State Treasurer State of Michigan trimmed its position in Illumina, Inc. (NASDAQ:ILMN) by 7.6% during the 2nd quarter, Holdings Channel.com reports. The fund owned 87,160 shares of the life sciences company’s stock after selling 7,200 shares during the period. State Treasurer State of Michigan’s holdings in Illumina were worth $32,088,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. First Manhattan Co. boosted its holdings in Illumina by 18.8% in the first quarter. First Manhattan Co. now owns 3,464 shares of the life sciences company’s stock valued at $1,076,000 after purchasing an additional 547 shares during the last quarter. Ardevora Asset Management LLP boosted its holdings in Illumina by 14.2% in the first quarter. Ardevora Asset Management LLP now owns 101,212 shares of the life sciences company’s stock valued at $31,446,000 after purchasing an additional 12,600 shares during the last quarter. Copper Rock Capital Partners LLC purchased a new stake in Illumina in the second quarter valued at $10,888,000. Jupiter Wealth Management LLC purchased a new stake in Illumina in the first quarter valued at $387,000. Finally, Shell Asset Management Co. boosted its holdings in Illumina by 5.8% in the first quarter. Shell Asset Management Co. now owns 24,863 shares of the life sciences company’s stock valued at $7,725,000 after purchasing an additional 1,369 shares during the last quarter. 90.75% of the stock is currently owned by hedge funds and other institutional investors.
ILMN has been the topic of several recent research reports. UBS Group upped their price target on shares of Illumina from $350.00 to $355.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. Argus lowered their price target on shares of Illumina to $340.00 and set a “buy” rating on the stock in a report on Thursday, July 18th. Wolfe Research began coverage on shares of Illumina in a research note on Thursday, May 30th. They set an “outperform” rating on the stock. BidaskClub lowered shares of Illumina from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 13th. Finally, Bank of America lowered shares of Illumina from a “buy” rating to an “underperform” rating and set a $310.00 target price on the stock. in a research note on Friday, July 12th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and eleven have issued a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $330.92.
Illumina (NASDAQ:ILMN) last released its quarterly earnings results on Monday, July 29th. The life sciences company reported $1.35 earnings per share for the quarter, topping the consensus estimate of $1.32 by $0.03. The firm had revenue of $838.00 million during the quarter, compared to the consensus estimate of $835.12 million. Illumina had a net margin of 27.56% and a return on equity of 21.73%. The company’s revenue for the quarter was up 1.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.43 EPS. On average, equities research analysts expect that Illumina, Inc. will post 6.04 EPS for the current year.
In other news, SVP Charles Dadswell sold 1,220 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $309.70, for a total transaction of $377,834.00. Following the completion of the sale, the senior vice president now owns 8,006 shares in the company, valued at approximately $2,479,458.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Omead Ostadan sold 1,260 shares of the firm’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $315.32, for a total transaction of $397,303.20. The disclosure for this sale can be found here. Insiders have sold a total of 64,291 shares of company stock valued at $20,840,427 in the last 90 days. Insiders own 0.38% of the company’s stock.
Illumina, Inc provides sequencing and array-based solutions for genetic analysis. The company operates in two segments, Core Illumina and Consolidated VIEs. It offers sequencing that provides researchers with various applications and the ability to sequence mammalian genomes; and arrays for a range of deoxyribonucleic acid and RNA analysis applications, including single nucleotide polymorphism genotyping, copy number variations analysis, gene expression analysis, and methylation analysis, as well as enables the detection of known genetic markers on a single array.
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