HighTower Advisors LLC Raises Stake in Cree, Inc. (CREE)
HighTower Advisors LLC raised its stake in shares of Cree, Inc. (NASDAQ:CREE) by 13.7% during the first quarter, Holdings Channel reports. The institutional investor owned 14,093 shares of the LED producer’s stock after buying an additional 1,698 shares during the period. HighTower Advisors LLC’s holdings in Cree were worth $375,000 as of its most recent filing with the SEC.
Several other institutional investors have also added to or reduced their stakes in the stock. Advisory Services Network LLC acquired a new position in Cree during the first quarter valued at approximately $134,000. Oppenheimer Asset Management Inc. purchased a new stake in shares of Cree during the first quarter worth about $249,000. Wrapmanager Inc. raised its stake in shares of Cree by 10.1% in the first quarter. Wrapmanager Inc. now owns 10,727 shares of the LED producer’s stock worth $287,000 after buying an additional 988 shares during the period. JPMorgan Chase & Co. purchased a new stake in shares of Cree during the first quarter worth about $346,000. Finally, OppenheimerFunds Inc. raised its stake in shares of Cree by 13.5% in the first quarter. OppenheimerFunds Inc. now owns 13,148 shares of the LED producer’s stock worth $351,000 after buying an additional 1,567 shares during the period. 86.04% of the stock is currently owned by institutional investors.
Cree, Inc. (CREE) opened at 26.17 on Tuesday. Cree, Inc. has a 12 month low of $20.75 and a 12 month high of $31.64. The company’s 50-day moving average is $24.10 and its 200-day moving average is $25.71. The stock’s market capitalization is $2.55 billion.
Cree (NASDAQ:CREE) last issued its earnings results on Tuesday, April 25th. The LED producer reported ($0.11) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.09 by $0.20. Cree had a positive return on equity of 0.33% and a negative net margin of 7.36%. The business had revenue of $341.51 million for the quarter, compared to the consensus estimate of $339.41 million. During the same quarter in the previous year, the company earned $0.17 earnings per share. The firm’s revenue was down 6.9% on a year-over-year basis. Equities research analysts forecast that Cree, Inc. will post $0.48 EPS for the current year.
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A number of equities research analysts have issued reports on the stock. Cowen and Company reissued a “market perform” rating on shares of Cree in a report on Wednesday, April 26th. Roth Capital reissued a “buy” rating and issued a $29.00 price target (up previously from $27.00) on shares of Cree in a report on Tuesday, June 20th. J P Morgan Chase & Co reissued a “neutral” rating and issued a $26.00 price target (up previously from $25.00) on shares of Cree in a report on Monday, June 5th. JMP Securities raised shares of Cree from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $23.81 to $29.00 in a report on Monday, May 22nd. Finally, TheStreet lowered shares of Cree from a “c-” rating to a “d+” rating in a report on Wednesday, May 17th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $25.00.
In other news, Director John B. Replogle purchased 10,000 shares of the stock in a transaction dated Thursday, April 27th. The shares were acquired at an average cost of $22.11 per share, for a total transaction of $221,100.00. Following the acquisition, the director now owns 64,043 shares of the company’s stock, valued at $1,415,990.73. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.30% of the stock is currently owned by company insiders.
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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