New York State Common Retirement Fund grew its holdings in Cree, Inc. (NASDAQ:CREE) by 5.5% during the first quarter, HoldingsChannel reports. The firm owned 680,005 shares of the LED producer’s stock after acquiring an additional 35,348 shares during the period. New York State Common Retirement Fund’s holdings in Cree were worth $38,910,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of CREE. Oregon Public Employees Retirement Fund boosted its stake in Cree by 4,177.5% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,694,874 shares of the LED producer’s stock worth $40,000 after purchasing an additional 1,655,251 shares in the last quarter. Norges Bank acquired a new position in Cree in the fourth quarter worth $47,772,000. TIAA CREF Investment Management LLC boosted its stake in Cree by 168.2% in the third quarter. TIAA CREF Investment Management LLC now owns 1,325,666 shares of the LED producer’s stock worth $50,203,000 after purchasing an additional 831,439 shares in the last quarter. Eagle Asset Management Inc. acquired a new position in Cree in the first quarter worth $37,330,000. Finally, Vanguard Group Inc boosted its stake in Cree by 6.9% in the third quarter. Vanguard Group Inc now owns 9,837,558 shares of the LED producer’s stock worth $372,548,000 after purchasing an additional 632,086 shares in the last quarter.

Shares of CREE opened at $57.53 on Friday. The company has a current ratio of 4.48, a quick ratio of 3.97 and a debt-to-equity ratio of 0.22. Cree, Inc. has a 12-month low of $33.72 and a 12-month high of $69.21. The firm has a market cap of $6.05 billion, a PE ratio of -383.53, a PEG ratio of 7.36 and a beta of 0.69.

Cree (NASDAQ:CREE) last issued its quarterly earnings results on Wednesday, May 1st. The LED producer reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.02. Cree had a positive return on equity of 1.59% and a negative net margin of 18.25%. The business had revenue of $274.00 million for the quarter, compared to analyst estimates of $274.73 million. During the same quarter in the prior year, the firm posted $0.04 earnings per share. The firm’s revenue for the quarter was up 21.7% compared to the same quarter last year. Research analysts anticipate that Cree, Inc. will post 0.4 EPS for the current fiscal year.

In other news, Director Duy Loan T. Le purchased 2,000 shares of the business’s stock in a transaction dated Wednesday, May 15th. The shares were acquired at an average price of $64.46 per share, with a total value of $128,920.00. Following the completion of the purchase, the director now directly owns 6,442 shares of the company’s stock, valued at approximately $415,251.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.55% of the company’s stock.

A number of research firms have commented on CREE. Zacks Investment Research lowered Cree from a “buy” rating to a “hold” rating in a research note on Wednesday, April 10th. TheStreet lowered Cree from a “b-” rating to a “c” rating in a research note on Monday, May 20th. CIBC reissued a “market perform” rating on shares of Cree in a research note on Thursday, May 2nd. BidaskClub lowered Cree from a “buy” rating to a “hold” rating in a research note on Thursday, May 9th. Finally, Canaccord Genuity reissued a “buy” rating and issued a $81.00 price objective (up previously from $60.00) on shares of Cree in a research note on Monday, April 15th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $58.89.

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About Cree

Cree, Inc provides lighting-class light emitting diode (LED), lighting, and semiconductor products for power and radio-frequency (RF) applications in the United States, China, Europe, South Korea, Japan, Malaysia, Taiwan, and internationally. It operates in three segments: Wolfspeed, LED Products, and Lighting Products.

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Institutional Ownership by Quarter for Cree (NASDAQ:CREE)

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