Bank of New York Mellon Corp Sells 561,933 Shares of Illumina, Inc. (NASDAQ:ILMN)

Bank of New York Mellon Corp reduced its holdings in shares of Illumina, Inc. (NASDAQ:ILMN - Free Report) by 16.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,840,124 shares of the life sciences company's stock after selling 561,933 shares during the period. Bank of New York Mellon Corp owned about 1.79% of Illumina worth $225,335,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Diversified Trust Co purchased a new stake in Illumina during the first quarter valued at approximately $355,000. State of Alaska Department of Revenue increased its holdings in Illumina by 2.5% during the first quarter. State of Alaska Department of Revenue now owns 18,527 shares of the life sciences company's stock valued at $1,469,000 after buying an additional 445 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in Illumina during the fourth quarter valued at approximately $50,577,000. Merit Financial Group LLC increased its holdings in Illumina by 344.8% during the first quarter. Merit Financial Group LLC now owns 13,036 shares of the life sciences company's stock valued at $1,034,000 after buying an additional 10,105 shares during the last quarter. Finally, Trexquant Investment LP increased its holdings in Illumina by 16.7% during the fourth quarter. Trexquant Investment LP now owns 142,977 shares of the life sciences company's stock valued at $19,106,000 after buying an additional 20,506 shares during the last quarter. 89.42% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Illumina news, CFO Ankur Dhingra acquired 6,100 shares of the stock in a transaction on Monday, May 12th. The stock was acquired at an average price of $81.21 per share, for a total transaction of $495,381.00. Following the completion of the transaction, the chief financial officer directly owned 24,906 shares of the company's stock, valued at $2,022,616.26. This trade represents a 32.44% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.60% of the stock is owned by company insiders.

Illumina Price Performance

ILMN traded down $0.80 during trading on Friday, hitting $99.25. 1,998,677 shares of the company traded hands, compared to its average volume of 2,151,831. The company has a market cap of $15.71 billion, a PE ratio of -16.35, a P/E/G ratio of 1.96 and a beta of 1.36. The stock's 50-day simple moving average is $86.75 and its two-hundred day simple moving average is $96.72. Illumina, Inc. has a 1 year low of $68.70 and a 1 year high of $156.66. The company has a current ratio of 1.86, a quick ratio of 1.48 and a debt-to-equity ratio of 0.63.

Illumina (NASDAQ:ILMN - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The life sciences company reported $0.97 EPS for the quarter, beating the consensus estimate of $0.96 by $0.01. Illumina had a negative net margin of 22.25% and a positive return on equity of 25.54%. The business had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.03 billion. During the same quarter last year, the business earned $0.98 earnings per share. Illumina's quarterly revenue was down 1.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Illumina, Inc. will post 4.51 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Scotiabank cut shares of Illumina from a "sector outperform" rating to a "sector perform" rating and set a $125.00 target price for the company. in a report on Friday. Piper Sandler reduced their price objective on shares of Illumina from $190.00 to $185.00 and set an "overweight" rating for the company in a research note on Thursday, May 15th. Royal Bank Of Canada reduced their price objective on shares of Illumina from $128.00 to $112.00 and set an "outperform" rating for the company in a research note on Tuesday, April 8th. JPMorgan Chase & Co. reduced their price objective on shares of Illumina from $120.00 to $85.00 and set a "neutral" rating for the company in a research note on Friday, May 9th. Finally, Guggenheim reduced their price objective on shares of Illumina from $122.00 to $114.00 and set a "buy" rating for the company in a research note on Friday, May 9th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, Illumina has a consensus rating of "Hold" and an average price target of $125.11.

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.