Zacks: Analysts Expect Bio-Techne Corp (NASDAQ:TECH) Will Post Quarterly Sales of $149.49 Million
Equities research analysts expect Bio-Techne Corp (NASDAQ:TECH) to announce sales of $149.49 million for the current fiscal quarter, according to Zacks. Six analysts have made estimates for Bio-Techne Corp’s earnings, with the highest sales estimate coming in at $151.10 million and the lowest estimate coming in at $144.40 million. Bio-Techne Corp posted sales of $134.76 million in the same quarter last year, which suggests a positive year over year growth rate of 10.9%. The company is expected to announce its next earnings report before the market opens on Tuesday, August 8th.
According to Zacks, analysts expect that Bio-Techne Corp will report full year sales of $149.49 million for the current financial year, with estimates ranging from $546.50 million to $557.50 million. For the next year, analysts expect that the company will post sales of $602.50 million per share, with estimates ranging from $597.20 million to $611.00 million. Zacks’ sales calculations are an average based on a survey of analysts that that provide coverage for Bio-Techne Corp.
Several research analysts recently issued reports on the company. BidaskClub downgraded Bio-Techne Corp from a “hold” rating to a “sell” rating in a research report on Saturday. Zacks Investment Research upgraded Bio-Techne Corp from a “sell” rating to a “hold” rating in a report on Saturday, May 6th. Citigroup Inc. reiterated a “buy” rating and issued a $125.00 price target (up from $115.00) on shares of Bio-Techne Corp in a report on Wednesday, May 3rd. Wells Fargo & Company began coverage on Bio-Techne Corp in a report on Thursday, July 13th. They issued a “market perform” rating for the company. Finally, TheStreet upgraded Bio-Techne Corp from a “c+” rating to a “b” rating in a report on Tuesday, May 2nd. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company. Bio-Techne Corp has an average rating of “Buy” and a consensus price target of $123.20.
Bio-Techne Corp (NASDAQ:TECH) opened at 115.34 on Monday. The company has a 50-day moving average price of $115.98 and a 200 day moving average price of $108.12. The stock has a market capitalization of $4.31 billion, a price-to-earnings ratio of 62.04 and a beta of 0.79. Bio-Techne Corp has a 12 month low of $95.68 and a 12 month high of $119.98.
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In other Bio-Techne Corp news, Director Karen A. Holbrook sold 5,000 shares of the business’s stock in a transaction on Thursday, May 25th. The stock was sold at an average price of $111.15, for a total value of $555,750.00. Following the completion of the transaction, the director now directly owns 6,973 shares in the company, valued at approximately $775,048.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold a total of 10,300 shares of company stock valued at $1,146,707 over the last quarter. 2.70% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Marshall Wace North America L.P. increased its position in shares of Bio-Techne Corp by 716.7% in the second quarter. Marshall Wace North America L.P. now owns 113,324 shares of the biotechnology company’s stock valued at $13,372,000 after buying an additional 99,448 shares during the period. Blair William & Co. IL increased its position in shares of Bio-Techne Corp by 3.8% in the second quarter. Blair William & Co. IL now owns 46,808 shares of the biotechnology company’s stock valued at $5,500,000 after buying an additional 1,696 shares during the period. BNP Paribas Arbitrage SA boosted its stake in shares of Bio-Techne Corp by 42.9% in the second quarter. BNP Paribas Arbitrage SA now owns 19,880 shares of the biotechnology company’s stock valued at $2,336,000 after buying an additional 5,968 shares in the last quarter. Comerica Bank boosted its stake in shares of Bio-Techne Corp by 0.8% in the second quarter. Comerica Bank now owns 29,515 shares of the biotechnology company’s stock valued at $3,487,000 after buying an additional 233 shares in the last quarter. Finally, Legal & General Group Plc boosted its stake in shares of Bio-Techne Corp by 25.6% in the second quarter. Legal & General Group Plc now owns 30,496 shares of the biotechnology company’s stock valued at $3,583,000 after buying an additional 6,208 shares in the last quarter. Institutional investors own 96.94% of the company’s stock.
Bio-Techne Corp Company Profile
Bio-Techne Corporation develops, manufactures and sells biotechnology reagents and instruments for the research and clinical diagnostic markets. The Company operates through three segments: Biotechnology, Clinical Controls and Protein Platforms. The Biotechnology segment develops, manufactures and sells biotechnology research and diagnostic products, such as cytokines, growth factors, immunoassays, antibodies and related reagents, across the world.
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