Cree Inc. (CREE) Announces Quarterly Earnings Results
Cree Inc. (NASDAQ:CREE) announced its quarterly earnings data on Tuesday. The LED producer reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.04. Cree had a positive return on equity of 1.81% and a negative net margin of 1.25%. The business earned $321.30 million during the quarter, compared to analyst estimates of $322.77 million. During the same period in the prior year, the company earned $0.21 earnings per share. Cree’s revenue was down 15.8% compared to the same quarter last year. Cree updated its Q2 guidance to $0.04-0.10 EPS.
Cree (NASDAQ:CREE) traded up 1.61% during midday trading on Tuesday, reaching $25.20. The company’s stock had a trading volume of 2,068,783 shares. The firm’s market cap is $2.54 billion. Cree has a one year low of $22.10 and a one year high of $32.92. The firm has a 50 day moving average price of $24.76 and a 200 day moving average price of $25.08.
Several brokerages have weighed in on CREE. Zacks Investment Research lowered Cree from a “hold” rating to a “sell” rating in a report on Monday, October 10th. Williams Capital began coverage on Cree in a report on Friday, September 30th. They set a “hold” rating and a $23.00 price objective for the company. Canaccord Genuity reissued a “hold” rating on shares of Cree in a report on Friday, September 23rd. Roth Capital began coverage on Cree in a report on Thursday, August 25th. They set a “buy” rating and a $34.00 price objective for the company. Finally, Oppenheimer Holdings Inc. reissued a “market perform” rating on shares of Cree in a report on Thursday, August 18th. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and four have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $32.67.
In related news, Director John B. Replogle acquired 5,000 shares of Cree stock in a transaction dated Thursday, August 18th. The stock was purchased at an average cost of $23.33 per share, for a total transaction of $116,650.00. Following the purchase, the director now directly owns 35,123 shares of the company’s stock, valued at approximately $819,419.59. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 1.30% of the stock is owned by insiders.
Several large investors have recently bought and sold shares of CREE. FIL Ltd bought a new stake in Cree during the second quarter valued at approximately $14,077,000. Broadview Advisors LLC raised its stake in Cree by 2.3% in the second quarter. Broadview Advisors LLC now owns 26,475 shares of the LED producer’s stock valued at $647,000 after buying an additional 600 shares during the period. OMERS ADMINISTRATION Corp bought a new stake in Cree during the second quarter valued at approximately $1,317,000. Sei Investments Co. raised its stake in Cree by 3,443.5% in the second quarter. Sei Investments Co. now owns 41,990 shares of the LED producer’s stock valued at $1,027,000 after buying an additional 40,805 shares during the period. Finally, Janney Montgomery Scott LLC raised its stake in Cree by 105.7% in the second quarter. Janney Montgomery Scott LLC now owns 82,664 shares of the LED producer’s stock valued at $2,020,000 after buying an additional 42,481 shares during the period. Hedge funds and other institutional investors own 83.24% of the company’s stock.
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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