FIL Ltd increased its holdings in Cree, Inc. (NASDAQ:CREE) by 37.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,382,176 shares of the LED producer’s stock after purchasing an additional 378,590 shares during the quarter. FIL Ltd owned approximately 1.42% of Cree worth $34,070,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also bought and sold shares of the company. GAM Holding AG bought a new stake in shares of Cree in the second quarter worth about $104,000. Riverhead Capital Management LLC grew its stake in shares of Cree by 75.0% in the second quarter. Riverhead Capital Management LLC now owns 5,426 shares of the LED producer’s stock worth $134,000 after purchasing an additional 2,326 shares during the last quarter. Strs Ohio bought a new stake in shares of Cree in the second quarter worth about $140,000. LS Investment Advisors LLC grew its stake in shares of Cree by 17.9% in the second quarter. LS Investment Advisors LLC now owns 7,643 shares of the LED producer’s stock worth $188,000 after purchasing an additional 1,160 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. bought a new stake in shares of Cree in the first quarter worth about $249,000. 91.30% of the stock is currently owned by institutional investors.
Several analysts recently issued reports on the company. Zacks Investment Research raised Cree from a “strong sell” rating to a “hold” rating in a research note on Tuesday, June 27th. KeyCorp restated an “equal weight” rating and issued a $21.00 price objective on shares of Cree in a report on Friday, August 25th. Cowen and Company set a $22.00 price objective on shares of Cree and gave the stock a “hold” rating in a report on Wednesday, August 23rd. J P Morgan Chase & Co restated a “neutral” rating and issued a $26.00 price objective (up from $25.00) on shares of Cree in a report on Monday, June 5th. Finally, Stephens lowered shares of Cree from an “equal weight” rating to an “underweight” rating and lowered their price objective for the stock from $27.50 to $16.50 in a report on Wednesday, August 23rd. They noted that the move was a valuation call. Five research analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $23.73.
Cree, Inc. (CREE) opened at 24.98 on Friday. The stock’s market capitalization is $2.44 billion. The stock’s 50 day moving average is $23.91 and its 200 day moving average is $24.64. Cree, Inc. has a 12-month low of $20.50 and a 12-month high of $31.64.
Cree (NASDAQ:CREE) last released its quarterly earnings data on Tuesday, August 22nd. The LED producer reported $0.04 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.04. Cree had a negative net margin of 7.17% and a negative return on equity of 0.13%. The firm had revenue of $359.00 million for the quarter, compared to the consensus estimate of $349.82 million. During the same period last year, the firm earned $0.19 earnings per share. The company’s quarterly revenue was down 7.6% on a year-over-year basis. Equities analysts predict that Cree, Inc. will post $0.36 earnings per share for the current fiscal year.
Cree, Inc is a manufacturer of lighting-class light emitting diode (LED) products, lighting products and semiconductor products for power and radio-frequency (RF) applications. The Company’s products are focused for applications, such as indoor and outdoor lighting, video displays, transportation, electronic signs and signals, power supplies, inverters and wireless systems.
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