Numerai GP LLC Invests $489,000 in Bio-Techne Co. (NASDAQ:TECH)

Numerai GP LLC bought a new position in Bio-Techne Co. (NASDAQ:TECH - Free Report) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 6,789 shares of the biotechnology company's stock, valued at approximately $489,000.

Several other institutional investors have also modified their holdings of TECH. Mirae Asset Global Investments Co. Ltd. increased its holdings in Bio-Techne by 46.6% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 16,650 shares of the biotechnology company's stock worth $1,215,000 after buying an additional 5,295 shares during the last quarter. Assenagon Asset Management S.A. raised its holdings in Bio-Techne by 58.8% in the 4th quarter. Assenagon Asset Management S.A. now owns 43,298 shares of the biotechnology company's stock valued at $3,119,000 after acquiring an additional 16,038 shares during the period. Fort Washington Investment Advisors Inc. OH increased its stake in shares of Bio-Techne by 11.2% during the fourth quarter. Fort Washington Investment Advisors Inc. OH now owns 254,034 shares of the biotechnology company's stock worth $18,298,000 after purchasing an additional 25,650 shares during the period. Arrowstreet Capital Limited Partnership bought a new stake in Bio-Techne in the 4th quarter valued at about $3,940,000. Finally, Allspring Global Investments Holdings LLC raised its holdings in Bio-Techne by 12.1% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 736,340 shares of the biotechnology company's stock valued at $52,641,000 after acquiring an additional 79,629 shares in the last quarter. Institutional investors own 98.95% of the company's stock.

Bio-Techne Stock Performance

Shares of Bio-Techne stock traded up $0.05 during trading hours on Tuesday, reaching $49.33. 539,196 shares of the stock traded hands, compared to its average volume of 1,277,658. The company has a 50 day moving average price of $53.24 and a 200 day moving average price of $65.26. The company has a quick ratio of 2.77, a current ratio of 3.94 and a debt-to-equity ratio of 0.14. Bio-Techne Co. has a one year low of $46.01 and a one year high of $84.22. The firm has a market capitalization of $7.73 billion, a price-to-earnings ratio of 49.85, a P/E/G ratio of 2.88 and a beta of 1.46.

Bio-Techne (NASDAQ:TECH - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The biotechnology company reported $0.56 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.51 by $0.05. The business had revenue of $316.18 million for the quarter, compared to the consensus estimate of $317.92 million. Bio-Techne had a return on equity of 12.73% and a net margin of 13.22%. The company's revenue was up 4.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.48 EPS. On average, equities research analysts expect that Bio-Techne Co. will post 1.67 earnings per share for the current fiscal year.

Bio-Techne declared that its board has initiated a stock buyback program on Wednesday, May 7th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the biotechnology company to repurchase up to 6.5% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's management believes its shares are undervalued.

Bio-Techne Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 30th. Investors of record on Monday, May 19th will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.65%. The ex-dividend date is Monday, May 19th. Bio-Techne's payout ratio is 39.02%.

Analyst Ratings Changes

TECH has been the topic of a number of research reports. Citigroup decreased their target price on shares of Bio-Techne from $80.00 to $70.00 and set a "neutral" rating on the stock in a research note on Tuesday, March 4th. Benchmark decreased their price objective on shares of Bio-Techne from $95.00 to $75.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Robert W. Baird lowered shares of Bio-Techne from an "outperform" rating to a "neutral" rating and dropped their target price for the company from $88.00 to $68.00 in a report on Wednesday, February 19th. Scotiabank lifted their price objective on Bio-Techne from $88.00 to $90.00 and gave the stock a "sector outperform" rating in a research report on Thursday, February 6th. Finally, KeyCorp reissued a "sector weight" rating on shares of Bio-Techne in a research note on Wednesday, April 9th. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $73.44.

About Bio-Techne

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.