Company shares are trading at $131.02 barely above the 50 day moving average of $122.81 and well above the 200 day moving average of $116.42. The 50 day moving average was up $8.21 or +6.69% and the 200 day average went up by +12.54%. (NASDAQ:TECH) shares saw heavy trading volume with 407K shares changing hands on Tuesday. Shares saw a steep increase in trading volume of 219.42% over the normal average daily volume.
Traders are more bullish on shares of the company lately as inferred by the fall in short interest. The company saw a fall in short interest of -2.85% between September 29, 2017 and October 13, 2017. Short shares fell 38,613 over that timeframe. With short interest at 1,316,467 and short average daily volume at 112,230, the short-interest ratio is 12.0 and the percentage of shorted shares was 0.04% on October 13.
These funds have shifted positions in (TECH). Huntington National Bank divested its position by selling 109 shares a decrease of 5.1% as of 09/30/2017. Huntington National Bank claims 2,029 shares with a value of $245,000. The total value of its holdings decreased 2.4%. Parkside Financial Bank & Trust reduced its investment by shedding 24 shares a decrease of 3.6%. Parkside Financial Bank & Trust controls 643 shares valued at $78,000. The value of the position overall is down by 0.0%.
As of quarter end Aperio Group, LLC had bought a total of 2,319 shares growing its stake by 8.4%. The value of the total investment in Bio-Techne Corp went from $3,262,000 to $3,636,000 a change of $374,000 for the reporting period. As of the end of the quarter Parametrica Management Ltd had disposed of 500 shares trimming its position 13.6%. The value in dollars decreased from $431,000 to $383,000 decreasing 11.1% quarter over quarter.
Equity analyst Wells Fargo initiated coverage on TECH by announcing an initial rating of “Market Perform”.
Bio-Techne Corp’s P/E ratio is 64.54 and market cap is 4.90B. As of the last earnings report the EPS was $2.03 and is estimated to be $4.00 for the current year with 37,382,000 shares now outstanding. Next quarter’s EPS is forecasted at $0.92 with next year’s EPS anticipated to be $4.39.
Bio-Techne Corporation, launched on July 17, 1981, 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 across the world. The Clinical Controls segment develops and manufactures controls, calibrators, immunoassays and other reagents for the global clinical market. The Protein Platforms segment develops and commercializes systems and consumables for protein analysis..