Broadcrest Asset Management LLC Cuts Stock Position in Bio-Techne Co. (NASDAQ:TECH)

Broadcrest Asset Management LLC lowered its stake in shares of Bio-Techne Co. (NASDAQ:TECH - Free Report) by 50.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 100,000 shares of the biotechnology company's stock after selling 100,000 shares during the period. Bio-Techne accounts for 10.8% of Broadcrest Asset Management LLC's investment portfolio, making the stock its 3rd biggest holding. Broadcrest Asset Management LLC owned approximately 0.06% of Bio-Techne worth $7,203,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently modified their holdings of the stock. UMB Bank n.a. increased its position in Bio-Techne by 46.4% in the fourth quarter. UMB Bank n.a. now owns 530 shares of the biotechnology company's stock worth $38,000 after buying an additional 168 shares during the last quarter. Brooklyn Investment Group purchased a new stake in Bio-Techne in the 3rd quarter worth about $39,000. Quest Partners LLC bought a new stake in Bio-Techne in the 3rd quarter valued at about $43,000. MassMutual Private Wealth & Trust FSB raised its stake in Bio-Techne by 60.4% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 672 shares of the biotechnology company's stock valued at $48,000 after acquiring an additional 253 shares during the period. Finally, Versant Capital Management Inc raised its position in shares of Bio-Techne by 35.0% in the fourth quarter. Versant Capital Management Inc now owns 763 shares of the biotechnology company's stock valued at $55,000 after purchasing an additional 198 shares during the period. Institutional investors own 98.95% of the company's stock.

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Wall Street Analyst Weigh In

Several research firms recently commented on TECH. Robert W. Baird downgraded shares of Bio-Techne from an "outperform" rating to a "neutral" rating and cut their price objective for the stock from $88.00 to $68.00 in a report on Wednesday, February 19th. Scotiabank raised their target price on Bio-Techne from $88.00 to $90.00 and gave the stock a "sector outperform" rating in a research note on Thursday, February 6th. Evercore ISI began coverage on Bio-Techne in a research report on Tuesday, March 18th. They set an "outperform" rating and a $75.00 price target on the stock. StockNews.com upgraded shares of Bio-Techne from a "hold" rating to a "buy" rating in a research report on Tuesday, March 18th. Finally, KeyCorp upped their target price on shares of Bio-Techne from $80.00 to $90.00 and gave the stock an "overweight" rating in a report on Thursday, February 6th. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, Bio-Techne currently has an average rating of "Moderate Buy" and an average price target of $81.25.

Insiders Place Their Bets

In other news, CEO Kim Kelderman sold 13,392 shares of the company's stock in a transaction on Monday, January 27th. The shares were sold at an average price of $77.29, for a total value of $1,035,067.68. Following the completion of the sale, the chief executive officer now owns 39,004 shares of the company's stock, valued at approximately $3,014,619.16. This represents a 25.56 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Amy E. Herr sold 1,860 shares of the stock in a transaction on Friday, February 14th. The shares were sold at an average price of $65.96, for a total transaction of $122,685.60. Following the transaction, the director now directly owns 1,976 shares in the company, valued at approximately $130,336.96. This represents a 48.49 % decrease in their position. The disclosure for this sale can be found here. 3.90% of the stock is owned by insiders.

Bio-Techne Price Performance

TECH stock traded up $0.46 during midday trading on Monday, reaching $61.07. The company had a trading volume of 1,121,505 shares, compared to its average volume of 1,077,952. The firm has a 50-day moving average price of $67.84 and a 200-day moving average price of $71.81. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.94 and a quick ratio of 2.77. The company has a market capitalization of $9.65 billion, a P/E ratio of 61.69, a P/E/G ratio of 2.88 and a beta of 1.30. Bio-Techne Co. has a 1 year low of $56.60 and a 1 year high of $85.57.

Bio-Techne (NASDAQ:TECH - Get Free Report) last released its earnings results on Wednesday, February 5th. The biotechnology company reported $0.35 EPS for the quarter, missing analysts' consensus estimates of $0.38 by ($0.03). Bio-Techne had a net margin of 13.22% and a return on equity of 12.73%. On average, research analysts anticipate that Bio-Techne Co. will post 1.67 earnings per share for the current fiscal year.

Bio-Techne Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Monday, February 17th were issued a dividend of $0.08 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.52%. Bio-Techne's dividend payout ratio is 32.32%.

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.