Cree Inc. (NASDAQ:CREE) shares saw unusually-strong trading volume on Tuesday following a stronger than expected earnings report. Approximately 2,082,396 shares changed hands during trading, an increase of 155% from the previous session’s volume of 816,177 shares.The stock last traded at $25.20 and had previously closed at $24.80.

The LED producer reported $0.15 EPS 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%.

CREE has been the topic of a number of analyst reports. Deutsche Bank AG increased their price target on Cree from $23.00 to $26.00 and gave the company a “hold” rating in a research note on Friday, July 15th. Canaccord Genuity reaffirmed a “hold” rating and set a $24.00 target price (up from $19.00) on shares of Cree in a research report on Sunday, July 17th. Needham & Company LLC reiterated a “hold” rating on shares of Cree in a report on Sunday, July 17th. Cowen and Company reiterated a “hold” rating on shares of Cree in a report on Sunday, July 17th. Finally, Zacks Investment Research downgraded Cree from a “hold” rating to a “strong sell” rating in a report on Tuesday, August 16th. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating and four have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $32.67.

In related news, Director John B. Replogle purchased 5,000 shares of the stock in a transaction that occurred on Thursday, August 18th. The shares were bought at an average price of $23.33 per share, with a total value of $116,650.00. Following the acquisition, the director now 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 available at this link. 1.30% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP raised its position in Cree by 44.6% in the second quarter. Dimensional Fund Advisors LP now owns 4,527,484 shares of the LED producer’s stock worth $110,649,000 after buying an additional 1,395,760 shares during the period. FIL Ltd purchased a new position in Cree during the second quarter worth approximately $14,077,000. 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. 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. Finally, Los Angeles Capital Management & Equity Research Inc. purchased a new position in Cree during the second quarter worth approximately $6,777,000. Institutional investors and hedge funds 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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