Norges Bank acquired a new stake in shares of BIO-TECHNE Corp (NASDAQ:TECH) during the fourth quarter, Holdings Channel reports. The fund acquired 481,788 shares of the company’s stock, valued at approximately $49,542,000.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. bought a new position in BIO-TECHNE Corp during the fourth quarter valued at $11,836,000. Fred Alger Management Inc. boosted its position in BIO-TECHNE Corp by 10.2% in the fourth quarter. Fred Alger Management Inc. now owns 459,229 shares of the company’s stock valued at $47,223,000 after buying an additional 42,483 shares during the last quarter. Renaissance Technologies LLC boosted its position in BIO-TECHNE Corp by 26.5% in the fourth quarter. Renaissance Technologies LLC now owns 181,500 shares of the company’s stock valued at $18,664,000 after buying an additional 38,000 shares during the last quarter. Royce & Associates LP boosted its position in BIO-TECHNE Corp by 4.6% in the fourth quarter. Royce & Associates LP now owns 775,259 shares of the company’s stock valued at $79,720,000 after buying an additional 33,900 shares during the last quarter. Finally, Aperio Group LLC boosted its position in BIO-TECHNE Corp by 228.2% in the third quarter. Aperio Group LLC now owns 46,582 shares of the company’s stock valued at $5,101,000 after buying an additional 32,389 shares during the last quarter. 94.74% of the stock is owned by hedge funds and other institutional investors.
BIO-TECHNE Corp (NASDAQ:TECH) opened at 103.97 on Tuesday. The stock has a market capitalization of $3.88 billion, a PE ratio of 49.56 and a beta of 0.73. BIO-TECHNE Corp has a 12-month low of $91.45 and a 12-month high of $117.42. The stock’s 50 day moving average is $104.76 and its 200 day moving average is $104.96.
BIO-TECHNE Corp (NASDAQ:TECH) last posted its earnings results on Tuesday, February 7th. The company reported $0.81 EPS for the quarter, missing analysts’ consensus estimates of $0.85 by $0.04. The business had revenue of $131.80 million for the quarter, compared to analysts’ expectations of $134.74 million. BIO-TECHNE Corp had a net margin of 14.87% and a return on equity of 13.95%. The company’s revenue for the quarter was up 9.0% on a year-over-year basis. During the same period last year, the business posted $0.88 EPS. Equities analysts anticipate that BIO-TECHNE Corp will post $3.57 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, March 3rd. Shareholders of record on Friday, February 17th were given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 1.23%. The ex-dividend date was Wednesday, February 15th. BIO-TECHNE Corp’s dividend payout ratio (DPR) is 60.95%.
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TECH has been the subject of several research reports. Deutsche Bank AG reissued a “buy” rating and set a $115.00 price objective on shares of BIO-TECHNE Corp in a report on Wednesday, January 18th. Zacks Investment Research cut shares of BIO-TECHNE Corp from a “hold” rating to a “sell” rating in a report on Thursday, January 5th. Finally, Citigroup Inc initiated coverage on shares of BIO-TECHNE Corp in a report on Thursday, February 9th. They set a “buy” rating and a $115.00 price objective for the company. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $119.00.
About BIO-TECHNE Corp
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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