Covington Capital Management lessened its position in shares of Illumina, Inc. (NASDAQ:ILMN – Get Rating) by 93.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 181 shares of the life sciences company’s stock after selling 2,669 shares during the quarter. Covington Capital Management’s holdings in Illumina were worth $33,000 as of its most recent SEC filing.
Other institutional investors have also added to or reduced their stakes in the company. Asset Dedication LLC grew its holdings in Illumina by 75.0% during the 1st quarter. Asset Dedication LLC now owns 77 shares of the life sciences company’s stock valued at $28,000 after buying an additional 33 shares in the last quarter. Farmers & Merchants Investments Inc. purchased a new position in shares of Illumina in the 1st quarter worth approximately $30,000. Tcwp LLC purchased a new position in shares of Illumina in the 1st quarter worth approximately $31,000. IronBridge Private Wealth LLC purchased a new position in shares of Illumina in the 4th quarter worth approximately $38,000. Finally, WASHINGTON TRUST Co purchased a new position in shares of Illumina in the 1st quarter worth approximately $35,000. Hedge funds and other institutional investors own 86.12% of the company’s stock.
Insider Transactions at Illumina
In other news, SVP Alexander Aravanis sold 539 shares of the business’s stock in a transaction on Thursday, July 7th. The stock was sold at an average price of $200.00, for a total value of $107,800.00. Following the completion of the transaction, the senior vice president now directly owns 3,346 shares of the company’s stock, valued at approximately $669,200. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.13% of the company’s stock.
Illumina Trading Down 0.5 %
Illumina (NASDAQ:ILMN – Get Rating) last released its quarterly earnings results on Thursday, August 11th. The life sciences company reported $0.57 EPS for the quarter, missing the consensus estimate of $0.63 by ($0.06). The company had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.22 billion. Illumina had a positive return on equity of 5.61% and a negative net margin of 0.43%. The company’s revenue was up 3.2% on a year-over-year basis. During the same period in the previous year, the firm posted $1.87 earnings per share. Analysts expect that Illumina, Inc. will post 2.81 earnings per share for the current fiscal year.
Analysts Set New Price Targets
A number of brokerages have recently commented on ILMN. SVB Leerink dropped their target price on Illumina from $225.00 to $220.00 and set a “market perform” rating for the company in a report on Friday, August 12th. Credit Suisse Group assumed coverage on Illumina in a research note on Wednesday, August 24th. They set a “neutral” rating and a $230.00 price target for the company. Morgan Stanley decreased their price target on Illumina from $350.00 to $240.00 and set an “equal weight” rating for the company in a research note on Friday, August 12th. Cowen decreased their price target on Illumina to $327.00 in a research note on Monday, August 15th. Finally, Canaccord Genuity Group decreased their price target on Illumina from $450.00 to $380.00 and set a “buy” rating for the company in a research note on Friday, August 12th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $257.27.
Illumina, Inc provides sequencing and array-based solutions for genetic and genomic analysis. Its products and services serve customers in a range of markets enabling the adoption of genomic solutions in research and clinical settings for applications in the life sciences, oncology, reproductive health, agriculture, and other emerging segments.
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