Engineers Gate Manager LP Makes New Investment in Bio-Techne Corp $TECH

Key Points

• Engineers Gate Manager LP initiated a position in Bio-Techne by purchasing 29,793 shares valued at approximately $2.1 million. Institutional investors collectively own 98.95% of the company.
• Analyst sentiment remains cautious: the consensus rating is “Hold”, with 15 analysts rating the stock a Hold and two rating it a Buy. The average price target is $68.92.
• Bio-Techne reported quarterly revenue of $321.19 million, above estimates, while EPS of $0.52 matched expectations. The company also increased its quarterly dividend to $0.65 per share.

Engineers Gate Manager LP purchased a new position in Bio-Techne Corp (NASDAQ:TECH - Free Report) in the second quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 29,793 shares of the biotechnology company's stock, valued at approximately $2,105,000.

Several other institutional investors and hedge funds have also made changes to their positions in TECH. SVB Wealth LLC acquired a new stake in Bio-Techne in the second quarter worth approximately $244,000. NorthRock Partners LLC acquired a new position in shares of Bio-Techne during the 2nd quarter valued at $239,000. Integrated Wealth Concepts LLC acquired a new position in shares of Bio-Techne during the 2nd quarter valued at $71,000. Maven Securities LTD acquired a new position in shares of Bio-Techne during the 2nd quarter valued at $3,865,000. Finally, NewEdge Advisors LLC raised its stake in shares of Bio-Techne by 29.1% in the 2nd quarter. NewEdge Advisors LLC now owns 9,972 shares of the biotechnology company's stock worth $705,000 after buying an additional 2,247 shares in the last quarter. 98.95% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Wells Fargo & Company lowered Bio-Techne from an "overweight" rating to an "equal weight" rating and upped their price objective for the company from $62.00 to $73.00 in a report on Thursday, August 13th. William Blair lowered Bio-Techne from an "outperform" rating to a "market perform" rating in a report on Thursday, June 25th. Weiss Ratings upgraded shares of Bio-Techne from a "hold (c-)" rating to a "hold (c)" rating in a research report on Tuesday, August 25th. Robert W. Baird upped their price target on shares of Bio-Techne from $49.00 to $73.00 and gave the company a "neutral" rating in a report on Friday, June 26th. Finally, Citigroup lowered shares of Bio-Techne from a "buy" rating to a "neutral" rating and raised their price objective for the company from $70.00 to $73.00 in a research report on Friday, June 26th. Two investment analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $68.92.

Bio-Techne Stock Performance

Bio-Techne stock opened at $72.34 on Wednesday. The firm's 50 day simple moving average is $72.04 and its 200-day simple moving average is $60.81. The company has a market cap of $11.34 billion, a P/E ratio of 62.90, a price-to-earnings-growth ratio of 8.60 and a beta of 1.28. The company has a debt-to-equity ratio of 0.09, a current ratio of 4.55 and a quick ratio of 3.35. Bio-Techne Corp has a fifty-two week low of $43.19 and a fifty-two week high of $72.62.

Bio-Techne (NASDAQ:TECH - Get Free Report) last issued its quarterly earnings results on Wednesday, August 12th. The biotechnology company reported $0.52 EPS for the quarter, meeting the consensus estimate of $0.52. Bio-Techne had a net margin of 14.97% and a return on equity of 13.23%. The business had revenue of $321.19 million during the quarter, compared to the consensus estimate of $314.63 million. During the same quarter in the prior year, the firm earned $0.53 EPS. The firm's quarterly revenue was up 1.3% on a year-over-year basis. As a group, equities research analysts predict that Bio-Techne Corp will post 1.76 EPS for the current year.

Bio-Techne Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 4th. Stockholders of record on Monday, August 24th were issued a $0.65 dividend. The ex-dividend date was Monday, August 24th. This is an increase from Bio-Techne's previous quarterly dividend of $0.08. This represents a $2.60 dividend on an annualized basis and a dividend yield of 3.6%. Bio-Techne's dividend payout ratio is currently 27.83%.

About Bio-Techne

Bio-Techne Corporation NASDAQ: TECH is a global life sciences company that develops and supplies research, diagnostic and bioprocessing products. Its portfolio includes proteins, antibodies, immunoassays, molecular biology reagents, cell and gene therapy tools, and instruments used by academic, pharmaceutical, biotechnology and diagnostic laboratories.

The company operates through brands including R&D Systems, Novus Biologicals, ProteinSimple and Advanced Cell Diagnostics. Its products support applications such as protein analysis, spatial biology, single-cell research, biomarker discovery, drug development and the manufacture of cell and gene therapies.

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