Cree, Inc. (CREE) Position Increased by Engineers Gate Manager LP
Engineers Gate Manager LP boosted its stake in Cree, Inc. (NASDAQ:CREE) by 50.4% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,034 shares of the LED producer’s stock after buying an additional 9,393 shares during the quarter. Engineers Gate Manager LP’s holdings in Cree were worth $691,000 at the end of the most recent quarter.
Other hedge funds also recently made changes to their positions in the company. Nationwide Fund Advisors boosted its stake in Cree by 2.1% in the first quarter. Nationwide Fund Advisors now owns 179,087 shares of the LED producer’s stock worth $4,787,000 after purchasing an additional 3,613 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its stake in Cree by 1.4% in the first quarter. Oregon Public Employees Retirement Fund now owns 35,644 shares of the LED producer’s stock worth $953,000 after purchasing an additional 500 shares in the last quarter. Wells Fargo & Company MN boosted its stake in Cree by 11.3% in the first quarter. Wells Fargo & Company MN now owns 895,305 shares of the LED producer’s stock worth $23,932,000 after purchasing an additional 90,630 shares in the last quarter. Great West Life Assurance Co. Can boosted its stake in Cree by 2.6% in the first quarter. Great West Life Assurance Co. Can now owns 57,917 shares of the LED producer’s stock worth $1,547,000 after purchasing an additional 1,457 shares in the last quarter. Finally, First Trust Advisors LP boosted its stake in Cree by 199.1% in the first quarter. First Trust Advisors LP now owns 322,721 shares of the LED producer’s stock worth $8,626,000 after purchasing an additional 214,816 shares in the last quarter. 91.19% of the stock is currently owned by institutional investors and hedge funds.
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A number of research firms have commented on CREE. Roth Capital reissued a “buy” rating and issued a $29.00 price objective (up previously from $27.00) on shares of Cree in a research note on Tuesday, June 20th. J P Morgan Chase & Co reissued a “neutral” rating and issued a $26.00 price objective (up previously from $25.00) on shares of Cree in a research note on Monday, June 5th. JMP Securities raised Cree from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $23.81 to $29.00 in a research note on Monday, May 22nd. Cowen and Company set a $22.00 price objective on Cree and gave the stock a “hold” rating in a research note on Wednesday, August 23rd. Finally, Zacks Investment Research lowered Cree from a “hold” rating to a “sell” rating in a research note on Tuesday, July 18th. Five analysts have rated the stock with a sell rating, ten have given a hold rating and two have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $23.73.
Shares of Cree, Inc. (NASDAQ CREE) opened at 24.59 on Friday. Cree, Inc. has a 12-month low of $20.50 and a 12-month high of $31.64. The company’s market cap is $2.40 billion. The company has a 50-day moving average price of $23.98 and a 200-day moving average price of $24.72.
Cree (NASDAQ:CREE) last issued its quarterly earnings results 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 business had revenue of $359.00 million for the quarter, compared to analyst estimates of $349.82 million. During the same quarter in the prior year, the business posted $0.19 EPS. Cree’s revenue for the quarter was down 7.6% compared to the same quarter last year. On average, analysts predict that Cree, Inc. will post $0.36 earnings per share for the current year.
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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