Glazer Capital LLC Takes $14.13 Million Position in Bio-Techne Corp $TECH

Key Points

• Glazer Capital acquired 200,000 Bio-Techne shares worth approximately $14.13 million, representing about 0.13% of the company. Institutional investors collectively own 98.95% of Bio-Techne.
• Analysts remain cautious, with a consensus “Hold” rating and an average price target of $68.92, below the stock’s reported $72.47 price.
• Bio-Techne met quarterly EPS expectations at $0.52 and exceeded revenue estimates with $321.19 million, while revenue rose 1.3% year over year. The company also announced a quarterly dividend of $0.65 per share, up from $0.08.

Glazer Capital LLC bought a new stake in shares of Bio-Techne Corp (NASDAQ:TECH - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 200,000 shares of the biotechnology company's stock, valued at approximately $14,130,000. Glazer Capital LLC owned about 0.13% of Bio-Techne as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of TECH. Tema ETFs LLC lifted its stake in Bio-Techne by 5.4% during the 2nd quarter. Tema ETFs LLC now owns 2,818 shares of the biotechnology company's stock valued at $199,000 after acquiring an additional 145 shares in the last quarter. Accredited Investors Inc. grew its stake in shares of Bio-Techne by 2.7% in the 4th quarter. Accredited Investors Inc. now owns 6,052 shares of the biotechnology company's stock worth $356,000 after acquiring an additional 161 shares in the last quarter. Oppenheimer & Co. Inc. grew its stake in shares of Bio-Techne by 3.5% in the 4th quarter. Oppenheimer & Co. Inc. now owns 5,351 shares of the biotechnology company's stock worth $315,000 after acquiring an additional 181 shares in the last quarter. Bryn Mawr Trust Advisors LLC raised its holdings in shares of Bio-Techne by 5.1% in the first quarter. Bryn Mawr Trust Advisors LLC now owns 3,986 shares of the biotechnology company's stock valued at $208,000 after purchasing an additional 194 shares during the last quarter. Finally, New Mexico Educational Retirement Board raised its holdings in shares of Bio-Techne by 2.8% in the fourth quarter. New Mexico Educational Retirement Board now owns 7,300 shares of the biotechnology company's stock valued at $429,000 after purchasing an additional 200 shares during the last quarter. Institutional investors own 98.95% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Citigroup lowered shares of Bio-Techne from a "buy" rating to a "neutral" rating and raised their price target for the company from $70.00 to $73.00 in a research report on Friday, June 26th. Leerink Partners set a $73.00 price objective on shares of Bio-Techne in a research note on Thursday, June 25th. Zacks Research raised shares of Bio-Techne from a "strong sell" rating to a "hold" rating in a research report on Tuesday. Benchmark reissued a "hold" rating on shares of Bio-Techne in a research report on Wednesday, August 19th. Finally, Wells Fargo & Company downgraded Bio-Techne from an "overweight" rating to an "equal weight" rating and boosted their target price for the stock from $62.00 to $73.00 in a research note on Thursday, August 13th. Two analysts have rated the stock with a Buy rating and fifteen have assigned a Hold rating to the company's stock. According to data from MarketBeat, Bio-Techne presently has a consensus rating of "Hold" and an average price target of $68.92.

Bio-Techne Stock Up 0.1%

Bio-Techne stock opened at $72.47 on Friday. The firm has a 50 day simple moving average of $70.57 and a 200 day simple moving average of $59.67. The company has a current ratio of 4.55, a quick ratio of 3.35 and a debt-to-equity ratio of 0.09. Bio-Techne Corp has a 1-year low of $43.19 and a 1-year high of $72.62. The firm has a market capitalization of $11.36 billion, a price-to-earnings ratio of 63.02, a P/E/G ratio of 8.62 and a beta of 1.28.

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

Bio-Techne Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 4th. Stockholders of record on Monday, August 24th will be issued a dividend of $0.65 per share. The ex-dividend date of this dividend is Monday, August 24th. This is a positive change from Bio-Techne's previous quarterly dividend of $0.08. This represents a $2.60 annualized dividend and a dividend yield of 3.6%. Bio-Techne's payout ratio is presently 27.83%.

Bio-Techne 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.

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