Eaton Vance Management bought a new stake in Techne Corp. (NASDAQ:TECH) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 2,508 shares of the company’s stock, valued at approximately $283,000.
Several other hedge funds and other institutional investors have also modified their holdings of TECH. Schroder Investment Management Group boosted its stake in Techne Corp. by 7.1% in the second quarter. Schroder Investment Management Group now owns 164,233 shares of the company’s stock valued at $18,520,000 after buying an additional 10,900 shares during the last quarter. Glenmede Trust Co. NA boosted its stake in Techne Corp. by 2.8% in the second quarter. Glenmede Trust Co. NA now owns 1,975 shares of the company’s stock valued at $222,000 after buying an additional 53 shares during the last quarter. SG Americas Securities LLC boosted its stake in Techne Corp. by 3.4% in the second quarter. SG Americas Securities LLC now owns 14,912 shares of the company’s stock valued at $1,682,000 after buying an additional 490 shares during the last quarter. Emerald Acquisition Ltd. purchased a new stake in Techne Corp. during the second quarter valued at $16,695,000. Finally, Suntrust Banks Inc. boosted its stake in Techne Corp. by 0.4% in the second quarter. Suntrust Banks Inc. now owns 14,845 shares of the company’s stock valued at $1,673,000 after buying an additional 60 shares during the last quarter. Institutional investors own 98.18% of the company’s stock.
Shares of Techne Corp. (NASDAQ:TECH) traded up 0.46% during trading on Monday, hitting $110.00. The stock had a trading volume of 50,642 shares. The firm’s 50 day moving average is $107.89 and its 200 day moving average is $105.27. Techne Corp. has a 1-year low of $79.95 and a 1-year high of $117.42. The company has a market cap of $4.10 billion, a PE ratio of 39.29 and a beta of 0.59.
Techne Corp. (NASDAQ:TECH) last announced its quarterly earnings data on Wednesday, August 17th. The company reported $0.92 earnings per share for the quarter, missing the consensus estimate of $0.96 by $0.04. Techne Corp. had a net margin of 20.94% and a return on equity of 14.49%. The firm had revenue of $134.80 million for the quarter, compared to the consensus estimate of $129.23 million. During the same period last year, the company posted $0.87 earnings per share. Techne Corp.’s revenue for the quarter was up 14.5% on a year-over-year basis. Equities research analysts anticipate that Techne Corp. will post $3.64 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, September 12th. Shareholders of record on Monday, August 29th were issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 1.17%. The ex-dividend date of this dividend was Thursday, August 25th. Techne Corp.’s dividend payout ratio (DPR) is 45.71%.
TECH has been the subject of several analyst reports. Zacks Investment Research raised Techne Corp. from a “sell” rating to a “hold” rating in a report on Friday, September 9th. Leerink Swann reaffirmed a “hold” rating on shares of Techne Corp. in a report on Sunday, July 10th. Finally, Robert W. Baird lifted their price objective on Techne Corp. from $115.00 to $116.00 and gave the company an “outperform” rating in a report on Thursday, August 18th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Techne Corp. presently has an average rating of “Buy” and an average price target of $115.40.
In other Techne Corp. news, Director Robert V. Baumgartner sold 6,467 shares of the stock in a transaction on Friday, September 2nd. The stock was sold at an average price of $107.17, for a total transaction of $693,068.39. Following the sale, the director now owns 8,446 shares in the company, valued at $905,157.82. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director John L. Higgins sold 1,700 shares of the stock in a transaction on Thursday, September 8th. The stock was sold at an average price of $109.83, for a total value of $186,711.00. Following the sale, the director now owns 1,359 shares in the company, valued at approximately $149,258.97. The disclosure for this sale can be found here. Company insiders own 2.70% of the company’s stock.
About Techne Corp.
Bio-Techne Corporation (Bio-Techne), formerly Techne Corporation, develops, manufactures and sells biotechnology reagents, instruments and clinical diagnostic products around the world. The Company has three business segments: the Biotechnology, Clinical Controls and Protein Platforms divisions. The Biotechnology segment develops, manufactures and sells biotechnology research and diagnostic products around the world.
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