Select Equity Group L.P. Grows Position in Cree, Inc. (NASDAQ:CREE)

Select Equity Group L.P. grew its position in Cree, Inc. (NASDAQ:CREE) by 1.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 60,509 shares of the LED producer’s stock after buying an additional 948 shares during the quarter. Select Equity Group L.P.’s holdings in Cree were worth $6,543,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the company. Valeo Financial Advisors LLC increased its position in shares of Cree by 17.8% in the first quarter. Valeo Financial Advisors LLC now owns 635 shares of the LED producer’s stock valued at $69,000 after buying an additional 96 shares in the last quarter. Great Diamond Partners LLC increased its position in shares of Cree by 5.5% in the first quarter. Great Diamond Partners LLC now owns 2,075 shares of the LED producer’s stock valued at $224,000 after buying an additional 108 shares in the last quarter. Raymond James Trust N.A. increased its position in shares of Cree by 6.5% in the first quarter. Raymond James Trust N.A. now owns 2,116 shares of the LED producer’s stock valued at $229,000 after buying an additional 130 shares in the last quarter. State of Alaska Department of Revenue increased its position in shares of Cree by 0.8% in the first quarter. State of Alaska Department of Revenue now owns 18,065 shares of the LED producer’s stock valued at $1,953,000 after buying an additional 136 shares in the last quarter. Finally, FDx Advisors Inc. increased its position in shares of Cree by 3.5% in the first quarter. FDx Advisors Inc. now owns 5,447 shares of the LED producer’s stock valued at $589,000 after buying an additional 186 shares in the last quarter.

A number of research analysts have recently weighed in on CREE shares. Deutsche Bank Aktiengesellschaft raised their price target on Cree from $100.00 to $110.00 and gave the company a “hold” rating in a research report on Friday, April 9th. Morgan Stanley lifted their price objective on Cree from $93.00 to $100.00 and gave the stock an “equal weight” rating in a research report on Monday, April 26th. Canaccord Genuity lifted their price objective on Cree from $126.00 to $132.00 and gave the stock a “buy” rating in a research report on Monday, July 12th. JPMorgan Chase & Co. upgraded Cree from an “underweight” rating to a “neutral” rating in a research report on Monday, May 10th. They noted that the move was a valuation call. Finally, New Street Research started coverage on Cree in a research report on Monday, March 29th. They set a “buy” rating and a $120.00 price objective for the company. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the company. Cree presently has an average rating of “Hold” and an average target price of $115.92.

Shares of NASDAQ CREE traded down $0.14 during midday trading on Thursday, hitting $93.01. The stock had a trading volume of 10,306 shares, compared to its average volume of 1,023,647. The company has a market cap of $10.74 billion, a P/E ratio of -24.84 and a beta of 1.51. Cree, Inc. has a 1-year low of $56.39 and a 1-year high of $129.90. The company has a quick ratio of 3.79, a current ratio of 4.18 and a debt-to-equity ratio of 0.37. The business has a fifty day moving average of $95.21.

Cree (NASDAQ:CREE) last released its quarterly earnings results on Wednesday, April 28th. The LED producer reported ($0.22) EPS for the quarter, topping the consensus estimate of ($0.31) by $0.09. The firm had revenue of $137.30 million for the quarter, compared to analyst estimates of $130.39 million. Cree had a negative return on equity of 6.87% and a negative net margin of 60.56%. Cree’s revenue for the quarter was up 20.5% on a year-over-year basis. During the same period in the previous year, the company posted ($0.17) EPS. On average, sell-side analysts anticipate that Cree, Inc. will post -1.38 earnings per share for the current fiscal year.

Cree Company Profile

Cree, Inc provides lighting-class light emitting diode (LED) and semiconductor products for power and radio-frequency (RF) applications in the United States, China, Europe, and internationally. It operates in two segments, Wolfspeed and LED Products. The Wolfspeed segment offers silicon carbide (SiC) materials for RF, power switching, gemstones, and other applications.

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Institutional Ownership by Quarter for Cree (NASDAQ:CREE)

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