Fred Alger Management LLC Has $52.07 Million Stake in Bio-Techne Co. (NASDAQ:TECH)

Fred Alger Management LLC decreased its position in shares of Bio-Techne Co. (NASDAQ:TECH - Free Report) by 22.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 651,399 shares of the biotechnology company's stock after selling 186,400 shares during the quarter. Fred Alger Management LLC owned about 0.41% of Bio-Techne worth $52,066,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Itau Unibanco Holding S.A. acquired a new stake in Bio-Techne in the second quarter worth $25,000. Brown Brothers Harriman & Co. lifted its holdings in Bio-Techne by 922.5% during the second quarter. Brown Brothers Harriman & Co. now owns 409 shares of the biotechnology company's stock worth $29,000 after acquiring an additional 369 shares in the last quarter. Industrial Alliance Investment Management Inc. acquired a new position in Bio-Techne in the second quarter valued at about $31,000. DT Investment Partners LLC bought a new stake in shares of Bio-Techne in the second quarter worth about $36,000. Finally, Versant Capital Management Inc increased its holdings in shares of Bio-Techne by 1,427.8% in the second quarter. Versant Capital Management Inc now owns 550 shares of the biotechnology company's stock worth $39,000 after acquiring an additional 514 shares in the last quarter. Institutional investors and hedge funds own 98.95% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Royal Bank of Canada decreased their price objective on Bio-Techne from $72.00 to $70.00 and set a "sector perform" rating for the company in a research report on Thursday, August 8th. Benchmark reiterated a "buy" rating and issued a $95.00 price target on shares of Bio-Techne in a report on Tuesday, August 13th. StockNews.com raised shares of Bio-Techne from a "hold" rating to a "buy" rating in a research report on Tuesday, November 12th. Scotiabank increased their target price on Bio-Techne from $83.00 to $88.00 and gave the stock a "sector outperform" rating in a report on Thursday, October 31st. Finally, Robert W. Baird boosted their price target on Bio-Techne from $82.00 to $84.00 and gave the company an "outperform" rating in a report on Thursday, October 31st. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $81.78.

Bio-Techne Stock Down 0.0 %

Shares of NASDAQ:TECH traded down $0.02 during midday trading on Friday, reaching $75.36. The company had a trading volume of 464,410 shares, compared to its average volume of 1,023,966. The company has a quick ratio of 3.26, a current ratio of 4.56 and a debt-to-equity ratio of 0.14. The business's 50 day moving average price is $73.57 and its 200 day moving average price is $75.10. The stock has a market cap of $11.97 billion, a PE ratio of 80.17, a P/E/G ratio of 5.50 and a beta of 1.28. Bio-Techne Co. has a 1-year low of $61.16 and a 1-year high of $85.57.

Bio-Techne (NASDAQ:TECH - Get Free Report) last posted its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $0.42 earnings per share for the quarter, beating analysts' consensus estimates of $0.38 by $0.04. The firm had revenue of $289.46 million during the quarter, compared to the consensus estimate of $280.22 million. Bio-Techne had a return on equity of 12.76% and a net margin of 12.86%. The business's revenue was up 4.5% compared to the same quarter last year. During the same period last year, the company earned $0.35 earnings per share. Research analysts forecast that Bio-Techne Co. will post 1.68 EPS for the current fiscal year.

Bio-Techne Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Monday, November 11th were issued a dividend of $0.08 per share. The ex-dividend date was Friday, November 8th. This represents a $0.32 dividend on an annualized basis and a yield of 0.42%. Bio-Techne's payout ratio is 34.04%.

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.