Illumina Inc. (ILMN) Downgraded by Zacks Investment Research
Illumina Inc. (NASDAQ:ILMN) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Wednesday.
According to Zacks, “Illumina’s forecast of a slow paced recovery in its EMEA business, in 2016, indicates sluggish performance ahead in Europe, at least for some time. Moreover, factors like government funding cuts, fierce competition and escalating operating expenses might significantly hurt Illumina’s results, in the coming days. On a positive note, in the last reported second quarter the company posted outstanding numbers on the back of robust sequencing and array consumable growth. The company’s strong cash balance position buoys further optimism. Further, the company raised its EPS guidance for 2016 which is encouraging, raising hopes that the company will deliver higher profits in the remaining quarters of 2016.”
Other equities analysts have also recently issued research reports about the company. Argus boosted their price objective on Illumina from $175.00 to $185.00 and gave the company a “buy” rating in a report on Monday, August 8th. Citigroup Inc. upped their target price on Illumina from $175.00 to $190.00 and gave the stock a “buy” rating in a report on Monday, September 12th. Vetr cut Illumina from a “strong-buy” rating to a “buy” rating and set a $167.08 target price for the company. in a report on Monday, July 18th. CL King initiated coverage on Illumina in a report on Tuesday, June 21st. They issued a “buy” rating and a $165.00 target price for the company. Finally, Barclays PLC set a $142.00 target price on Illumina and gave the stock an “equal weight” rating in a report on Tuesday, October 11th. Three investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $156.88.
Shares of Illumina (NASDAQ:ILMN) opened at 145.22 on Wednesday. Illumina has a 1-year low of $127.10 and a 1-year high of $196.47. The stock’s 50 day moving average price is $169.54 and its 200-day moving average price is $155.73. The stock has a market cap of $21.29 billion, a price-to-earnings ratio of 49.73 and a beta of 0.47.
Illumina (NASDAQ:ILMN) last posted its quarterly earnings data on Tuesday, July 26th. The life sciences company reported $0.86 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.73 by $0.13. Illumina had a return on equity of 23.69% and a net margin of 18.73%. The company earned $600 million during the quarter, compared to analysts’ expectations of $31.91 million. During the same quarter in the previous year, the business earned $0.80 EPS. Illumina’s revenue was up 11.3% compared to the same quarter last year. On average, equities research analysts forecast that Illumina will post $3.53 earnings per share for the current year.
In other Illumina news, SVP Charles Dadswell sold 8,632 shares of the stock in a transaction that occurred on Wednesday, July 27th. The stock was sold at an average price of $155.00, for a total transaction of $1,337,960.00. Following the transaction, the senior vice president now owns 40,248 shares in the company, valued at $6,238,440. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Daniel Bradbury sold 600 shares of the stock in a transaction that occurred on Friday, October 7th. The stock was sold at an average price of $184.36, for a total value of $110,616.00. Following the transaction, the director now owns 17,065 shares in the company, valued at approximately $3,146,103.40. The disclosure for this sale can be found here. 1.60% of the stock is owned by insiders.
A number of institutional investors have recently modified their holdings of ILMN. Physicians Financial Services Inc. increased its position in shares of Illumina by 2,121.2% in the second quarter. Physicians Financial Services Inc. now owns 733 shares of the life sciences company’s stock worth $103,000 after buying an additional 700 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its position in shares of Illumina by 25.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 789 shares of the life sciences company’s stock worth $110,000 after buying an additional 158 shares in the last quarter. Fuller & Thaler Asset Management Inc. purchased a new position in Illumina during the second quarter valued at $112,000. Ropes Wealth Advisors LLC increased its position in Illumina by 72.6% in the second quarter. Ropes Wealth Advisors LLC now owns 863 shares of the life sciences company’s stock valued at $121,000 after buying an additional 363 shares during the period. Finally, Checchi Capital Advisers LLC increased its position in Illumina by 2.4% in the second quarter. Checchi Capital Advisers LLC now owns 958 shares of the life sciences company’s stock valued at $134,000 after buying an additional 22 shares during the period. Institutional investors own 95.24% of the company’s stock.
Illumina, Inc (Illumina) offers sequencing and array-based solutions for genetic analysis. The Company’s products and services serve customers in a range of markets, enabling the adoption of genomic solutions in research and clinical settings. The Company’s customers include genomic research centers, academic institutions, government laboratories and hospitals, as well as pharmaceutical, biotechnology, agrigenomics and commercial molecular diagnostic laboratories, and consumer genomics companies.
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