Quantitative Investment Management LLC Purchases New Holdings in Cree, Inc. (CREE)
Quantitative Investment Management LLC purchased a new stake in shares of Cree, Inc. (NASDAQ:CREE) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 234,400 shares of the LED producer’s stock, valued at approximately $8,705,000.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CREE. Icon Wealth Partners LLC bought a new stake in shares of Cree in the 4th quarter valued at approximately $110,000. SeaCrest Wealth Management LLC bought a new stake in shares of Cree in the 4th quarter valued at approximately $156,000. ETRADE Capital Management LLC bought a new stake in shares of Cree in the 3rd quarter valued at approximately $208,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Cree by 41.8% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,721 shares of the LED producer’s stock valued at $212,000 after purchasing an additional 1,687 shares during the last quarter. Finally, Shelton Capital Management bought a new stake in shares of Cree in the 3rd quarter valued at approximately $213,000. Institutional investors and hedge funds own 98.94% of the company’s stock.
Shares of Cree, Inc. (CREE) opened at $41.95 on Friday. Cree, Inc. has a one year low of $20.50 and a one year high of $43.23. The company has a debt-to-equity ratio of 0.05, a quick ratio of 3.48 and a current ratio of 4.59.
Several equities research analysts have recently issued reports on the company. KeyCorp reaffirmed a “hold” rating on shares of Cree in a research note on Wednesday. Cowen set a $37.00 price objective on Cree and gave the company a “hold” rating in a research note on Tuesday, March 6th. Williams Capital reaffirmed a “hold” rating and issued a $38.00 price objective (up from $36.00) on shares of Cree in a research note on Wednesday. Goldman Sachs Group raised Cree from a “sell” rating to a “neutral” rating and raised their price objective for the company from $39.00 to $41.76 in a research note on Wednesday. Finally, Northland Securities reissued an “under perform” rating and set a $28.00 price target on shares of Cree in a research note on Tuesday, December 19th. They noted that the move was a valuation call. Four equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and three have issued a buy rating to the stock. Cree presently has a consensus rating of “Hold” and a consensus price target of $33.17.
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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