Ashton Thomas Private Wealth LLC Makes New $63,000 Investment in Bio-Techne Co. (NASDAQ:TECH)

Ashton Thomas Private Wealth LLC bought a new stake in Bio-Techne Co. (NASDAQ:TECH) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 879 shares of the biotechnology company’s stock, valued at approximately $63,000.

Other large investors also recently made changes to their positions in the company. Industrial Alliance Investment Management Inc. purchased a new position in Bio-Techne in the second quarter worth $31,000. DT Investment Partners LLC purchased a new position in shares of Bio-Techne in the 2nd quarter worth about $36,000. Mather Group LLC. purchased a new position in shares of Bio-Techne in the 1st quarter worth about $38,000. Versant Capital Management Inc grew its position in Bio-Techne by 1,427.8% during the second quarter. Versant Capital Management Inc now owns 550 shares of the biotechnology company’s stock valued at $39,000 after buying an additional 514 shares during the period. Finally, YHB Investment Advisors Inc. purchased a new stake in Bio-Techne during the first quarter worth about $43,000. 98.95% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on TECH shares. Royal Bank of Canada reduced their target price on shares of 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. Citigroup lowered Bio-Techne from a “buy” rating to a “neutral” rating and set a $85.00 price objective for the company. in a report on Wednesday, May 22nd. Robert W. Baird upped their price objective on shares of Bio-Techne from $81.00 to $82.00 and gave the company an “outperform” rating in a report on Thursday, August 8th. Finally, Benchmark reiterated a “buy” rating and issued a $95.00 target price on shares of Bio-Techne in a research note on Tuesday, August 13th. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $80.60.

Bio-Techne Stock Performance

Bio-Techne stock opened at $74.67 on Monday. Bio-Techne Co. has a 1-year low of $51.79 and a 1-year high of $85.57. The company has a current ratio of 3.87, a quick ratio of 2.75 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $11.84 billion, a PE ratio of 59.26, a price-to-earnings-growth ratio of 4.95 and a beta of 1.27. The firm’s 50 day simple moving average is $74.92 and its 200 day simple moving average is $73.89.

Bio-Techne (NASDAQ:TECH) last released its quarterly earnings results on Wednesday, August 7th. The biotechnology company reported $0.49 earnings per share for the quarter, hitting the consensus estimate of $0.49. Bio-Techne had a net margin of 14.50% and a return on equity of 12.88%. The firm had revenue of $306.10 million for the quarter, compared to analysts’ expectations of $306.49 million. During the same quarter in the prior year, the firm posted $0.56 earnings per share. The business’s quarterly revenue was up 1.6% on a year-over-year basis. As a group, analysts expect that Bio-Techne Co. will post 1.71 earnings per share for the current fiscal year.

Bio-Techne Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Monday, August 19th were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.43%. The ex-dividend date was Monday, August 19th. Bio-Techne’s dividend payout ratio is currently 25.40%.

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.