.45%.
In related news, Director Charles A. Dinarello sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 8th. The shares were sold at an average price of $176.94, for a total transaction of $884,700.00. Following the completion of the transaction, the director now owns 13,212 shares in the company, valued at $2,337,731.28. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Charles R. Kummeth sold 8,000 shares of the business’s stock in a transaction that occurred on Thursday, June 7th. The shares were sold at an average price of $160.00, for a total transaction of $1,280,000.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 23,000 shares of company stock valued at $4,043,900. 3.40% of the stock is owned by corporate insiders.
Bio-Techne Corporation, together with its subsidiaries, develops, manufactures, and sells biotechnology reagents, instruments, and clinical diagnostic controls worldwide. It operates through three segments: Biotechnology, Protein Platforms, and Diagnostics. The Biotechnology segment offers native and recombinant proteins, monoclonal and polyclonal antibodies, immunoassays, biologically active chemical compounds, and in situ genomic hybridization assays for the research and clinical diagnostics markets.
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