Bio-Techne Corp $TECH Shares Acquired by Granite Investment Partners LLC

Granite Investment Partners LLC raised its holdings in Bio-Techne Corp (NASDAQ:TECH) by 31.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 137,562 shares of the biotechnology company’s stock after buying an additional 32,754 shares during the period. Granite Investment Partners LLC’s holdings in Bio-Techne were worth $7,189,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of TECH. Danske Bank A S purchased a new stake in Bio-Techne in the fourth quarter valued at approximately $29,000. eCIO Inc. acquired a new stake in Bio-Techne in the fourth quarter valued at about $30,000. Measured Wealth Private Client Group LLC acquired a new stake in shares of Bio-Techne in the 3rd quarter valued at approximately $32,000. iSAM Funds UK Ltd purchased a new position in shares of Bio-Techne in the 3rd quarter valued at about $33,000. Finally, EverSource Wealth Advisors LLC increased its stake in Bio-Techne by 506.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 673 shares of the biotechnology company’s stock valued at $35,000 after purchasing an additional 562 shares in the last quarter. Institutional investors and hedge funds own 98.95% of the company’s stock.

Bio-Techne Price Performance

Shares of NASDAQ:TECH opened at $70.96 on Thursday. The company has a market cap of $11.11 billion, a P/E ratio of 102.84, a price-to-earnings-growth ratio of 8.41 and a beta of 1.29. Bio-Techne Corp has a 12-month low of $43.19 and a 12-month high of $72.16. The company has a quick ratio of 3.18, a current ratio of 4.49 and a debt-to-equity ratio of 0.10. The company’s fifty day moving average is $55.14 and its two-hundred day moving average is $57.76.

Bio-Techne (NASDAQ:TECH) last announced its quarterly earnings data on Wednesday, May 6th. The biotechnology company reported $0.53 EPS for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.02). The business had revenue of $311.42 million for the quarter, compared to analyst estimates of $316.11 million. Bio-Techne had a return on equity of 13.57% and a net margin of 9.05%.The company’s revenue was down 1.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.56 earnings per share. Equities analysts expect that Bio-Techne Corp will post 1.65 earnings per share for the current fiscal year.

Bio-Techne Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Monday, May 18th were issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.5%. The ex-dividend date was Monday, May 18th. Bio-Techne’s payout ratio is currently 46.38%.

Analyst Ratings Changes

TECH has been the topic of several recent research reports. Deutsche Bank Aktiengesellschaft downgraded Bio-Techne from a “buy” rating to a “hold” rating and set a $73.00 price objective on the stock. in a research report on Friday, June 26th. Evercore cut shares of Bio-Techne from a “strong-buy” rating to a “hold” rating in a research note on Monday. TD Cowen downgraded shares of Bio-Techne from a “buy” rating to a “hold” rating and increased their target price for the stock from $65.00 to $73.00 in a research report on Monday, June 29th. Piper Sandler started coverage on Bio-Techne in a research report on Thursday, June 11th. They issued a “neutral” rating and a $65.00 price objective on the stock. Finally, Weiss Ratings raised shares of Bio-Techne from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Thursday, May 7th. Five analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $67.79.

Bio-Techne Company Profile

Bio-Techne Corporation (NASDAQ:TECH) is a global life sciences company that develops, manufactures and sells high-quality reagents, instruments and services for the research, diagnostic and bioprocessing markets. Its core product offerings include recombinant proteins, antibodies, immunoassays, nucleic acid probes and kits, single-cell analysis solutions and automated protein analysis systems. Flagship brands such as R&D Systems, Novus Biologicals, ProteinSimple and Advanced Cell Diagnostics provide researchers and clinicians with reliable tools for cell biology, immunology, proteomics and genomics applications.

Headquartered in Minneapolis, Minnesota, Bio-Techne serves customers across North America, Europe and the Asia-Pacific region through a combination of direct sales, distributors and strategic partnerships.