Mutual of America Capital Management LLC Grows Stock Position in Bio-Techne Corp (NASDAQ:TECH)

Mutual of America Capital Management LLC grew its stake in shares of Bio-Techne Corp (NASDAQ:TECH - Free Report) by 29.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 55,493 shares of the biotechnology company's stock after purchasing an additional 12,740 shares during the quarter. Mutual of America Capital Management LLC's holdings in Bio-Techne were worth $3,254,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. CX Institutional acquired a new position in shares of Bio-Techne in the 1st quarter valued at $27,000. Itau Unibanco Holding S.A. acquired a new position in shares of Bio-Techne in the 4th quarter valued at $41,000. GeoWealth Management LLC acquired a new position in shares of Bio-Techne in the 4th quarter valued at $43,000. Kiely Wealth Advisory Group Inc. increased its holdings in shares of Bio-Techne by 1,355.6% in the 4th quarter. Kiely Wealth Advisory Group Inc. now owns 1,048 shares of the biotechnology company's stock valued at $81,000 after acquiring an additional 976 shares during the period. Finally, Huntington National Bank increased its holdings in shares of Bio-Techne by 42.6% in the 4th quarter. Huntington National Bank now owns 1,078 shares of the biotechnology company's stock valued at $78,000 after acquiring an additional 322 shares during the period. 98.95% of the stock is owned by institutional investors and hedge funds.

Bio-Techne Price Performance

Shares of NASDAQ:TECH traded down $1.27 on Friday, reaching $52.02. 1,805,655 shares of the company were exchanged, compared to its average volume of 1,483,076. The company has a current ratio of 3.71, a quick ratio of 2.58 and a debt-to-equity ratio of 0.16. Bio-Techne Corp has a 1-year low of $46.01 and a 1-year high of $83.62. The firm has a market cap of $8.16 billion, a price-to-earnings ratio of 63.44, a price-to-earnings-growth ratio of 2.46 and a beta of 1.39. The company has a 50-day moving average of $50.52 and a 200-day moving average of $58.32.

Bio-Techne (NASDAQ:TECH - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The biotechnology company reported $0.56 earnings per share for the quarter, topping analysts' consensus estimates of $0.51 by $0.05. Bio-Techne had a net margin of 10.89% and a return on equity of 13.17%. The business had revenue of $316.18 million for the quarter, compared to analysts' expectations of $317.92 million. During the same period in the prior year, the company posted $0.48 EPS. The business's revenue for the quarter was up 4.2% on a year-over-year basis. Equities analysts forecast that Bio-Techne Corp will post 1.67 earnings per share for the current fiscal year.

Bio-Techne announced that its board has approved a stock repurchase program on Wednesday, May 7th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the biotechnology company to repurchase up to 6.5% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's leadership believes its shares are undervalued.

Bio-Techne Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Monday, May 19th were given a $0.08 dividend. The ex-dividend date of this dividend was Monday, May 19th. This represents a $0.32 annualized dividend and a dividend yield of 0.62%. Bio-Techne's dividend payout ratio is presently 39.02%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on TECH shares. Wall Street Zen cut shares of Bio-Techne from a "buy" rating to a "hold" rating in a report on Sunday, June 8th. UBS Group dropped their price objective on shares of Bio-Techne from $95.00 to $70.00 and set a "buy" rating on the stock in a research note on Friday, May 9th. Scotiabank dropped their price objective on shares of Bio-Techne from $90.00 to $75.00 and set a "sector outperform" rating on the stock in a research note on Friday, July 11th. KeyCorp reissued a "sector weight" rating on shares of Bio-Techne in a research note on Wednesday, April 9th. Finally, Benchmark reissued a "buy" rating and issued a $75.00 price objective on shares of Bio-Techne in a research note on Thursday, June 5th. Seven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $70.00.

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.