Comerica Bank Lowers Stock Holdings in Illumina, Inc. $ILMN

Key Points

• Comerica Bank has reduced its holdings in Illumina, Inc. by 10.9%, now owning 48,905 shares valued at approximately $3.88 million after selling 5,958 shares.
• Other institutional investors, such as Brown Advisory Inc. and Assenagon Asset Management, have significantly increased their stakes in Illumina, boosting their holdings by 54,220.9% and 2,057.5%, respectively.
• Illumina reported an earnings per share of $1.19 in its latest quarter, surpassing expectations, although revenue decreased by 4.8% compared to the previous year.

Comerica Bank reduced its position in Illumina, Inc. (NASDAQ:ILMN - Free Report) by 10.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 48,905 shares of the life sciences company's stock after selling 5,958 shares during the quarter. Comerica Bank's holdings in Illumina were worth $3,880,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of ILMN. Fourth Dimension Wealth LLC purchased a new stake in Illumina in the 4th quarter valued at $40,000. Rakuten Securities Inc. increased its stake in Illumina by 290.3% in the first quarter. Rakuten Securities Inc. now owns 363 shares of the life sciences company's stock valued at $29,000 after purchasing an additional 270 shares during the period. Center for Financial Planning Inc. purchased a new stake in shares of Illumina in the first quarter valued at about $33,000. PFS Partners LLC boosted its stake in shares of Illumina by 400.0% during the first quarter. PFS Partners LLC now owns 500 shares of the life sciences company's stock worth $40,000 after buying an additional 400 shares during the period. Finally, Golden State Wealth Management LLC grew its holdings in shares of Illumina by 123.2% during the first quarter. Golden State Wealth Management LLC now owns 529 shares of the life sciences company's stock worth $42,000 after buying an additional 292 shares during the last quarter. 89.42% of the stock is currently owned by hedge funds and other institutional investors.

Illumina Price Performance

ILMN stock traded up $0.62 during trading on Thursday, reaching $96.69. 711,022 shares of the company were exchanged, compared to its average volume of 2,284,960. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.41 and a current ratio of 1.81. The stock's 50 day moving average price is $99.47 and its 200 day moving average price is $88.58. Illumina, Inc. has a 52-week low of $68.70 and a 52-week high of $156.66. The company has a market cap of $14.86 billion, a P/E ratio of 12.23, a PEG ratio of 2.25 and a beta of 1.43.

Illumina (NASDAQ:ILMN - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The life sciences company reported $1.19 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.02 by $0.17. Illumina had a net margin of 29.36% and a return on equity of 28.93%. The company had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.12 billion. During the same period last year, the firm earned $0.36 EPS. The company's revenue for the quarter was down 4.8% on a year-over-year basis. Illumina has set its FY 2025 guidance at 4.450-4.55 EPS. As a group, analysts predict that Illumina, Inc. will post 4.51 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Citigroup downgraded Illumina from a "hold" rating to a "strong sell" rating and decreased their price target for the stock from $85.00 to $80.00 in a report on Wednesday, July 9th. JPMorgan Chase & Co. lowered their target price on shares of Illumina from $120.00 to $85.00 and set a "neutral" rating on the stock in a report on Friday, May 9th. Daiwa Capital Markets lowered shares of Illumina from an "outperform" rating to a "neutral" rating and set a $94.00 price target on the stock. in a research note on Tuesday, August 12th. 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 report on Friday, May 9th. Finally, Daiwa America lowered Illumina from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 12th. Six analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $123.06.

About Illumina

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.