Granite Investment Partners LLC Has $9.84 Million Stake in Bio-Techne Co. (NASDAQ:TECH)

Granite Investment Partners LLC raised its position in shares of Bio-Techne Co. (NASDAQ:TECH - Free Report) by 48.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 136,572 shares of the biotechnology company's stock after acquiring an additional 44,865 shares during the period. Granite Investment Partners LLC owned approximately 0.09% of Bio-Techne worth $9,837,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of TECH. UMB Bank n.a. raised its holdings in Bio-Techne by 46.4% in the fourth quarter. UMB Bank n.a. now owns 530 shares of the biotechnology company's stock valued at $38,000 after buying an additional 168 shares during the period. MassMutual Private Wealth & Trust FSB boosted its position in Bio-Techne by 60.4% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 672 shares of the biotechnology company's stock worth $48,000 after purchasing an additional 253 shares during the period. Versant Capital Management Inc lifted its stake in shares of Bio-Techne by 35.0% during the fourth quarter. Versant Capital Management Inc now owns 763 shares of the biotechnology company's stock worth $55,000 after purchasing an additional 198 shares in the last quarter. Huntington National Bank grew its stake in shares of Bio-Techne by 42.6% in the fourth quarter. Huntington National Bank now owns 1,078 shares of the biotechnology company's stock valued at $78,000 after buying an additional 322 shares in the last quarter. Finally, Kiely Wealth Advisory Group Inc. lifted its position in Bio-Techne by 1,355.6% during the 4th quarter. Kiely Wealth Advisory Group Inc. now owns 1,048 shares of the biotechnology company's stock worth $81,000 after acquiring an additional 976 shares in the last quarter. 98.95% of the stock is currently owned by hedge funds and other institutional investors.

Bio-Techne Price Performance

Shares of NASDAQ TECH traded down $1.87 during trading on Thursday, hitting $48.10. The company had a trading volume of 2,741,466 shares, compared to its average volume of 1,193,756. The company has a market cap of $7.60 billion, a P/E ratio of 48.59, a PEG ratio of 2.88 and a beta of 1.45. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.77 and a current ratio of 3.94. The business's 50-day moving average is $59.93 and its 200 day moving average is $69.08. Bio-Techne Co. has a 52 week low of $46.44 and a 52 week high of $85.57.

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

Bio-Techne Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Monday, February 17th were issued a dividend of $0.08 per share. The ex-dividend date was Friday, February 14th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.67%. Bio-Techne's dividend payout ratio is currently 32.32%.

Insider Activity at Bio-Techne

In related news, CEO Kim Kelderman sold 13,392 shares of the firm's stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $77.29, for a total transaction of $1,035,067.68. Following the completion of the sale, the chief executive officer now directly owns 39,004 shares in the company, valued at approximately $3,014,619.16. This trade represents a 25.56 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Amy E. Herr sold 1,860 shares of the business's stock in a transaction that occurred 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 $130,336.96. The trade was a 48.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.90% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research analysts have recently commented on TECH shares. Citigroup reduced their target price on shares of Bio-Techne from $80.00 to $70.00 and set a "neutral" rating on the stock in a research report on Tuesday, March 4th. KeyCorp restated a "sector weight" rating on shares of Bio-Techne in a research note on Wednesday, April 9th. Royal Bank of Canada lifted their target price on Bio-Techne from $79.00 to $80.00 and gave the company a "sector perform" rating in a research note on Thursday, February 6th. Robert W. Baird downgraded shares of Bio-Techne from an "outperform" rating to a "neutral" rating and dropped their price target for the stock from $88.00 to $68.00 in a research report on Wednesday, February 19th. Finally, StockNews.com upgraded shares of Bio-Techne from a "hold" rating to a "buy" rating in a report on Thursday. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $81.25.

About Bio-Techne

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.