Granite Investment Partners LLC Boosts Stock Position in Bio-Techne Corp $TECH

Key Points

• Granite Investment Partners increased its Bio-Techne stake by 31.3% in the first quarter, adding 32,754 shares to reach 137,562 shares worth about $7.19 million.
• Bio-Techne reported weaker-than-expected quarterly results, with EPS of $0.53 versus estimates of $0.55 and revenue of $311.42 million versus expectations of $316.11 million; revenue also fell 1.5% year over year.
• Analyst sentiment remains cautious: the stock has a consensus Hold rating with an average price target of $67.79, though several firms recently adjusted targets and ratings around the company.

Granite Investment Partners LLC grew its holdings in Bio-Techne Corp (NASDAQ:TECH - Free Report) by 31.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 137,562 shares of the biotechnology company's stock after purchasing an additional 32,754 shares during the period. Granite Investment Partners LLC owned about 0.09% of Bio-Techne worth $7,189,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Impax Asset Management Group plc purchased a new position in shares of Bio-Techne during the fourth quarter valued at $11,468,000. Hollow Brook Wealth Management LLC boosted its position in Bio-Techne by 69.7% during the 3rd quarter. Hollow Brook Wealth Management LLC now owns 174,677 shares of the biotechnology company's stock valued at $9,717,000 after acquiring an additional 71,739 shares in the last quarter. Border to Coast Pensions Partnership Ltd purchased a new position in shares of Bio-Techne in the 4th quarter valued at $15,023,000. Jefferies Financial Group Inc. bought a new position in shares of Bio-Techne in the 3rd quarter worth $2,428,000. Finally, Nicholas Company Inc. lifted its stake in shares of Bio-Techne by 6.5% during the 4th quarter. Nicholas Company Inc. now owns 390,794 shares of the biotechnology company's stock worth $22,983,000 after purchasing an additional 23,785 shares during the last quarter. 98.95% of the stock is owned by hedge funds and other institutional investors.

Bio-Techne Price Performance

NASDAQ:TECH opened at $70.96 on Thursday. Bio-Techne Corp has a one year low of $43.19 and a one year high of $72.16. The stock has a market cap of $11.11 billion, a PE ratio of 102.84, a P/E/G ratio of 8.41 and a beta of 1.29. The company has a debt-to-equity ratio of 0.10, a quick ratio of 3.18 and a current ratio of 4.49. The stock has a 50 day moving average price of $55.14 and a 200 day moving average price of $57.76.

Bio-Techne (NASDAQ:TECH - Get Free Report) last posted its earnings results on Wednesday, May 6th. The biotechnology company reported $0.53 EPS for the quarter, missing analysts' consensus estimates of $0.55 by ($0.02). The business had revenue of $311.42 million during the quarter, compared to analysts' expectations of $316.11 million. Bio-Techne had a net margin of 9.05% and a return on equity of 13.57%. Bio-Techne's revenue for the quarter was down 1.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.56 EPS. Equities research analysts expect that Bio-Techne Corp will post 1.65 EPS for the current fiscal year.

Bio-Techne Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Monday, May 18th were paid a $0.08 dividend. The ex-dividend date of this dividend was Monday, May 18th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.5%. Bio-Techne's payout ratio is presently 46.38%.

Analyst Ratings Changes

Several equities analysts have issued reports on TECH shares. Deutsche Bank Aktiengesellschaft lowered Bio-Techne from a "buy" rating to a "hold" rating and set a $73.00 target price on the stock. in a research note on Friday, June 26th. Stifel Nicolaus set a $50.00 price target on shares of Bio-Techne in a report on Thursday, May 7th. Wells Fargo & Company cut their price objective 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. Royal Bank Of Canada set a $62.00 price objective on shares of Bio-Techne and gave the stock an "outperform" rating in a research note on Thursday, May 14th. Finally, Robert W. Baird increased their price target on Bio-Techne from $49.00 to $73.00 and gave the company a "neutral" rating in a research note on Friday, June 26th. Five equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $67.79.

Bio-Techne Company 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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