Bio-Techne Corp $TECH Shares Sold by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments Holdings LLC significantly reduced its stake in Bio-Techne Corp by 98.8%, holding only 7,360 shares after selling 612,776 during the 2nd quarter.
• Despite the sale, 98.95% of Bio-Techne's stock is owned by institutional investors and hedge funds, indicating strong institutional interest in the company.
• Bio-Techne recently reported earnings of $0.53 per share, exceeding analyst estimates, and declared a quarterly dividend of $0.08, yielding 0.5% annually.

Allspring Global Investments Holdings LLC cut its position in shares of Bio-Techne Corp (NASDAQ:TECH - Free Report) by 98.8% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 7,360 shares of the biotechnology company's stock after selling 612,776 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in Bio-Techne were worth $383,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Janney Montgomery Scott LLC boosted its stake in shares of Bio-Techne by 4.6% during the 1st quarter. Janney Montgomery Scott LLC now owns 11,210 shares of the biotechnology company's stock worth $657,000 after acquiring an additional 490 shares in the last quarter. Asset Management One Co. Ltd. raised its holdings in Bio-Techne by 12.8% during the first quarter. Asset Management One Co. Ltd. now owns 136,541 shares of the biotechnology company's stock valued at $8,009,000 after buying an additional 15,506 shares in the last quarter. Diversified Trust Co increased its stake in shares of Bio-Techne by 10.0% in the first quarter. Diversified Trust Co now owns 13,824 shares of the biotechnology company's stock worth $811,000 after purchasing an additional 1,260 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Bio-Techne by 17.9% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 19,630 shares of the biotechnology company's stock worth $1,153,000 after purchasing an additional 2,980 shares during the period. Finally, Amalgamated Bank grew its position in Bio-Techne by 0.7% during the first quarter. Amalgamated Bank now owns 30,646 shares of the biotechnology company's stock worth $1,797,000 after buying an additional 222 shares in the last quarter. 98.95% of the stock is currently owned by institutional investors and hedge funds.

Bio-Techne Price Performance

Shares of NASDAQ TECH opened at $65.90 on Friday. The firm has a market cap of $10.26 billion, a PE ratio of 143.26, a PEG ratio of 3.86 and a beta of 1.48. The company has a current ratio of 3.46, a quick ratio of 2.38 and a debt-to-equity ratio of 0.18. Bio-Techne Corp has a 1-year low of $46.01 and a 1-year high of $80.80. The company has a fifty day moving average price of $56.44 and a 200 day moving average price of $53.00.

Bio-Techne (NASDAQ:TECH - Get Free Report) last announced its earnings results on Wednesday, August 6th. The biotechnology company reported $0.53 earnings per share for the quarter, topping analysts' consensus estimates of $0.50 by $0.03. The firm had revenue of $316.96 million during the quarter, compared to analyst estimates of $315.14 million. Bio-Techne had a net margin of 6.02% and a return on equity of 13.43%. The company's revenue for the quarter was up 3.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.49 EPS. Research analysts predict that Bio-Techne Corp will post 1.67 earnings per share for the current fiscal year.

Bio-Techne Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Monday, August 18th were issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend was Monday, August 18th. Bio-Techne's dividend payout ratio is presently 69.57%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on TECH shares. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Bio-Techne in a report on Friday. Citigroup upgraded shares of Bio-Techne from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $55.00 to $70.00 in a research report on Thursday, August 21st. Stephens upgraded shares of Bio-Techne to a "strong-buy" rating and set a $65.00 target price for the company in a research report on Tuesday, July 22nd. Royal Bank Of Canada upgraded shares of Bio-Techne from a "hold" rating to a "moderate buy" rating in a research report on Wednesday, September 3rd. Finally, Scotiabank dropped their target price on shares of Bio-Techne from $90.00 to $75.00 and set a "sector outperform" rating for the company in a research report on Friday, July 11th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Bio-Techne currently has an average rating of "Moderate Buy" and an average target price of $70.58.

About Bio-Techne

Bio-Techne Corporation, together with its subsidiaries, develops, manufactures, and sells life science reagents, instruments, and services for the research and clinical diagnostic markets in the United States, the United Kingdom, rest of Europe, Middle East, and Africa, Greater China, rest of Asia-Pacific, and internationally.

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