Bio-Techne Corp (TECH) Cut to “Hold” at Zacks Investment Research
Bio-Techne Corp (NASDAQ:TECH) was downgraded by Zacks Investment Research from a “buy” 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. “
A number of other equities analysts have also recently commented on TECH. BidaskClub raised shares of Bio-Techne Corp from a “sell” rating to a “hold” rating in a research note on Saturday. Deutsche Bank AG lifted their price objective on shares of Bio-Techne Corp from $130.00 to $132.00 and gave the stock a “buy” rating in a research note on Wednesday, August 9th. Wells Fargo & Company assumed coverage on shares of Bio-Techne Corp in a research note on Thursday, July 13th. They issued a “market perform” rating for the company. Citigroup Inc. reissued a “buy” rating and issued a $125.00 price objective (up from $115.00) on shares of Bio-Techne Corp in a research note on Wednesday, May 3rd. Finally, TheStreet raised shares of Bio-Techne Corp from a “c+” rating to a “b” rating in a research note on Tuesday, May 2nd. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Bio-Techne Corp currently has an average rating of “Buy” and an average price target of $125.20.
Bio-Techne Corp (NASDAQ:TECH) traded up 0.17% during mid-day trading on Tuesday, reaching $117.67. 14,932 shares of the company’s stock traded hands. The firm’s 50-day moving average price is $116.63 and its 200 day moving average price is $109.18. Bio-Techne Corp has a one year low of $95.68 and a one year high of $121.94. The firm has a market cap of $4.39 billion, a price-to-earnings ratio of 57.12 and a beta of 0.79.
Bio-Techne Corp (NASDAQ:TECH) last announced its quarterly earnings results on Tuesday, August 8th. The biotechnology company reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.99 by $0.10. Bio-Techne Corp had a net margin of 12.93% and a return on equity of 14.18%. The company had revenue of $156.60 million for the quarter, compared to the consensus estimate of $150.25 million. During the same period in the previous year, the firm posted $0.92 EPS. Bio-Techne Corp’s revenue for the quarter was up 16.2% compared to the same quarter last year. On average, equities analysts forecast that Bio-Techne Corp will post $3.98 EPS for the current year.
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In related news, Director Charles A. Dinarello sold 5,000 shares of Bio-Techne Corp stock in a transaction dated Wednesday, May 31st. The shares were sold at an average price of $111.37, for a total transaction of $556,850.00. Following the completion of the sale, the director now owns 12,473 shares in the company, valued at approximately $1,389,118.01. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 10,300 shares of company stock valued at $1,147,078 in the last quarter. 2.70% of the stock is currently owned by company insiders.
A number of large investors have recently made changes to their positions in TECH. Israel Discount Bank of New York bought a new stake in shares of Bio-Techne Corp during the first quarter worth $105,000. Flinton Capital Management LLC raised its stake in shares of Bio-Techne Corp by 10.0% in the first quarter. Flinton Capital Management LLC now owns 1,056 shares of the biotechnology company’s stock worth $107,000 after buying an additional 96 shares during the last quarter. Meadow Creek Investment Management LLC raised its stake in shares of Bio-Techne Corp by 10.0% in the first quarter. Meadow Creek Investment Management LLC now owns 1,452 shares of the biotechnology company’s stock worth $148,000 after buying an additional 132 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Bio-Techne Corp by 12.6% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,456 shares of the biotechnology company’s stock worth $171,000 after buying an additional 163 shares during the last quarter. Finally, LS Investment Advisors LLC raised its stake in shares of Bio-Techne Corp by 49.9% in the first quarter. LS Investment Advisors LLC now owns 1,712 shares of the biotechnology company’s stock worth $174,000 after buying an additional 570 shares during the last quarter. Institutional investors own 99.17% 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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