First Mercantile Trust Co. decreased its stake in shares of Cree Inc. (NASDAQ:CREE) by 41.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 10,711 shares of the LED producer’s stock after selling 7,648 shares during the period. First Mercantile Trust Co.’s holdings in Cree were worth $262,000 as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in the stock. LS Investment Advisors LLC boosted its stake in Cree by 68.6% in the second quarter. LS Investment Advisors LLC now owns 6,029 shares of the LED producer’s stock valued at $147,000 after buying an additional 2,454 shares during the period. Clean Yield Group boosted its stake in Cree by 12.1% in the second quarter. Clean Yield Group now owns 6,500 shares of the LED producer’s stock valued at $159,000 after buying an additional 700 shares during the period. Seven Eight Capital LLC purchased a new stake in Cree during the first quarter valued at $165,000. Wrapmanager Inc. boosted its stake in Cree by 4.7% in the second quarter. Wrapmanager Inc. now owns 10,109 shares of the LED producer’s stock valued at $247,000 after buying an additional 450 shares during the period. Finally, Creative Planning boosted its stake in Cree by 44.4% in the second quarter. Creative Planning now owns 10,529 shares of the LED producer’s stock valued at $257,000 after buying an additional 3,235 shares during the period. 83.26% of the stock is owned by hedge funds and other institutional investors.
Shares of Cree Inc. (NASDAQ:CREE) opened at 25.72 on Monday. Cree Inc. has a 52-week low of $22.10 and a 52-week high of $32.92. The stock has a 50 day moving average of $24.67 and a 200 day moving average of $25.45. The company’s market cap is $2.59 billion.
Cree (NASDAQ:CREE) last released its earnings results on Tuesday, August 16th. The LED producer reported $0.19 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.20 by $0.01. The business earned $388.40 million during the quarter, compared to analysts’ expectations of $385.83 million. Cree had a positive return on equity of 1.81% and a negative net margin of 1.25%. The firm’s quarterly revenue was up 1.6% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.19) earnings per share. On average, equities research analysts expect that Cree Inc. will post $0.56 EPS for the current year.
Several equities research analysts have recently weighed in on CREE shares. Roth Capital started coverage on shares of Cree in a research report on Thursday, August 25th. They set a “buy” rating and a $34.00 price objective for the company. Cowen and Company restated a “hold” rating on shares of Cree in a report on Sunday, July 17th. Needham & Company LLC restated a “hold” rating on shares of Cree in a report on Sunday, July 17th. Canaccord Genuity restated a “hold” rating and issued a $24.00 price target (up from $19.00) on shares of Cree in a report on Sunday, July 17th. Finally, Deutsche Bank AG raised their price target on shares of Cree from $23.00 to $26.00 and gave the stock a “hold” rating in a report on Friday, July 15th. Three analysts have rated the stock with a sell rating, twelve have given a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $32.67.
In other Cree news, Director John B. Replogle bought 5,000 shares of Cree stock in a transaction dated Thursday, August 18th. The shares were purchased at an average cost of $23.33 per share, with a total value of $116,650.00. Following the transaction, the director now directly owns 35,123 shares of the company’s stock, valued at $819,419.59. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.30% of the stock is currently owned by insiders.
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.
Want to see what other hedge funds are holding CREE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cree Inc. (NASDAQ:CREE).
Receive News & Ratings for Cree Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cree Inc. and related companies with MarketBeat.com's FREE daily email newsletter.