Techne Corp. (TECH) Shares Down 1.9%
Techne Corp. (NASDAQ:TECH) shares dropped 1.9% on Wednesday . The company traded as low as $106.42 and last traded at $106.61, with a volume of 161,686 shares trading hands. The stock had previously closed at $108.63.
TECH has been the topic of a number of analyst reports. Zacks Investment Research cut Techne Corp. from a “hold” rating to a “sell” rating in a research report on Friday, August 26th. 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 research report on Thursday, August 18th. Finally, Leerink Swann reaffirmed a “hold” rating on shares of Techne Corp. in a research report on Sunday, July 10th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Techne Corp. presently has an average rating of “Buy” and an average target price of $115.40.
The firm has a market cap of $4.01 billion, a P/E ratio of 38.39 and a beta of 0.63. The stock’s 50 day moving average is $108.50 and its 200 day moving average is $104.57.
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Techne Corp. (NASDAQ:TECH) last announced its earnings results on Wednesday, August 17th. The company reported $0.92 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 business had revenue of $134.80 million for the quarter, compared to analyst estimates of $129.23 million. During the same period in the prior year, the company earned $0.87 earnings per share. The company’s quarterly revenue was up 14.5% on a year-over-year basis. On average, analysts forecast that Techne Corp. will post $3.64 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, September 12th. Investors of record on Monday, August 29th were given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 1.19%. The ex-dividend date of this dividend was Thursday, August 25th. Techne Corp.’s dividend payout ratio is currently 45.71%.
In other news, Director Robert V. Baumgartner sold 3,533 shares of the stock in a transaction dated Wednesday, August 24th. The stock was sold at an average price of $107.10, for a total value of $378,384.30. Following the transaction, the director now directly owns 9,592 shares of the company’s stock, valued at $1,027,303.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert V. Baumgartner sold 6,467 shares of the stock in a transaction dated Friday, September 2nd. The shares were sold at an average price of $107.17, for a total value of $693,068.39. Following the completion of the transaction, the director now directly owns 8,446 shares in the company, valued at $905,157.82. The disclosure for this sale can be found here. Corporate insiders own 2.70% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in TECH. LS Investment Advisors LLC purchased a new position in shares of Techne Corp. during the second quarter worth $103,000. World Asset Management Inc purchased a new position in shares of Techne Corp. during the second quarter worth $204,000. Glenmede Trust Co. NA raised its position 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. Magnetar Financial LLC purchased a new position in shares of Techne Corp. during the first quarter worth $239,000. Finally, Eaton Vance Management purchased a new position in shares of Techne Corp. during the second quarter worth $283,000. 98.21% of the stock is currently owned by institutional investors and hedge funds.
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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