Connor Clark & Lunn Investment Management Ltd. Acquires Shares of 66,307 Illumina, Inc. (NASDAQ:ILMN)

Key Points

• Connor Clark & Lunn Investment Management Ltd. has acquired 66,307 shares of Illumina, Inc. for approximately $5.26 million, indicating growing institutional interest in the company.
• Several analysts have adjusted their price targets for Illumina, with a current average target price of $124.58 and a majority rating of "Hold" on the stock.
• Illumina reported $1.19 EPS for the quarter, outperforming the consensus estimate, although its revenue of $1.06 billion fell short of expectations, reflecting a 4.8% decrease year-over-year.

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Illumina, Inc. (NASDAQ:ILMN - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 66,307 shares of the life sciences company's stock, valued at approximately $5,261,000.

Other large investors also recently modified their holdings of the company. Fourth Dimension Wealth LLC purchased a new position in shares of Illumina during the 4th quarter valued at about $40,000. Rakuten Securities Inc. raised its holdings in shares of Illumina by 290.3% during the 1st quarter. Rakuten Securities Inc. now owns 363 shares of the life sciences company's stock valued at $29,000 after buying an additional 270 shares in the last quarter. Center for Financial Planning Inc. purchased a new position in shares of Illumina during the 1st quarter valued at about $33,000. PFS Partners LLC raised its holdings in shares of Illumina by 400.0% during the 1st quarter. PFS Partners LLC now owns 500 shares of the life sciences company's stock valued at $40,000 after buying an additional 400 shares in the last quarter. Finally, Golden State Wealth Management LLC raised its holdings in shares of Illumina by 123.2% during the 1st quarter. Golden State Wealth Management LLC now owns 529 shares of the life sciences company's stock valued at $42,000 after buying an additional 292 shares in the last quarter. 89.42% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the company. JPMorgan Chase & Co. decreased their price target on Illumina from $120.00 to $85.00 and set a "neutral" rating on the stock in a research note on Friday, May 9th. Piper Sandler decreased their price target on Illumina from $190.00 to $185.00 and set an "overweight" rating on the stock in a research note on Thursday, May 15th. Scotiabank cut Illumina from a "sector outperform" rating to a "sector perform" rating and set a $125.00 price target on the stock. in a research note on Friday, July 11th. Wall Street Zen cut Illumina from a "buy" rating to a "hold" rating in a research note on Saturday, August 2nd. Finally, Daiwa America cut Illumina from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 12th. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $124.58.

Illumina Stock Up 0.0%

Shares of NASDAQ ILMN traded up $0.02 during mid-day trading on Friday, hitting $100.11. 1,534,729 shares of the stock traded hands, compared to its average volume of 2,192,190. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.41 and a current ratio of 1.81. 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 $15.39 billion, a price-to-earnings ratio of 12.67, a PEG ratio of 2.25 and a beta of 1.37. The stock has a fifty day moving average price of $96.81 and a 200-day moving average price of $89.86.

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

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.