Illumina (NASDAQ:ILMN) Cut to Underperform at Bank of America

Bank of America downgraded shares of Illumina (NASDAQ:ILMN) from a buy rating to an underperform rating in a report issued on Friday morning, Benzinga reports. They currently have $310.00 price objective on the life sciences company’s stock.

ILMN has been the subject of several other research reports. BidaskClub raised shares of Zumiez from a sell rating to a hold rating in a research note on Saturday, June 22nd. Wolfe Research started coverage on shares of Waters in a research note on Thursday, May 30th. They issued an underperform rating for the company. Zacks Investment Research downgraded shares of GasLog Partners LP Unit from a hold rating to a strong sell rating in a research note on Tuesday, April 2nd. OTR Global downgraded shares of Illumina to a positive rating in a research note on Tuesday, April 2nd. Finally, Canaccord Genuity reissued a buy rating and issued a $360.00 target price (up previously from $350.00) on shares of Illumina in a research note on Monday, June 10th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and fourteen have given a buy rating to the company. Illumina currently has an average rating of Buy and an average target price of $341.15.

NASDAQ:ILMN opened at $302.29 on Friday. The firm has a market cap of $44.84 billion, a P/E ratio of 52.85, a PEG ratio of 2.12 and a beta of 1.15. The company has a quick ratio of 3.33, a current ratio of 3.66 and a debt-to-equity ratio of 0.27. Illumina has a 52-week low of $268.62 and a 52-week high of $380.76. The stock’s fifty day moving average price is $343.54.

Illumina (NASDAQ:ILMN) last released its quarterly earnings results on Thursday, April 25th. The life sciences company reported $1.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.34 by $0.26. The business had revenue of $846.00 million during the quarter, compared to the consensus estimate of $838.70 million. Illumina had a return on equity of 23.49% and a net margin of 25.06%. The business’s revenue was up 8.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.45 EPS. On average, equities analysts forecast that Illumina will post 6.68 EPS for the current year.

In other Illumina news, Director Jay T. Flatley sold 3,300 shares of Illumina stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $304.44, for a total value of $1,004,652.00. Following the completion of the sale, the director now owns 282,516 shares in the company, valued at approximately $86,009,171.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robert S. Epstein sold 5,000 shares of the business’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $310.44, for a total value of $1,552,200.00. Following the sale, the director now owns 8,256 shares of the company’s stock, valued at approximately $2,562,992.64. The disclosure for this sale can be found here. Insiders sold a total of 59,291 shares of company stock valued at $19,459,234 in the last 90 days. 0.38% of the stock is owned by company insiders.

Several large investors have recently modified their holdings of the company. NumerixS Investment Technologies Inc bought a new position in Illumina during the fourth quarter valued at about $119,000. Bessemer Group Inc. raised its stake in shares of Illumina by 6.0% during the 4th quarter. Bessemer Group Inc. now owns 2,331 shares of the life sciences company’s stock worth $699,000 after purchasing an additional 132 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Illumina by 2.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 256,825 shares of the life sciences company’s stock worth $77,031,000 after purchasing an additional 5,007 shares in the last quarter. Natixis Advisors L.P. raised its stake in shares of Illumina by 30.3% during the 4th quarter. Natixis Advisors L.P. now owns 15,694 shares of the life sciences company’s stock worth $4,707,000 after purchasing an additional 3,645 shares in the last quarter. Finally, Prudential PLC raised its stake in shares of Illumina by 427.4% during the 4th quarter. Prudential PLC now owns 4,393 shares of the life sciences company’s stock worth $1,318,000 after purchasing an additional 3,560 shares in the last quarter. Institutional investors and hedge funds own 89.81% of the company’s stock.

Illumina Company Profile

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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