Quantinno Capital Management LP Reduces Position in Bio-Techne Corp $TECH

Quantinno Capital Management LP trimmed its position in shares of Bio-Techne Corp (NASDAQ:TECH) by 20.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 814,322 shares of the biotechnology company’s stock after selling 205,020 shares during the period. Quantinno Capital Management LP owned about 0.52% of Bio-Techne worth $42,556,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in TECH. Healthcare of Ontario Pension Plan Trust Fund boosted its position in shares of Bio-Techne by 59.6% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 9,831 shares of the biotechnology company’s stock valued at $514,000 after buying an additional 3,672 shares during the period. Public Employees Retirement System of Ohio grew its stake in shares of Bio-Techne by 4.9% during the first quarter. Public Employees Retirement System of Ohio now owns 49,752 shares of the biotechnology company’s stock valued at $2,600,000 after buying an additional 2,331 shares during the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Bio-Techne in the first quarter worth approximately $19,173,000. Inceptionr LLC purchased a new stake in shares of Bio-Techne in the first quarter worth approximately $409,000. Finally, Gibbs Wealth Management bought a new stake in shares of Bio-Techne during the 1st quarter worth approximately $425,000. 98.95% of the stock is owned by hedge funds and other institutional investors.

Bio-Techne Stock Performance

TECH opened at $72.03 on Friday. The company has a quick ratio of 3.18, a current ratio of 4.49 and a debt-to-equity ratio of 0.10. The stock’s fifty day moving average is $62.56 and its two-hundred day moving average is $58.98. The company has a market capitalization of $11.28 billion, a P/E ratio of 104.39, a PEG ratio of 8.58 and a beta of 1.29. Bio-Techne Corp has a 52 week low of $43.19 and a 52 week high of $72.36.

Bio-Techne (NASDAQ:TECH) last issued its earnings results on Wednesday, May 6th. The biotechnology company reported $0.53 earnings per share 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 quarter in the prior year, the company posted $0.56 earnings per share. Bio-Techne’s quarterly revenue was down 1.5% compared to the same quarter last year. Analysts forecast that Bio-Techne Corp will post 1.65 earnings per share for the current year.

Bio-Techne Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Monday, May 18th were paid a $0.08 dividend. The ex-dividend date of this dividend was Monday, May 18th. This represents a $0.32 dividend on an annualized basis and a yield of 0.4%. Bio-Techne’s dividend payout ratio is 46.38%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Wells Fargo & Company cut their price objective on Bio-Techne from $76.00 to $62.00 and set an “overweight” rating on the stock in a research report on Thursday, May 7th. Benchmark downgraded Bio-Techne from a “buy” rating to a “hold” rating in a research report on Tuesday, June 30th. Robert W. Baird boosted their target price on shares of Bio-Techne from $49.00 to $73.00 and gave the company a “neutral” rating in a research note on Friday, June 26th. Deutsche Bank Aktiengesellschaft cut shares of Bio-Techne from a “buy” rating to a “hold” rating and set a $73.00 price target on the stock. in a report on Friday, June 26th. Finally, William Blair downgraded shares of Bio-Techne from an “outperform” rating to a “market perform” rating in a research note on Thursday, June 25th. Three investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Bio-Techne presently has an average rating of “Hold” and an average target price of $68.08.

Bio-Techne 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.