Cree, Inc. (CREE) Cut to Underweight at Stephens
Stephens cut shares of Cree, Inc. (NASDAQ:CREE) from an equal weight rating to an underweight rating in a research report released on Wednesday, MarketBeat reports. They currently have $16.50 price objective on the LED producer’s stock, down from their prior price objective of $27.50. The analysts noted that the move was a valuation call.
Other equities analysts have also recently issued research reports about the company. Roth Capital set a $29.00 price target on Cree and gave the stock a buy rating in a report on Tuesday. BidaskClub raised Cree from a hold rating to a buy rating in a report on Wednesday, July 12th. TheStreet cut Cree from a c- rating to a d+ rating in a report on Wednesday, May 17th. Williams Capital reduced their price target on Cree from $27.00 to $25.00 and set a hold rating for the company in a report on Wednesday, April 26th. Finally, Zacks Investment Research raised Cree from a strong sell rating to a hold rating in a report on Tuesday, June 27th. Five equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus price target of $23.96.
Shares of Cree (NASDAQ CREE) opened at 23.46 on Wednesday. The company has a 50-day moving average price of $24.81 and a 200-day moving average price of $24.97. The company’s market capitalization is $2.28 billion. Cree has a 52 week low of $20.50 and a 52 week high of $31.64.
Cree (NASDAQ:CREE) last released its quarterly earnings results on Tuesday, August 22nd. The LED producer reported $0.04 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.04. The company had revenue of $359 million during the quarter, compared to analysts’ expectations of $349.82 million. Cree had a negative return on equity of 0.13% and a negative net margin of 7.17%. Cree’s quarterly revenue was down 7.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.19 EPS. Analysts predict that Cree will post $0.41 earnings per share for the current year.
Several large investors have recently bought and sold shares of the stock. BlackRock Inc. raised its stake in Cree by 13,401.9% in the first quarter. BlackRock Inc. now owns 8,080,185 shares of the LED producer’s stock worth $215,984,000 after buying an additional 8,020,340 shares during the period. Dimensional Fund Advisors LP raised its stake in Cree by 17.9% in the first quarter. Dimensional Fund Advisors LP now owns 6,886,898 shares of the LED producer’s stock worth $184,088,000 after buying an additional 1,043,768 shares during the period. State Street Corp raised its stake in Cree by 24.2% in the second quarter. State Street Corp now owns 3,688,186 shares of the LED producer’s stock worth $90,915,000 after buying an additional 717,698 shares during the period. Fairpointe Capital LLC raised its stake in Cree by 8.8% in the second quarter. Fairpointe Capital LLC now owns 6,070,231 shares of the LED producer’s stock worth $149,631,000 after buying an additional 492,465 shares during the period. Finally, FIL Ltd raised its stake in Cree by 37.7% in the second quarter. FIL Ltd now owns 1,382,176 shares of the LED producer’s stock worth $34,070,000 after buying an additional 378,590 shares during the period. Institutional investors and hedge funds own 86.52% 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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