Techne Corp. (NASDAQ:TECH) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Tuesday.
According to Zacks, “Bio-Techne Corporation is a global life sciences company. It develops, manufactures, and sells biotechnology products and clinical diagnostic controls. It provides proteins, such as cytokines, growth factors, and enzymes; antibodies, including polyclonal and monoclonal antibodies; immunoassays comprising quantikine kits; and clinical diagnostic immunoassay kits. The Company also offers flow cytometry products; natural and synthetic chemical compounds; hematology controls and calibrators; and hematology control products. Bio-Techne Corporation, formerly known as Techne Corporation, is headquartered in Minneapolis, Minnesota. “
Several other research firms have also recently weighed in on TECH. Leerink Swann reiterated a “hold” rating on shares of Techne Corp. in a report on Sunday, July 10th. 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 assigned a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $115.40.
Shares of Techne Corp. (NASDAQ:TECH) opened at 108.25 on Tuesday. The firm has a market capitalization of $4.04 billion, a P/E ratio of 38.66 and a beta of 0.63. Techne Corp. has a one year low of $79.95 and a one year high of $117.42. The firm has a 50-day moving average of $108.17 and a 200-day moving average of $105.00.
Techne Corp. (NASDAQ:TECH) last posted its quarterly earnings results on Wednesday, August 17th. The company reported $0.92 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.96 by $0.04. The firm earned $134.80 million during the quarter, compared to the consensus estimate of $129.23 million. Techne Corp. had a net margin of 20.94% and a return on equity of 14.49%. Techne Corp.’s revenue was up 14.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.87 EPS. On average, equities analysts predict that Techne Corp. will post $3.64 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, September 12th. Investors of record on Monday, August 29th were given a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 1.18%. The ex-dividend date of this dividend was Thursday, August 25th. Techne Corp.’s dividend payout ratio is presently 45.71%.
In related news, Director John L. Higgins sold 1,700 shares of Techne Corp. stock in a transaction that occurred 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 of the company’s stock, valued at approximately $149,258.97. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Robert V. Baumgartner sold 3,533 shares of Techne Corp. stock in a transaction that occurred on Wednesday, August 24th. The shares were sold at an average price of $107.10, for a total value of $378,384.30. Following the completion of the sale, the director now directly owns 9,592 shares in the company, valued at approximately $1,027,303.20. The disclosure for this sale can be found here. 2.70% of the stock is owned by corporate insiders.
A number of large investors have recently made changes to their positions in TECH. Glenmede Trust Co. NA raised its stake in shares of Techne Corp. by 2.8% in the second quarter. Glenmede Trust Co. NA now owns 1,975 shares of the company’s stock worth $222,000 after buying an additional 53 shares in the last quarter. Suntrust Banks Inc. raised its stake in shares of Techne Corp. by 0.4% in the second quarter. Suntrust Banks Inc. now owns 14,845 shares of the company’s stock worth $1,673,000 after buying an additional 60 shares in the last quarter. Wall Street Associates raised its stake in shares of Techne Corp. by 2.5% in the second quarter. Wall Street Associates now owns 10,987 shares of the company’s stock worth $1,239,000 after buying an additional 270 shares in the last quarter. Oregon Public Employees Retirement Fund raised its stake in shares of Techne Corp. by 2.5% in the second quarter. Oregon Public Employees Retirement Fund now owns 12,381 shares of the company’s stock worth $1,396,000 after buying an additional 302 shares in the last quarter. Finally, SG Americas Securities LLC raised its stake in shares of Techne Corp. by 3.4% in the second quarter. SG Americas Securities LLC now owns 14,912 shares of the company’s stock worth $1,682,000 after buying an additional 490 shares in the last quarter. 98.18% of the stock is currently owned by institutional investors and hedge funds.
Techne Corp. Company Profile
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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