Nationwide Fund Advisors Boosts Stake in Cree, Inc. (CREE)
Nationwide Fund Advisors lifted its holdings in Cree, Inc. (NASDAQ:CREE) by 32.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 237,508 shares of the LED producer’s stock after buying an additional 58,421 shares during the period. Nationwide Fund Advisors owned approximately 0.24% of Cree worth $5,855,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds have also bought and sold shares of the company. GAM Holding AG purchased a new stake in Cree during the 2nd quarter valued at about $104,000. Riverhead Capital Management LLC raised its holdings in Cree by 75.0% in the 2nd quarter. Riverhead Capital Management LLC now owns 5,426 shares of the LED producer’s stock valued at $134,000 after acquiring an additional 2,326 shares during the last quarter. Strs Ohio purchased a new position in Cree in the 2nd quarter worth approximately $140,000. LS Investment Advisors LLC lifted its stake in Cree by 17.9% in the 2nd quarter. LS Investment Advisors LLC now owns 7,643 shares of the LED producer’s stock worth $188,000 after purchasing an additional 1,160 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. purchased a new position in Cree in the 1st quarter worth approximately $249,000. Hedge funds and other institutional investors own 91.38% of the company’s stock.
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Several research analysts have recently weighed in on CREE shares. Zacks Investment Research upgraded Cree from a “strong sell” rating to a “hold” rating in a report on Tuesday, June 27th. KeyCorp restated an “equal weight” rating and issued a $21.00 price target on shares of Cree in a research report on Friday, August 25th. Cowen and Company set a $22.00 price target on Cree and gave the company a “hold” rating in a report on Wednesday, August 23rd. Northland Securities reaffirmed a “hold” rating and issued a $28.00 price target on shares of Cree in a report on Thursday, September 28th. Finally, Stephens cut Cree from an “equal weight” rating to an “underweight” rating and cut their price target for the company from $27.50 to $16.50 in a report on Wednesday, August 23rd. They noted that the move was a valuation call. Five equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and two have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $24.04.
Cree, Inc. (CREE) opened at 29.25 on Wednesday. The stock’s market cap is $2.85 billion. The company’s 50 day moving average is $24.74 and its 200-day moving average is $24.64. Cree, Inc. has a 52-week low of $20.50 and a 52-week high of $31.64. Cree also was the target of unusually large options trading activity on Monday. Investors acquired 10,347 call options on the stock. This represents an increase of 816% compared to the typical daily volume of 1,129 call options.
Cree (NASDAQ:CREE) last announced its quarterly earnings data on Tuesday, August 22nd. The LED producer reported $0.04 earnings per share for the quarter, hitting the Thomson Reuters’ 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 period in the prior year, the firm posted $0.19 EPS. The company’s revenue was down 7.6% on a year-over-year basis. On average, equities analysts anticipate that Cree, Inc. will post $0.30 earnings per share for the current year.
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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