Victory Capital Management Inc. Buys Shares of 475,521 Cree, Inc. (CREE)
Victory Capital Management Inc. bought a new stake in shares of Cree, Inc. (NASDAQ:CREE) during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 475,521 shares of the LED producer’s stock, valued at approximately $13,405,000. Victory Capital Management Inc. owned about 0.49% of Cree as of its most recent filing with the SEC.
Other large investors also recently made changes to their positions in the company. GAM Holding AG acquired a new stake in Cree during the 2nd quarter valued at $104,000. Riverhead Capital Management LLC grew its holdings in Cree by 75.0% during the 2nd quarter. Riverhead Capital Management LLC now owns 5,426 shares of the LED producer’s stock valued at $134,000 after buying an additional 2,326 shares during the last quarter. Strs Ohio acquired a new stake in Cree during the 2nd quarter valued at $140,000. LS Investment Advisors LLC grew its holdings in Cree by 17.9% during the 2nd quarter. LS Investment Advisors LLC now owns 7,643 shares of the LED producer’s stock valued at $188,000 after buying an additional 1,160 shares during the last quarter. Finally, Advisor Group Inc. grew its holdings in Cree by 11.5% during the 2nd quarter. Advisor Group Inc. now owns 8,175 shares of the LED producer’s stock valued at $197,000 after buying an additional 846 shares during the last quarter. Hedge funds and other institutional investors own 91.73% of the company’s stock.
Cree, Inc. (CREE) opened at $35.07 on Tuesday. The company has a current ratio of 4.82, a quick ratio of 3.61 and a debt-to-equity ratio of 0.06. Cree, Inc. has a 52-week low of $20.50 and a 52-week high of $37.43.
Cree (NASDAQ:CREE) last released its quarterly earnings data on Tuesday, October 17th. The LED producer reported $0.04 EPS for the quarter, meeting the consensus estimate of $0.04. Cree had a negative return on equity of 0.44% and a negative net margin of 8.42%. The company had revenue of $360.00 million for the quarter, compared to analyst estimates of $360.01 million. During the same period last year, the company posted $0.09 earnings per share. The firm’s revenue was down 3.0% compared to the same quarter last year. equities research analysts predict that Cree, Inc. will post -0.27 EPS for the current year.
A number of equities research analysts have commented on the company. TheStreet upgraded Cree from a “d+” rating to a “c-” rating in a report on Wednesday, September 27th. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Cree in a report on Wednesday, October 18th. Zacks Investment Research cut Cree from a “hold” rating to a “sell” rating in a report on Tuesday, July 18th. Cowen and Company set a $22.00 price objective on Cree and gave the stock a “hold” rating in a report on Wednesday, August 23rd. Finally, KeyCorp restated an “equal weight” rating and set a $21.00 price objective on shares of Cree in a report on Friday, August 25th. Seven equities research analysts have rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the company’s stock. Cree has a consensus rating of “Hold” and an average price target of $27.50.
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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