Bio-Techne Corp (TECH) Issues Earnings Results
Bio-Techne Corp (NASDAQ:TECH) announced its earnings results on Tuesday. The biotechnology company reported $1.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.99 by $0.10, Bloomberg Earnings reports. The firm had revenue of $156.60 million during the quarter, compared to analysts’ expectations of $150.25 million. Bio-Techne Corp had a return on equity of 13.80% and a net margin of 12.86%. The company’s revenue was up 16.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.92 earnings per share.
Shares of Bio-Techne Corp (NASDAQ TECH) traded down 2.03% on Tuesday, hitting $113.87. The stock had a trading volume of 245,906 shares. The stock’s 50-day moving average price is $115.98 and its 200 day moving average price is $108.12. The company has a market cap of $4.25 billion, a PE ratio of 61.25 and a beta of 0.79. Bio-Techne Corp has a 52 week low of $95.68 and a 52 week high of $121.94.
TECH has been the subject of a number of recent analyst reports. Deutsche Bank AG reaffirmed a “buy” rating and set a $122.00 target price (up previously from $115.00) on shares of Bio-Techne Corp in a research report on Wednesday, May 3rd. BidaskClub raised Bio-Techne Corp from a “hold” rating to a “buy” rating in a research report on Tuesday, June 27th. Zacks Investment Research raised Bio-Techne Corp from a “hold” rating to a “buy” rating and set a $131.00 target price for the company in a research report on Thursday, July 6th. TheStreet raised Bio-Techne Corp from a “c+” rating to a “b” rating in a research report on Tuesday, May 2nd. Finally, Wells Fargo & Company initiated coverage on Bio-Techne Corp in a research report on Thursday, July 13th. They set a “market perform” rating for the company. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $123.20.
In other news, Director Karen A. Holbrook sold 5,000 shares of Bio-Techne Corp stock in a transaction that occurred on Thursday, May 25th. The stock was sold at an average price of $111.15, for a total transaction of $555,750.00. Following the completion of the transaction, the director now directly owns 6,973 shares in the company, valued at approximately $775,048.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold a total of 10,300 shares of company stock valued at $1,146,707 over the last quarter. 2.70% of the stock is currently owned by corporate insiders.
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Bio-Techne Corp Company Profile
Bio-Techne Corporation develops, manufactures and sells biotechnology reagents and instruments for the research and clinical diagnostic markets. The Company operates through three segments: Biotechnology, Clinical Controls and Protein Platforms. The Biotechnology segment develops, manufactures and sells biotechnology research and diagnostic products, such as cytokines, growth factors, immunoassays, antibodies and related reagents, across the world.
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