Cree, Inc. (CREE) Expected to Announce Earnings of $0.03 Per Share

Brokerages expect Cree, Inc. (NASDAQ:CREE) to announce $0.03 earnings per share for the current fiscal quarter, according to Zacks Investment Research. Seven analysts have provided estimates for Cree’s earnings, with estimates ranging from $0.02 to $0.04. Cree posted earnings of $0.15 per share in the same quarter last year, which indicates a negative year-over-year growth rate of 80%. The firm is scheduled to issue its next quarterly earnings results after the market closes on Tuesday, October 17th.

On average, analysts expect that Cree will report full-year earnings of $0.37 per share for the current fiscal year, with EPS estimates ranging from $0.27 to $0.47. For the next year, analysts expect that the firm will post earnings of $0.82 per share, with EPS estimates ranging from $0.50 to $0.99. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of sell-side research analysts that cover Cree.

Cree (NASDAQ:CREE) last announced its quarterly earnings data on Tuesday, August 22nd. The LED producer reported $0.04 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.04. The firm had revenue of $359.00 million during the quarter, compared to the consensus estimate of $349.82 million. Cree had a negative net margin of 7.17% and a negative return on equity of 0.13%. The firm’s revenue was down 7.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.19 earnings per share.

Several equities analysts have recently issued reports on CREE shares. J P Morgan Chase & Co downgraded Cree from a “neutral” rating to an “underweight” rating and boosted their price objective for the stock from $23.00 to $28.00 in a research report on Friday. TheStreet upgraded Cree from a “d+” rating to a “c-” rating in a research report on Wednesday, September 27th. Northland Securities reiterated a “hold” rating and set a $28.00 price objective on shares of Cree in a research report on Thursday, September 28th. BidaskClub upgraded Cree from a “hold” rating to a “buy” rating in a research report on Wednesday, July 12th. Finally, Zacks Investment Research downgraded Cree from a “hold” rating to a “sell” rating in a research report on Tuesday, July 18th. Six analysts have rated the stock with a sell rating, ten have given a hold rating and two have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $23.58.

Shares of Cree (CREE) traded up 0.153% during midday trading on Monday, reaching $29.505. 1,053,989 shares of the company were exchanged. Cree has a 52-week low of $20.50 and a 52-week high of $31.64. The stock’s market capitalization is $2.88 billion. The company’s 50-day moving average price is $25.26 and its 200 day moving average price is $24.73.

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Several large investors have recently made changes to their positions in the company. Profund Advisors LLC lifted its position in shares of Cree by 0.3% during the 2nd quarter. Profund Advisors LLC now owns 33,127 shares of the LED producer’s stock valued at $817,000 after acquiring an additional 102 shares during the last quarter. D.A. Davidson & CO. lifted its position in shares of Cree by 0.8% during the 2nd quarter. D.A. Davidson & CO. now owns 42,003 shares of the LED producer’s stock valued at $1,035,000 after acquiring an additional 317 shares during the last quarter. Cambridge Investment Research Advisors Inc. lifted its position in shares of Cree by 1.9% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 18,982 shares of the LED producer’s stock valued at $507,000 after acquiring an additional 350 shares during the last quarter. Wrapmanager Inc. lifted its position in shares of Cree by 3.3% during the 2nd quarter. Wrapmanager Inc. now owns 11,081 shares of the LED producer’s stock valued at $273,000 after acquiring an additional 354 shares during the last quarter. Finally, State Treasurer State of Michigan lifted its position in shares of Cree by 1.3% during the 2nd quarter. State Treasurer State of Michigan now owns 40,100 shares of the LED producer’s stock valued at $988,000 after acquiring an additional 500 shares during the last quarter. Institutional investors own 91.37% of the company’s stock.

Cree Company Profile

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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