Teachers Advisors LLC boosted its stake in Cree, Inc. (NASDAQ:CREE) by 485.4% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,026,349 shares of the LED producer’s stock after buying an additional 851,025 shares during the quarter. Teachers Advisors LLC owned approximately 1.03% of Cree worth $38,119,000 at the end of the most recent quarter.
Other hedge funds also recently added to or reduced their stakes in the company. Icon Wealth Partners LLC bought a new position in shares of Cree during the 4th quarter valued at $110,000. SeaCrest Wealth Management LLC bought a new position in shares of Cree during the 4th quarter valued at $156,000. ETRADE Capital Management LLC bought a new position in shares of Cree during the 3rd quarter valued at $208,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Cree by 41.8% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,721 shares of the LED producer’s stock valued at $212,000 after purchasing an additional 1,687 shares in the last quarter. Finally, Shelton Capital Management bought a new position in shares of Cree during the 3rd quarter valued at $213,000. Institutional investors own 98.94% of the company’s stock.
Shares of CREE stock opened at $43.21 on Wednesday. The company has a quick ratio of 3.48, a current ratio of 4.59 and a debt-to-equity ratio of 0.05. Cree, Inc. has a 12-month low of $20.50 and a 12-month high of $45.43.
Cree (NASDAQ:CREE) last posted its quarterly earnings results on Tuesday, January 23rd. The LED producer reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($0.02). The company had revenue of $367.87 million during the quarter, compared to analyst estimates of $349.62 million. Cree had a negative return on equity of 1.24% and a negative net margin of 7.77%. The business’s revenue for the quarter was down 8.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.30 earnings per share. equities analysts expect that Cree, Inc. will post -0.37 EPS for the current year.
A number of research firms have recently weighed in on CREE. Williams Capital upgraded shares of Cree from a “sell” rating to a “hold” rating and raised their price target for the company from $27.00 to $32.00 in a report on Wednesday, January 24th. Oppenheimer reiterated a “hold” rating on shares of Cree in a report on Wednesday, January 24th. Deutsche Bank set a $52.00 target price on shares of Cree and gave the stock a “buy” rating in a report on Tuesday. Piper Jaffray Companies began coverage on shares of Cree in a report on Wednesday, December 20th. They issued a “neutral” rating and a $37.00 target price on the stock. Finally, JPMorgan Chase & Co. set a $28.00 target price on shares of Cree and gave the stock a “sell” rating in a report on Wednesday, February 7th. Four investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Hold” and an average target price of $33.71.
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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