Cree Inc. (CREE) Issues Q2 Earnings Guidance
Cree Inc. (NASDAQ:CREE) updated its second quarter earnings guidance on Tuesday. The company provided EPS guidance of $0.04-0.10 for the period, compared to the Thomson Reuters consensus EPS estimate of $0.13. The company issued revenue guidance of $310-330 million, compared to the consensus revenue estimate of $336.73 million.
Several analysts have issued reports on the stock. Needham & Company LLC restated a hold rating on shares of Cree in a research report on Sunday, July 17th. Canaccord Genuity restated a hold rating and issued a $22.00 price target (down from $24.00) on shares of Cree in a research report on Wednesday, August 17th. Northland Securities lowered shares of Cree from an outperform rating to a market perform rating in a research report on Wednesday, August 17th. Williams Capital initiated coverage on shares of Cree in a report on Friday, September 30th. They set a hold rating and a $23.00 price objective for the company. Finally, Roth Capital initiated coverage on shares of Cree in a report on Thursday, August 25th. They set a buy rating and a $34.00 price objective for the company. Three investment analysts have rated the stock with a sell rating, twelve have given a hold rating and four have given a buy rating to the stock. Cree currently has an average rating of Hold and a consensus price target of $32.67.
Cree Inc. (NASDAQ:CREE) traded up 1.61% during midday trading on Tuesday, reaching $25.20. 2,112,859 shares of the company’s stock traded hands. Cree Inc. has a 52-week low of $22.10 and a 52-week high of $32.92. The stock has a 50-day moving average of $24.76 and a 200 day moving average of $25.08. The company’s market cap is $2.54 billion.
Cree (NASDAQ:CREE) last issued its quarterly earnings data on Tuesday, October 18th. The LED producer reported $0.09 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.11 by $0.02. The company had revenue of $321.30 million for the quarter, compared to analyst estimates of $322.77 million. Cree had a positive return on equity of 1.81% and a negative net margin of 1.25%. The company’s revenue was down 15.8% on a year-over-year basis. During the same quarter last year, the business earned $0.21 earnings per share. On average, analysts anticipate that Cree Inc. will post $0.56 earnings per share for the current fiscal year.
In related news, Director John B. Replogle acquired 5,000 shares of the business’s stock in a transaction on 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 completion of the transaction, the director now directly 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 can be accessed through the SEC website. Company insiders own 1.30% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the stock. First Allied Advisory Services Inc. increased its stake in Cree by 5.1% in the second quarter. First Allied Advisory Services Inc. now owns 9,598 shares of the LED producer’s stock worth $232,000 after buying an additional 470 shares during the last quarter. Alliancebernstein L.P. increased its stake in Cree by 0.7% in the second quarter. Alliancebernstein L.P. now owns 78,060 shares of the LED producer’s stock worth $1,908,000 after buying an additional 550 shares during the last quarter. HighTower Advisors LLC increased its stake in Cree by 1.8% in the second quarter. HighTower Advisors LLC now owns 33,860 shares of the LED producer’s stock worth $830,000 after buying an additional 584 shares during the last quarter. Broadview Advisors LLC increased 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 worth $647,000 after buying an additional 600 shares during the last quarter. Finally, BlackRock Investment Management LLC increased its stake in Cree by 0.3% in the second quarter. BlackRock Investment Management LLC now owns 292,914 shares of the LED producer’s stock worth $7,159,000 after buying an additional 747 shares during the last quarter. Institutional investors own 83.24% of the company’s stock.
Cree Company Profile
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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