Allspring Global Investments Holdings LLC lifted its position in Bio-Techne Co. (NASDAQ:TECH - Free Report) by 14.9% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,309,295 shares of the biotechnology company's stock after buying an additional 170,100 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.83% of Bio-Techne worth $101,025,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Harel Insurance Investments & Financial Services Ltd. purchased a new position in shares of Bio-Techne in the 3rd quarter worth approximately $27,000. Harbour Investments Inc. grew its position in Bio-Techne by 305.0% during the 4th quarter. Harbour Investments Inc. now owns 324 shares of the biotechnology company's stock worth $27,000 after purchasing an additional 244 shares during the last quarter. Resurgent Financial Advisors LLC purchased a new stake in Bio-Techne during the 4th quarter worth approximately $29,000. CVA Family Office LLC purchased a new stake in Bio-Techne during the 4th quarter worth approximately $31,000. Finally, Lazard Asset Management LLC grew its position in Bio-Techne by 447.5% during the 4th quarter. Lazard Asset Management LLC now owns 553 shares of the biotechnology company's stock worth $45,000 after purchasing an additional 452 shares during the last quarter. Hedge funds and other institutional investors own 98.95% of the company's stock.
Bio-Techne Stock Up 4.4 %
Shares of TECH traded up $3.01 during mid-day trading on Tuesday, hitting $71.23. 1,175,061 shares of the company's stock were exchanged, compared to its average volume of 1,077,939. The stock's 50-day moving average is $70.89 and its 200-day moving average is $68.77. The company has a market cap of $11.20 billion, a price-to-earnings ratio of 51.62, a P/E/G ratio of 7.58 and a beta of 1.22. Bio-Techne Co. has a fifty-two week low of $51.79 and a fifty-two week high of $89.91. The company has a debt-to-equity ratio of 0.23, a quick ratio of 3.03 and a current ratio of 4.37.
Bio-Techne (NASDAQ:TECH - Get Free Report) last issued its earnings results on Thursday, February 1st. The biotechnology company reported $0.33 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.03). The firm had revenue of $272.60 million during the quarter, compared to analyst estimates of $277.48 million. Bio-Techne had a net margin of 19.58% and a return on equity of 14.21%. On average, sell-side analysts anticipate that Bio-Techne Co. will post 1.53 earnings per share for the current fiscal year.
Bio-Techne Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Monday, February 26th. Investors of record on Monday, February 12th were issued a $0.08 dividend. The ex-dividend date was Friday, February 9th. This represents a $0.32 annualized dividend and a yield of 0.45%. Bio-Techne's dividend payout ratio (DPR) is 23.19%.
Wall Street Analyst Weigh In
Several research firms have weighed in on TECH. Scotiabank began coverage on shares of Bio-Techne in a research report on Thursday, February 8th. They set a "sector outperform" rating and a $80.00 target price on the stock. Stifel Nicolaus downgraded shares of Bio-Techne from a "buy" rating to a "hold" rating and set a $65.00 target price on the stock. in a research report on Friday, February 2nd. Royal Bank of Canada dropped their price objective on shares of Bio-Techne from $85.00 to $75.00 and set a "sector perform" rating on the stock in a report on Friday, February 2nd. Finally, Stephens dropped their price objective on shares of Bio-Techne from $92.00 to $87.00 and set an "overweight" rating on the stock in a report on Friday, February 2nd. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $84.11.
Read Our Latest Stock Analysis on TECH
Insider Activity at Bio-Techne
In other news, Director Roeland Nusse sold 10,400 shares of the firm's stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $76.98, for a total transaction of $800,592.00. Following the transaction, the director now directly owns 43,097 shares in the company, valued at $3,317,607.06. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 4.10% of the stock is owned by corporate insiders.
Bio-Techne Company Profile
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Free Report)
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.
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