KeyCorp Reiterates Hold Rating for Cree (CREE)
Cree (NASDAQ:CREE)‘s stock had its “hold” rating reiterated by research analysts at KeyCorp in a research note issued on Monday.
Other analysts also recently issued research reports about the company. TheStreet upgraded Cree from a “d+” rating to a “c-” rating in a report on Wednesday, September 27th. Oppenheimer restated a “hold” rating on shares of Cree in a report on Wednesday, October 18th. Cowen set a $22.00 price objective on Cree and gave the stock a “hold” rating in a report on Wednesday, August 23rd. Canaccord Genuity restated a “hold” rating and set a $23.00 price objective on shares of Cree in a report on Wednesday, August 23rd. Finally, Williams Capital downgraded Cree from a “hold” rating to a “sell” rating and set a $27.00 price objective on the stock. in a report on Thursday, October 19th. Seven research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the stock. Cree currently has an average rating of “Hold” and a consensus target price of $27.50.
Shares of Cree (NASDAQ:CREE) opened at $36.12 on Monday. Cree has a 1-year low of $20.50 and a 1-year high of $37.50. The company has a quick ratio of 3.61, a current ratio of 4.82 and a debt-to-equity ratio of 0.06.
Cree (NASDAQ:CREE) last issued its quarterly earnings results on Tuesday, October 17th. The LED producer reported $0.04 earnings per share 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 during the quarter, compared to the consensus estimate of $360.01 million. During the same period in the prior year, the company earned $0.09 EPS. Cree’s revenue was down 3.0% on a year-over-year basis. research analysts forecast that Cree will post -0.27 EPS for the current fiscal year.
Several institutional investors and hedge funds have recently modified their holdings of CREE. BlackRock Inc. increased its holdings in shares of Cree by 26.8% in the 2nd quarter. BlackRock Inc. now owns 10,245,032 shares of the LED producer’s stock valued at $252,541,000 after purchasing an additional 2,164,847 shares during the period. Dimensional Fund Advisors LP increased its holdings 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 during the period. State Street Corp increased its holdings 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 during the period. Fairpointe Capital LLC increased its holdings 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 during the period. Finally, Victory Capital Management Inc. acquired a new position in shares of Cree in the 3rd quarter valued at about $13,405,000. Institutional investors own 98.96% of the company’s stock.
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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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