Hahn Capital Management LLC Sells 6,074 Shares of Bio-Techne Corp $TECH

Key Points

• Hahn Capital Management LLC has reduced its stake in Bio-Techne Corp by 8.1%, now holding 68,489 shares valued at approximately $4.02 million, making Bio-Techne the company's 25th largest position.
• Bio-Techne posted a quarterly earnings per share of $0.53, exceeding analysts' expectations, and reported a revenue of $316.96 million, a 3.6% increase from the previous year.
• The company announced a quarterly dividend of $0.08 per share, yielding 0.6%, and has an estimated average target price of $70.42 according to market analysts.

Hahn Capital Management LLC cut its holdings in Bio-Techne Corp (NASDAQ:TECH - Free Report) by 8.1% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 68,489 shares of the biotechnology company's stock after selling 6,074 shares during the period. Bio-Techne comprises approximately 1.9% of Hahn Capital Management LLC's investment portfolio, making the stock its 25th biggest holding. Hahn Capital Management LLC's holdings in Bio-Techne were worth $4,016,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. First Hawaiian Bank increased its stake in shares of Bio-Techne by 6.1% during the 1st quarter. First Hawaiian Bank now owns 5,152 shares of the biotechnology company's stock worth $302,000 after purchasing an additional 298 shares during the last quarter. Plato Investment Management Ltd bought a new stake in Bio-Techne in the first quarter valued at approximately $281,000. Bayforest Capital Ltd acquired a new stake in shares of Bio-Techne in the first quarter valued at approximately $268,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Bio-Techne by 2.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 944,327 shares of the biotechnology company's stock worth $55,366,000 after acquiring an additional 19,606 shares during the period. Finally, Woodline Partners LP raised its stake in Bio-Techne by 40.0% in the 1st quarter. Woodline Partners LP now owns 13,356 shares of the biotechnology company's stock valued at $783,000 after acquiring an additional 3,814 shares during the period. Institutional investors and hedge funds own 98.95% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Citigroup raised Bio-Techne from a "neutral" rating to a "buy" rating and upped their target price for the company from $55.00 to $70.00 in a research report on Thursday, August 21st. Wall Street Zen downgraded shares of Bio-Techne from a "buy" rating to a "hold" rating in a research note on Sunday, June 8th. Benchmark reiterated a "buy" rating and issued a $75.00 price objective on shares of Bio-Techne in a research note on Thursday, June 5th. Stephens upgraded shares of Bio-Techne to a "strong-buy" rating and set a $65.00 target price on the stock in a research report on Tuesday, July 22nd. Finally, TD Cowen assumed coverage on shares of Bio-Techne in a report on Wednesday, July 9th. They set a "buy" rating and a $65.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $70.42.

Bio-Techne Trading Up 0.8%

TECH stock traded up $0.44 during mid-day trading on Wednesday, reaching $52.22. The company's stock had a trading volume of 545,181 shares, compared to its average volume of 2,056,492. The company has a market cap of $8.19 billion, a price-to-earnings ratio of 113.46, a price-to-earnings-growth ratio of 3.29 and a beta of 1.47. Bio-Techne Corp has a 12 month low of $46.01 and a 12 month high of $80.95. The business's 50 day moving average price is $53.90 and its 200 day moving average price is $53.15. 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 (NASDAQ:TECH - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The biotechnology company reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.03. Bio-Techne had a net margin of 6.02% and a return on equity of 13.43%. The firm had revenue of $316.96 million during the quarter, compared to the consensus estimate of $315.14 million. During the same period in the previous year, the firm posted $0.49 earnings per share. The business's revenue was up 3.6% compared to the same quarter last year. On average, equities research analysts predict that Bio-Techne Corp will post 1.67 EPS for the current year.

Bio-Techne Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Monday, August 18th were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Monday, August 18th. This represents a $0.32 annualized dividend and a dividend yield of 0.6%. Bio-Techne's payout ratio is presently 69.57%.

Bio-Techne Company Profile

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.