Broadcrest Asset Management LLC Purchases 100,000 Shares of Bio-Techne Co. (NASDAQ:TECH)

Broadcrest Asset Management LLC lifted its position in shares of Bio-Techne Co. (NASDAQ:TECH) by 100.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 200,000 shares of the biotechnology company’s stock after buying an additional 100,000 shares during the quarter. Bio-Techne comprises about 19.2% of Broadcrest Asset Management LLC’s holdings, making the stock its 3rd largest position. Broadcrest Asset Management LLC’s holdings in Bio-Techne were worth $15,986,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of TECH. Mutual of America Capital Management LLC grew its holdings in Bio-Techne by 27.0% during the 3rd quarter. Mutual of America Capital Management LLC now owns 41,673 shares of the biotechnology company’s stock worth $3,331,000 after acquiring an additional 8,852 shares during the period. Sawgrass Asset Management LLC bought a new stake in shares of Bio-Techne during the 3rd quarter valued at about $208,000. Natixis Advisors LLC grew its stake in Bio-Techne by 11.5% during the third quarter. Natixis Advisors LLC now owns 158,056 shares of the biotechnology company’s stock worth $12,633,000 after purchasing an additional 16,328 shares during the period. Simplify Asset Management Inc. increased its holdings in Bio-Techne by 67.4% in the third quarter. Simplify Asset Management Inc. now owns 7,618 shares of the biotechnology company’s stock worth $609,000 after purchasing an additional 3,068 shares in the last quarter. Finally, Empirical Finance LLC increased its holdings in Bio-Techne by 4.1% in the third quarter. Empirical Finance LLC now owns 4,080 shares of the biotechnology company’s stock worth $326,000 after purchasing an additional 160 shares in the last quarter. Institutional investors own 98.95% of the company’s stock.

Bio-Techne Trading Down 6.9 %

NASDAQ:TECH opened at $67.57 on Friday. The company has a debt-to-equity ratio of 0.14, a current ratio of 4.56 and a quick ratio of 3.26. Bio-Techne Co. has a one year low of $60.53 and a one year high of $85.57. The company has a market cap of $10.74 billion, a PE ratio of 71.88, a PEG ratio of 4.93 and a beta of 1.28. The firm has a 50-day moving average of $74.23 and a 200-day moving average of $75.48.

Bio-Techne (NASDAQ:TECH) last issued its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.04. Bio-Techne had a return on equity of 12.76% and a net margin of 12.86%. The firm had revenue of $289.46 million during the quarter, compared to analyst estimates of $280.22 million. During the same period in the previous year, the company posted $0.35 EPS. The company’s revenue for the quarter was up 4.5% on a year-over-year basis. As a group, equities research analysts expect that Bio-Techne Co. will post 1.68 EPS for the current fiscal year.

Bio-Techne Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Monday, November 11th will be given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.47%. The ex-dividend date is Friday, November 8th. Bio-Techne’s payout ratio is currently 34.04%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on TECH. Robert W. Baird raised their price objective on shares of Bio-Techne from $82.00 to $84.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. StockNews.com upgraded shares of Bio-Techne from a “hold” rating to a “buy” rating in a report on Tuesday, November 12th. Benchmark reaffirmed a “buy” rating and issued a $95.00 price target on shares of Bio-Techne in a research note on Tuesday, August 13th. Royal Bank of Canada cut their price objective on shares of Bio-Techne from $72.00 to $70.00 and set a “sector perform” rating on the stock in a research report on Thursday, August 8th. Finally, Scotiabank boosted their target price on Bio-Techne from $83.00 to $88.00 and gave the company a “sector outperform” rating in a research report on Thursday, October 31st. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Bio-Techne has an average rating of “Moderate Buy” and a consensus price target of $81.78.

Bio-Techne Profile

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.