Techne Corp. (TECH) Raised to “Hold” at Zacks Investment Research
Techne Corp. (NASDAQ:TECH) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Friday.
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. “
Several other research firms also recently weighed in on TECH. Robert W. Baird raised their target price on shares of Techne Corp. from $115.00 to $116.00 and gave the company an “outperform” rating in a report on Thursday, August 18th. Leerink Swann restated a “hold” rating on shares of Techne Corp. in a report on Sunday, July 10th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $115.40.
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Techne Corp. (NASDAQ:TECH) opened at 110.52 on Friday. The stock has a 50 day moving average of $109.46 and a 200 day moving average of $103.22. Techne Corp. has a one year low of $79.95 and a one year high of $117.42. The firm has a market capitalization of $4.12 billion, a price-to-earnings ratio of 39.47 and a beta of 0.63.
Techne Corp. (NASDAQ:TECH) last announced its quarterly earnings results on Wednesday, August 17th. The company reported $0.92 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.96 by $0.04. During the same period in the previous year, the company earned $0.87 EPS. The firm had revenue of $134.80 million for the quarter, compared to analyst estimates of $129.23 million. The firm’s quarterly revenue was up 14.5% on a year-over-year basis. Analysts forecast that Techne Corp. will post $3.69 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, September 12th. Stockholders of record on Monday, August 29th will be issued a dividend of $0.32 per share. The ex-dividend date is Thursday, August 25th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.16%. Techne Corp.’s dividend payout ratio (DPR) is presently 45.71%.
In other news, Director Robert V. Baumgartner sold 6,467 shares of Techne Corp. stock in a transaction dated Friday, September 2nd. The shares were sold at an average price of $107.17, for a total transaction of $693,068.39. Following the completion of the sale, the director now directly owns 8,446 shares in the company, valued at $905,157.82. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Robert V. Baumgartner sold 3,533 shares of Techne Corp. stock in a transaction dated Wednesday, August 24th. The stock was sold at an average price of $107.10, for a total transaction of $378,384.30. Following the sale, the director now owns 9,592 shares of the company’s stock, valued at $1,027,303.20. The disclosure for this sale can be found here. Insiders own 3.00% of the company’s stock.
Other large investors have recently modified their holdings of the company. BlackRock Fund Advisors increased its stake in shares of Techne Corp. by 2.5% in the first quarter. BlackRock Fund Advisors now owns 1,769,433 shares of the company’s stock worth $167,247,000 after buying an additional 43,591 shares during the period. BlackRock Institutional Trust Company N.A. boosted its stake in Techne Corp. by 2.5% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,108,243 shares of the company’s stock valued at $104,751,000 after buying an additional 27,113 shares in the last quarter. State Street Corp boosted its stake in Techne Corp. by 2.0% in the first quarter. State Street Corp now owns 1,008,325 shares of the company’s stock valued at $95,298,000 after buying an additional 19,409 shares in the last quarter. Norges Bank bought a new stake in Techne Corp. during the fourth quarter valued at about $41,127,000. Finally, Wellington Management Group LLP boosted its stake in Techne Corp. by 5.8% in the first quarter. Wellington Management Group LLP now owns 355,089 shares of the company’s stock valued at $33,563,000 after buying an additional 19,424 shares in the last quarter. Institutional investors and hedge funds own 98.90% of the company’s stock.
Techne Corp. Company Profile
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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