Bio-Techne (NASDAQ:TECH) Shares Gap Up Following Earnings Beat

Shares of Bio-Techne Co. (NASDAQ:TECH) gapped up prior to trading on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $63.21, but opened at $70.54. Bio-Techne shares last traded at $76.32, with a volume of 655,489 shares trading hands.

The biotechnology company reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.03. The business had revenue of $303.43 million during the quarter, compared to analysts’ expectations of $292.36 million. Bio-Techne had a return on equity of 13.60% and a net margin of 17.59%. The firm’s revenue was up 3.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.47 EPS.

Bio-Techne Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 24th. Investors of record on Monday, May 13th will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.42%. The ex-dividend date is Friday, May 10th. Bio-Techne’s dividend payout ratio (DPR) is currently 25.40%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on TECH. Royal Bank of Canada decreased their price target on shares of Bio-Techne from $85.00 to $75.00 and set a “sector perform” rating on the stock in a research report on Friday, February 2nd. Scotiabank began coverage on shares of Bio-Techne in a report on Thursday, February 8th. They issued a “sector outperform” rating and a $80.00 price target on the stock. Robert W. Baird raised their price objective on shares of Bio-Techne from $73.00 to $81.00 and gave the stock an “outperform” rating in a report on Thursday. Stephens lowered their target price on shares of Bio-Techne from $92.00 to $87.00 and set an “overweight” rating on the stock in a research note on Friday, February 2nd. Finally, Stifel Nicolaus lowered shares of Bio-Techne from a “buy” rating to a “hold” rating and set a $65.00 price target for the company. in a research report on Friday, February 2nd. Three research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $80.50.

Insider Buying and Selling

In other news, Director Roeland Nusse sold 10,400 shares of the stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $76.98, for a total transaction of $800,592.00. Following the sale, the director now owns 43,097 shares in the company, valued at $3,317,607.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 4.45% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Bio-Techne

A number of large investors have recently modified their holdings of TECH. Commonwealth Equity Services LLC lifted its holdings in Bio-Techne by 1.9% during the 3rd quarter. Commonwealth Equity Services LLC now owns 15,716 shares of the biotechnology company’s stock worth $1,070,000 after buying an additional 298 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its holdings in Bio-Techne by 2.6% in the third quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 19,700 shares of the biotechnology company’s stock valued at $1,341,000 after acquiring an additional 500 shares during the last quarter. Xponance Inc. increased its position in Bio-Techne by 3.2% in the third quarter. Xponance Inc. now owns 37,524 shares of the biotechnology company’s stock worth $2,554,000 after purchasing an additional 1,160 shares during the period. Raymond James & Associates raised its holdings in Bio-Techne by 10.1% during the 3rd quarter. Raymond James & Associates now owns 256,560 shares of the biotechnology company’s stock worth $17,464,000 after purchasing an additional 23,564 shares during the last quarter. Finally, Simon Quick Advisors LLC acquired a new position in Bio-Techne during the 3rd quarter valued at about $212,000. 98.95% of the stock is currently owned by institutional investors and hedge funds.

Bio-Techne Stock Up 2.9 %

The company has a current ratio of 4.08, a quick ratio of 3.03 and a debt-to-equity ratio of 0.19. The company has a market cap of $11.88 billion, a P/E ratio of 60.00, a price-to-earnings-growth ratio of 9.14 and a beta of 1.23. The firm’s 50 day moving average price is $69.65 and its 200-day moving average price is $68.49.

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.