Zacks Investment Management Invests $1.07 Million in Cree, Inc. (CREE) Stock
Zacks Investment Management acquired a new stake in Cree, Inc. (NASDAQ:CREE) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 43,379 shares of the LED producer’s stock, valued at approximately $1,069,000.
A number of other large investors also recently added to or reduced their stakes in the business. Morgan Stanley lifted its stake in shares of Cree by 9.0% during the first quarter. Morgan Stanley now owns 837,690 shares of the LED producer’s stock worth $22,391,000 after purchasing an additional 68,829 shares in the last quarter. Stephens Inc. AR grew its stake in shares of Cree by 87.4% in the first quarter. Stephens Inc. AR now owns 38,672 shares of the LED producer’s stock valued at $1,034,000 after buying an additional 18,037 shares in the last quarter. JPMorgan Chase & Co. acquired a new stake in shares of Cree in the first quarter valued at about $346,000. Clean Yield Group grew its stake in shares of Cree by 14.1% in the second quarter. Clean Yield Group now owns 31,730 shares of the LED producer’s stock valued at $828,000 after buying an additional 3,915 shares in the last quarter. Finally, Parametric Portfolio Associates LLC grew its stake in shares of Cree by 41.9% in the first quarter. Parametric Portfolio Associates LLC now owns 235,505 shares of the LED producer’s stock valued at $6,295,000 after buying an additional 69,520 shares in the last quarter. 91.38% of the stock is currently owned by institutional investors.
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Cree, Inc. (NASDAQ:CREE) opened at 28.59 on Tuesday. Cree, Inc. has a 12-month low of $20.50 and a 12-month high of $31.64. The company’s market cap is $2.79 billion. The firm’s 50-day moving average price is $24.58 and its 200-day moving average price is $24.63.
Cree (NASDAQ:CREE) last announced its quarterly earnings data on Tuesday, August 22nd. The LED producer reported $0.04 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.04. The company had revenue of $359.00 million for the quarter, compared to analyst estimates of $349.82 million. Cree had a negative return on equity of 0.13% and a negative net margin of 7.17%. Cree’s revenue for the quarter was down 7.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.19 EPS. Analysts expect that Cree, Inc. will post $0.30 EPS for the current year.
CREE has been the subject of a number of analyst reports. ValuEngine upgraded Cree from a “sell” rating to a “hold” rating in a report on Friday, September 1st. Roth Capital reaffirmed a “buy” rating and issued a $29.00 price objective (up previously from $27.00) on shares of Cree in a research report on Tuesday, June 20th. Bank of America Corporation dropped their price objective on shares of Cree from $28.00 to $26.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 23rd. BidaskClub upgraded shares of Cree from a “hold” rating to a “buy” rating in a research note on Wednesday, July 12th. Finally, Canaccord Genuity reissued a “hold” rating and set a $23.00 target price on shares of Cree in a research report on Wednesday, August 23rd. Five equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and two have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $24.04.
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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