Industrial Alliance Investment Management Inc. Makes New Investment in Illumina, Inc. (NASDAQ:ILMN)

Industrial Alliance Investment Management Inc. purchased a new position in Illumina, Inc. (NASDAQ:ILMN) in the 2nd quarter, Holdings Channel reports. The institutional investor purchased 322 shares of the life sciences company’s stock, valued at approximately $34,000.

Other hedge funds also recently modified their holdings of the company. Trivant Custom Portfolio Group LLC boosted its position in shares of Illumina by 166.7% during the first quarter. Trivant Custom Portfolio Group LLC now owns 200 shares of the life sciences company’s stock worth $27,000 after buying an additional 125 shares during the period. Versant Capital Management Inc lifted its stake in Illumina by 292.9% in the 2nd quarter. Versant Capital Management Inc now owns 330 shares of the life sciences company’s stock valued at $34,000 after acquiring an additional 246 shares in the last quarter. Massmutual Trust Co. FSB ADV boosted its position in Illumina by 86.8% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 284 shares of the life sciences company’s stock worth $39,000 after acquiring an additional 132 shares during the last quarter. MeadowBrook Investment Advisors LLC bought a new position in shares of Illumina during the 4th quarter worth approximately $42,000. Finally, First United Bank & Trust acquired a new stake in shares of Illumina in the fourth quarter valued at approximately $46,000. Institutional investors and hedge funds own 89.42% of the company’s stock.

Analyst Upgrades and Downgrades

ILMN has been the subject of several recent research reports. Citigroup increased their target price on shares of Illumina from $140.00 to $155.00 and gave the stock a “buy” rating in a report on Wednesday, August 7th. Stephens restated an “overweight” rating and set a $170.00 price objective on shares of Illumina in a research note on Wednesday, July 10th. StockNews.com initiated coverage on Illumina in a research report on Thursday. They issued a “buy” rating on the stock. Piper Sandler reduced their price target on Illumina from $200.00 to $195.00 and set an “overweight” rating for the company in a research report on Tuesday, August 13th. Finally, UBS Group raised their price target on Illumina from $131.00 to $133.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $151.05.

Illumina Stock Performance

ILMN stock traded down $2.38 during mid-day trading on Friday, hitting $131.40. 952,072 shares of the company were exchanged, compared to its average volume of 2,079,756. Illumina, Inc. has a 1-year low of $89.00 and a 1-year high of $171.50. The stock has a market capitalization of $20.93 billion, a PE ratio of -16.12 and a beta of 1.15. The business has a 50 day simple moving average of $118.81 and a 200-day simple moving average of $121.84. The company has a current ratio of 1.75, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26.

Illumina (NASDAQ:ILMN) last announced its earnings results on Tuesday, August 6th. The life sciences company reported $0.36 earnings per share for the quarter, topping analysts’ consensus estimates of $0.12 by $0.24. The company had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.09 billion. Illumina had a positive return on equity of 2.31% and a negative net margin of 28.71%. The firm’s quarterly revenue was down 5.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.32 earnings per share. On average, equities analysts forecast that Illumina, Inc. will post 1.5 earnings per share for the current year.

Illumina Profile

Illumina, Inc offers sequencing- and array-based solutions for genetic and genomic analysis in the United States, Singapore, the United Kingdom, and internationally. It operates through Core Illumina and GRAIL segments. The company offers sequencing and array-based instruments and consumables, which include reagents, flow cells, and library preparation; whole-genome sequencing kits, which sequence entire genomes of various size and complexity; and targeted resequencing kits, which sequence exomes, specific genes, and RNA or other genomic regions of interest.