Quarry LP Increases Position in Bio-Techne Co. (NASDAQ:TECH)

Quarry LP grew its position in Bio-Techne Co. (NASDAQ:TECH) by 2,275.6% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 974 shares of the biotechnology company’s stock after buying an additional 933 shares during the quarter. Quarry LP’s holdings in Bio-Techne were worth $70,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of TECH. Price T Rowe Associates Inc. MD increased its stake in Bio-Techne by 92.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 5,746,119 shares of the biotechnology company’s stock worth $404,470,000 after purchasing an additional 2,755,065 shares during the period. Brown Capital Management LLC increased its stake in Bio-Techne by 12.4% during the 4th quarter. Brown Capital Management LLC now owns 3,550,990 shares of the biotechnology company’s stock worth $273,994,000 after buying an additional 392,986 shares during the period. Mairs & Power Inc. lifted its holdings in Bio-Techne by 0.8% during the 4th quarter. Mairs & Power Inc. now owns 3,079,483 shares of the biotechnology company’s stock worth $237,613,000 after buying an additional 25,903 shares in the last quarter. Mackenzie Financial Corp grew its stake in shares of Bio-Techne by 8.2% in the second quarter. Mackenzie Financial Corp now owns 2,862,260 shares of the biotechnology company’s stock worth $205,081,000 after acquiring an additional 216,044 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its position in shares of Bio-Techne by 3.5% during the second quarter. Massachusetts Financial Services Co. MA now owns 2,589,799 shares of the biotechnology company’s stock worth $185,559,000 after acquiring an additional 88,257 shares during the period. Hedge funds and other institutional investors own 98.95% of the company’s stock.

Bio-Techne Trading Down 4.4 %

Shares of Bio-Techne stock opened at $74.00 on Friday. The company’s fifty day moving average is $75.32 and its two-hundred day moving average is $74.18. Bio-Techne Co. has a 1 year low of $51.79 and a 1 year high of $85.57. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.75 and a current ratio of 3.87. The company has a market capitalization of $11.74 billion, a P/E ratio of 58.73, a PEG ratio of 5.69 and a beta of 1.27.

Bio-Techne (NASDAQ:TECH) last issued its quarterly earnings results on Wednesday, August 7th. The biotechnology company reported $0.49 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.49. Bio-Techne had a return on equity of 12.88% and a net margin of 14.50%. The firm had revenue of $306.10 million for the quarter, compared to analysts’ expectations of $306.49 million. During the same quarter in the previous year, the firm posted $0.56 EPS. The firm’s revenue for the quarter was up 1.6% on a year-over-year basis. Analysts forecast that Bio-Techne Co. will post 1.7 earnings per share for the current year.

Bio-Techne Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Monday, August 19th were issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.43%. The ex-dividend date of this dividend was Monday, August 19th. Bio-Techne’s dividend payout ratio is presently 25.40%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on TECH shares. Royal Bank of Canada decreased their target price on Bio-Techne from $72.00 to $70.00 and set a “sector perform” rating for the company in a report on Thursday, August 8th. Robert W. Baird boosted their price objective on Bio-Techne from $81.00 to $82.00 and gave the stock an “outperform” rating in a research report on Thursday, August 8th. Finally, Benchmark reaffirmed a “buy” rating and issued a $95.00 target price on shares of Bio-Techne in a report on Tuesday, August 13th. Four equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, Bio-Techne presently has an average rating of “Moderate Buy” and a consensus price target of $80.60.

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.