Cree, Inc. (CREE) Scheduled to Post Quarterly Earnings on Tuesday
Cree, Inc. (NASDAQ:CREE) will be announcing its Q117 earnings results on Tuesday, October 18th. Analysts expect the company to announce earnings of $0.11 per share and revenue of $322.77 million for the quarter.
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 consensus estimate of $0.20 by $0.01. Cree had a positive return on equity of 1.81% and a negative net margin of 1.25%. The business earned $388.40 million during the quarter, compared to analysts’ expectations of $385.83 million. During the same quarter in the prior year, the firm earned ($0.19) earnings per share. Cree’s quarterly revenue was up 1.6% on a year-over-year basis. On average, analysts expect Cree to post $0.56 EPS for the current fiscal year and $0.73 EPS for the next fiscal year.
Shares of Cree, Inc. (NASDAQ:CREE) opened at 24.64 on Friday. The company has a 50 day moving average of $24.71 and a 200 day moving average of $25.21. The stock’s market capitalization is $2.48 billion. Cree, Inc. has a 52-week low of $22.10 and a 52-week high of $32.92.
In related news, Director John B. Replogle acquired 5,000 shares of the stock in a transaction on Thursday, August 18th. The shares were purchased at an average price of $23.33 per share, for a total transaction of $116,650.00. Following the purchase, the director now directly owns 35,123 shares in the company, valued at $819,419.59. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 1.30% of the company’s stock.
A number of institutional investors have recently bought and sold shares of CREE. Fairpointe Capital LLC raised its position in Cree by 8.8% in the second quarter. Fairpointe Capital LLC now owns 5,742,731 shares of the LED producer’s stock worth $140,352,000 after buying an additional 463,800 shares during the period. BlackRock Fund Advisors raised its position in Cree by 3.1% in the second quarter. BlackRock Fund Advisors now owns 3,481,881 shares of the LED producer’s stock worth $85,097,000 after buying an additional 106,194 shares during the period. State Street Corp raised its position in Cree by 2.2% in the second quarter. State Street Corp now owns 2,941,197 shares of the LED producer’s stock worth $71,881,000 after buying an additional 62,165 shares during the period. FIL Ltd bought a new position in Cree during the second quarter worth approximately $14,077,000. Finally, Canada Pension Plan Investment Board raised its position in Cree by 107.1% in the second quarter. Canada Pension Plan Investment Board now owns 547,243 shares of the LED producer’s stock worth $13,375,000 after buying an additional 283,000 shares during the period. Hedge funds and other institutional investors own 83.26% of the company’s stock.
Several equities analysts recently issued reports on the company. Needham & Company LLC restated a “hold” rating on shares of Cree in a research note on Sunday, July 17th. Cowen and Company reaffirmed a “hold” rating on shares of Cree in a research report on Sunday, July 17th. Canaccord Genuity reaffirmed a “hold” rating and issued a $24.00 target price (up from $19.00) on shares of Cree in a research report on Sunday, July 17th. Oppenheimer Holdings Inc. reaffirmed a “market perform” rating on shares of Cree in a research report on Thursday, August 18th. Finally, Deutsche Bank AG increased their target price on Cree from $23.00 to $26.00 and gave the stock a “hold” rating in a research report on Friday, July 15th. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and four have given a buy rating to the company. Cree has an average rating of “Hold” and an average target price of $32.67.
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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