Torque Asset Management LLC Has $20.91 Million Stock Holdings in Bio-Techne Corp $TECH

Torque Asset Management LLC cut its stake in shares of Bio-Techne Corp (NASDAQ:TECH) by 4.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 355,535 shares of the biotechnology company’s stock after selling 15,094 shares during the quarter. Bio-Techne accounts for about 7.2% of Torque Asset Management LLC’s holdings, making the stock its 7th biggest holding. Torque Asset Management LLC owned approximately 0.23% of Bio-Techne worth $20,909,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of TECH. Danske Bank A S bought a new stake in Bio-Techne during the fourth quarter valued at approximately $29,000. eCIO Inc. purchased a new position in shares of Bio-Techne during the fourth quarter worth approximately $30,000. Measured Wealth Private Client Group LLC purchased a new position in shares of Bio-Techne during the third quarter worth approximately $32,000. iSAM Funds UK Ltd purchased a new position in shares of Bio-Techne during the third quarter worth approximately $33,000. Finally, EverSource Wealth Advisors LLC raised its stake in shares of Bio-Techne by 506.3% during the second quarter. EverSource Wealth Advisors LLC now owns 673 shares of the biotechnology company’s stock worth $35,000 after acquiring an additional 562 shares in the last quarter. 98.95% of the stock is currently owned by institutional investors.

Bio-Techne Stock Up 4.0%

Shares of NASDAQ TECH opened at $56.17 on Tuesday. The company has a quick ratio of 3.18, a current ratio of 4.49 and a debt-to-equity ratio of 0.10. Bio-Techne Corp has a 52 week low of $43.19 and a 52 week high of $72.16. The firm’s fifty day moving average is $52.19 and its 200 day moving average is $57.28. The company has a market cap of $8.79 billion, a price-to-earnings ratio of 81.41, a PEG ratio of 5.09 and a beta of 1.37.

Bio-Techne (NASDAQ:TECH) last issued its earnings results on Wednesday, May 6th. The biotechnology company reported $0.53 EPS for the quarter, missing the consensus estimate of $0.55 by ($0.02). Bio-Techne had a return on equity of 13.57% and a net margin of 9.05%.The firm had revenue of $311.42 million during the quarter, compared to analysts’ expectations of $316.11 million. During the same period in the previous year, the firm earned $0.56 earnings per share. The firm’s quarterly revenue was down 1.5% compared to the same quarter last year. On average, equities research analysts expect that Bio-Techne Corp will post 1.7 earnings per share for the current year.

Bio-Techne Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Monday, May 18th were given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend was Monday, May 18th. Bio-Techne’s payout ratio is presently 46.38%.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on TECH. Zacks Research lowered Bio-Techne from a “hold” rating to a “strong sell” rating in a research report on Monday, June 8th. Evercore set a $50.00 price target on Bio-Techne in a research report on Thursday, May 7th. Stifel Nicolaus set a $50.00 target price on shares of Bio-Techne in a research note on Thursday, May 7th. TD Cowen reaffirmed a “buy” rating on shares of Bio-Techne in a research note on Tuesday, March 17th. Finally, Robert W. Baird set a $49.00 target price on shares of Bio-Techne in a research note on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Bio-Techne has a consensus rating of “Moderate Buy” and an average price target of $65.15.

Bio-Techne Company Profile

Bio-Techne Corporation (NASDAQ:TECH) is a global life sciences company that develops, manufactures and sells high-quality reagents, instruments and services for the research, diagnostic and bioprocessing markets. Its core product offerings include recombinant proteins, antibodies, immunoassays, nucleic acid probes and kits, single-cell analysis solutions and automated protein analysis systems. Flagship brands such as R&D Systems, Novus Biologicals, ProteinSimple and Advanced Cell Diagnostics provide researchers and clinicians with reliable tools for cell biology, immunology, proteomics and genomics applications.

Headquartered in Minneapolis, Minnesota, Bio-Techne serves customers across North America, Europe and the Asia-Pacific region through a combination of direct sales, distributors and strategic partnerships.