CIBC Asset Management Inc Lowers Stake in Illumina, Inc. (NASDAQ:ILMN)

CIBC Asset Management Inc reduced its stake in shares of Illumina, Inc. (NASDAQ:ILMN) by 26.2% in the third quarter, Holdings Channel reports. The firm owned 55,185 shares of the life sciences company’s stock after selling 19,552 shares during the period. CIBC Asset Management Inc’s holdings in Illumina were worth $7,197,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Janney Montgomery Scott LLC raised its holdings in shares of Illumina by 41.5% in the first quarter. Janney Montgomery Scott LLC now owns 3,070 shares of the life sciences company’s stock valued at $422,000 after acquiring an additional 900 shares in the last quarter. Bleakley Financial Group LLC bought a new stake in shares of Illumina in the first quarter valued at about $207,000. Orion Portfolio Solutions LLC raised its holdings in shares of Illumina by 10.4% in the first quarter. Orion Portfolio Solutions LLC now owns 7,918 shares of the life sciences company’s stock valued at $1,087,000 after acquiring an additional 746 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Illumina by 0.4% in the first quarter. Vanguard Group Inc. now owns 18,245,041 shares of the life sciences company’s stock valued at $2,505,409,000 after acquiring an additional 66,528 shares in the last quarter. Finally, Edgestream Partners L.P. bought a new stake in shares of Illumina in the first quarter valued at about $384,000. 89.42% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts recently weighed in on ILMN shares. Scotiabank decreased their price objective on Illumina from $176.00 to $164.00 and set a “sector outperform” rating for the company in a report on Thursday, August 15th. StockNews.com assumed coverage on shares of Illumina in a report on Thursday, August 29th. They issued a “buy” rating for the company. Stephens boosted their target price on shares of Illumina from $170.00 to $184.00 and gave the stock an “overweight” rating in a report on Tuesday, November 12th. Argus upgraded shares of Illumina from a “hold” rating to a “buy” rating and set a $150.00 target price for the company in a report on Wednesday, August 28th. Finally, HSBC upgraded shares of Illumina from a “hold” rating to a “buy” rating and set a $180.00 target price for the company in a report on Thursday, October 17th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $164.00.

Illumina Price Performance

Shares of Illumina stock opened at $135.05 on Monday. The business has a 50 day simple moving average of $139.66 and a two-hundred day simple moving average of $124.31. Illumina, Inc. has a 12 month low of $92.69 and a 12 month high of $156.66. The stock has a market capitalization of $21.42 billion, a P/E ratio of -13.56 and a beta of 1.13. The company has a debt-to-equity ratio of 0.94, a current ratio of 2.43 and a quick ratio of 1.85.

Illumina (NASDAQ:ILMN) last announced its earnings results on Monday, November 4th. The life sciences company reported $1.14 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.26. Illumina had a positive return on equity of 7.29% and a negative net margin of 36.10%. The business had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.08 billion. During the same quarter in the prior year, the firm earned $0.33 earnings per share. The business’s revenue was down 3.5% compared to the same quarter last year. As a group, analysts predict that Illumina, Inc. will post 4.11 EPS for the current fiscal year.

Illumina Company 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.