Cree Inc. (CREE) Coverage Initiated by Analysts at Williams Capital
Several other brokerages have also recently weighed in on CREE. Canaccord Genuity reiterated a hold rating on shares of Cree in a research report on Friday, September 23rd. Roth Capital began coverage on Cree in a research report on Thursday, August 25th. They set a buy rating and a $34.00 price target on the stock. Zacks Investment Research cut Cree from a hold rating to a strong sell rating in a research report on Tuesday, August 16th. Northland Securities cut Cree from an outperform rating to a market perform rating in a research report on Wednesday, August 17th. Finally, Deutsche Bank AG upped their price target on Cree from $23.00 to $26.00 and gave the company a hold rating in a research report on Friday, July 15th. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and four have given a buy rating to the stock. Cree currently has a consensus rating of Hold and a consensus price target of $32.67.
Cree (NASDAQ:CREE) traded up 0.27% during midday trading on Friday, hitting $25.79. 79,290 shares of the stock were exchanged. Cree has a 1-year low of $22.10 and a 1-year high of $32.92. The company’s 50 day moving average is $24.67 and its 200 day moving average is $25.45. The company’s market capitalization is $2.60 billion.
Cree (NASDAQ:CREE) last released its quarterly earnings data on Tuesday, August 16th. The LED producer reported $0.19 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.20 by $0.01. The business had revenue of $388.40 million for the quarter, compared to analysts’ expectations of $385.83 million. Cree had a negative net margin of 1.25% and a positive return on equity of 1.81%. Cree’s revenue for the quarter was up 1.6% compared to the same quarter last year. During the same period last year, the company earned ($0.19) earnings per share. Analysts predict that Cree will post $0.56 earnings per share for the current fiscal year.
In other news, Director John B. Replogle bought 5,000 shares of the company’s stock in a transaction on Thursday, August 18th. The shares were acquired at an average cost of $23.33 per share, with a total value of $116,650.00. Following the completion of the transaction, the director now owns 35,123 shares of the company’s stock, valued at approximately $819,419.59. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 1.30% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in CREE. Dimensional Fund Advisors LP boosted its position in shares of Cree by 44.6% in the second quarter. Dimensional Fund Advisors LP now owns 4,527,484 shares of the LED producer’s stock valued at $110,649,000 after buying an additional 1,395,760 shares during the last quarter. Norges Bank purchased a new position in shares of Cree during the fourth quarter valued at about $32,804,000. FIL Ltd purchased a new position in shares of Cree during the second quarter valued at about $14,077,000. Fairpointe Capital LLC boosted its position in shares of Cree by 8.8% in the second quarter. Fairpointe Capital LLC now owns 5,742,731 shares of the LED producer’s stock valued at $140,352,000 after buying an additional 463,800 shares during the last quarter. Finally, Canada Pension Plan Investment Board boosted its position in shares of Cree by 107.1% in the second quarter. Canada Pension Plan Investment Board now owns 547,243 shares of the LED producer’s stock valued at $13,375,000 after buying an additional 283,000 shares during the last quarter. 83.26% of the stock is currently owned by institutional investors and hedge funds.
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.
Receive News & Stock Ratings for Cree Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cree Inc. and related stocks with our FREE daily email newsletter.