Brokerages Set Techne Corp. (NASDAQ:TECH) Price Target at $114.67
Shares of Techne Corp. (NASDAQ:TECH) have been assigned an average rating of “Buy” from the seven ratings firms that are currently covering the stock. Three investment analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 1 year target price among analysts that have covered the stock in the last year is $114.67.
TECH has been the topic of a number of recent analyst reports. Zacks Investment Research lowered shares of Techne Corp. from a “hold” rating to a “sell” rating in a research report on Friday, August 26th. Robert W. Baird increased their price objective on shares of Techne Corp. from $115.00 to $116.00 and gave the stock an “outperform” rating in a research report on Thursday, August 18th. Finally, Leerink Swann reissued a “hold” rating on shares of Techne Corp. in a research report on Sunday, July 10th.
Techne Corp. (NASDAQ:TECH) opened at 110.96 on Monday. The company has a 50-day moving average of $107.94 and a 200-day moving average of $105.88. Techne Corp. has a one year low of $79.95 and a one year high of $117.42. The stock has a market capitalization of $4.14 billion, a price-to-earnings ratio of 39.63 and a beta of 0.59.
Techne Corp. (NASDAQ:TECH) last posted its quarterly earnings data on Wednesday, August 17th. The company reported $0.92 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.96 by $0.04. Techne Corp. had a return on equity of 14.49% and a net margin of 20.94%. The firm earned $134.80 million during the quarter, compared to analysts’ expectations of $129.23 million. During the same period last year, the company earned $0.87 earnings per share. The business’s revenue for the quarter was up 14.5% compared to the same quarter last year. On average, equities analysts forecast that Techne Corp. will post $3.64 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, September 12th. Stockholders of record on Monday, August 29th were given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.15%. The ex-dividend date of this dividend was Thursday, August 25th. Techne Corp.’s dividend payout ratio (DPR) is presently 45.71%.
In other news, SVP Kevin S. Gould sold 524 shares of the firm’s stock in a transaction that occurred on Thursday, September 8th. The shares were sold at an average price of $110.50, for a total transaction of $57,902.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Robert V. Baumgartner sold 3,533 shares of the firm’s stock in a transaction that occurred on Wednesday, August 24th. The stock was sold at an average price of $107.10, for a total transaction of $378,384.30. Following the transaction, the director now directly owns 9,592 shares in the company, valued at $1,027,303.20. The disclosure for this sale can be found here. Insiders own 2.70% of the company’s stock.
Several institutional investors have recently modified their holdings of the company. Glenmede Trust Co. NA raised its position in shares of Techne Corp. by 2.8% in the second quarter. Glenmede Trust Co. NA now owns 1,975 shares of the company’s stock worth $222,000 after buying an additional 53 shares during the period. Suntrust Banks Inc. raised its position in shares of Techne Corp. by 0.4% in the second quarter. Suntrust Banks Inc. now owns 14,845 shares of the company’s stock worth $1,673,000 after buying an additional 60 shares during the period. Wall Street Associates raised its position in shares of Techne Corp. by 2.5% in the second quarter. Wall Street Associates now owns 10,987 shares of the company’s stock worth $1,239,000 after buying an additional 270 shares during the period. Oregon Public Employees Retirement Fund raised its position in shares of Techne Corp. by 2.5% in the second quarter. Oregon Public Employees Retirement Fund now owns 12,381 shares of the company’s stock worth $1,396,000 after buying an additional 302 shares during the period. Finally, SG Americas Securities LLC raised its position in shares of Techne Corp. by 3.4% in the second quarter. SG Americas Securities LLC now owns 14,912 shares of the company’s stock worth $1,682,000 after buying an additional 490 shares during the period. 98.18% of the stock is currently owned by institutional investors and hedge funds.
Techne Corp. Company Profile
Bio-Techne Corporation (Bio-Techne), formerly Techne Corporation, develops, manufactures and sells biotechnology reagents, instruments and clinical diagnostic products around the world. The Company has three business segments: the Biotechnology, Clinical Controls and Protein Platforms divisions. The Biotechnology segment develops, manufactures and sells biotechnology research and diagnostic products around the world.
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