Cree, Inc. (CREE) Given Consensus Rating of “Hold” by Brokerages
Cree, Inc. (NASDAQ:CREE) has been assigned a consensus recommendation of “Hold” from the nineteen analysts that are covering the company, MarketBeat.com reports. Seven investment analysts have rated the stock with a sell recommendation, nine have assigned a hold recommendation and two have assigned a buy recommendation to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $25.73.
CREE has been the topic of a number of recent analyst reports. J P Morgan Chase & Co lowered shares of Cree from a “neutral” rating to an “underweight” rating and lifted their price target for the company from $23.00 to $28.00 in a research report on Friday, October 6th. Williams Capital lowered shares of Cree from a “hold” rating to a “sell” rating and set a $27.00 target price on the stock. in a research report on Thursday, October 19th. BidaskClub lowered shares of Cree from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. Goldman Sachs Group, Inc. (The) set a $19.00 target price on shares of Cree and gave the stock a “sell” rating in a research report on Wednesday, October 18th. Finally, Zacks Investment Research lowered shares of Cree from a “hold” rating to a “sell” rating in a research report on Tuesday, July 18th.
Shares of Cree (NASDAQ CREE) traded down $0.47 during midday trading on Friday, hitting $34.08. The company had a trading volume of 757,286 shares, compared to its average volume of 3,519,472.
Cree (NASDAQ:CREE) last released its quarterly earnings results on Tuesday, October 17th. The LED producer reported $0.04 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.04. Cree had a negative net margin of 8.42% and a negative return on equity of 0.44%. The company had revenue of $360.00 million for the quarter, compared to analyst estimates of $360.01 million. During the same quarter last year, the firm posted $0.09 earnings per share. The company’s quarterly revenue was down 3.0% compared to the same quarter last year. equities analysts forecast that Cree will post -0.27 earnings per share for the current fiscal year.
Several large investors have recently modified their holdings of CREE. BlackRock Inc. boosted its stake in shares of Cree by 13,401.9% in the 1st quarter. BlackRock Inc. now owns 8,080,185 shares of the LED producer’s stock valued at $215,984,000 after purchasing an additional 8,020,340 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Cree by 13.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 7,784,651 shares of the LED producer’s stock valued at $191,893,000 after purchasing an additional 897,753 shares in the last quarter. State Street Corp boosted its stake in shares of Cree by 24.2% in the 2nd quarter. State Street Corp now owns 3,688,186 shares of the LED producer’s stock valued at $90,915,000 after purchasing an additional 717,698 shares in the last quarter. Fairpointe Capital LLC boosted its stake in shares of Cree by 8.8% in the 2nd quarter. Fairpointe Capital LLC now owns 6,070,231 shares of the LED producer’s stock valued at $149,631,000 after purchasing an additional 492,465 shares in the last quarter. Finally, Victory Capital Management Inc. acquired a new stake in shares of Cree in the 3rd quarter valued at $13,405,000. Institutional investors own 90.95% of the company’s stock.
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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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