Ameriprise Financial Inc. boosted its position in shares of Cree Inc. (NASDAQ:CREE) by 3.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 266,768 shares of the LED producer’s stock after buying an additional 9,273 shares during the period. Ameriprise Financial Inc. owned 0.27% of Cree worth $6,520,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. LS Investment Advisors LLC raised 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 worth $147,000 after buying an additional 2,454 shares in the last quarter. Clean Yield Group raised 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 worth $159,000 after buying an additional 700 shares in the last quarter. Seven Eight Capital LLC purchased a new stake in Cree during the first quarter worth $165,000. Creative Planning raised its stake in Cree by 44.4% in the second quarter. Creative Planning now owns 10,529 shares of the LED producer’s stock worth $257,000 after buying an additional 3,235 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. raised its stake in Cree by 3.5% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 11,942 shares of the LED producer’s stock worth $292,000 after buying an additional 399 shares in the last quarter. Institutional investors and hedge funds own 83.26% of the company’s stock.
Cree Inc. (NASDAQ:CREE) traded up 1.34% during trading on Monday, hitting $25.63. 81,277 shares of the stock traded hands. 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 price of $24.57 and a 200-day moving average price of $25.30. The stock’s market cap is $2.58 billion.
Cree (NASDAQ:CREE) last issued its quarterly earnings results on Tuesday, August 16th. The LED producer reported $0.19 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.20 by $0.01. Cree had a positive return on equity of 1.81% and a negative net margin of 1.25%. The business earned $388.40 million during the quarter, compared to analyst estimates of $385.83 million. During the same quarter last year, the company posted ($0.19) EPS. Cree’s quarterly revenue was up 1.6% compared to the same quarter last year. On average, analysts anticipate that Cree Inc. will post $0.56 EPS for the current fiscal year.
A number of analysts have recently commented on CREE shares. Roth Capital started coverage on shares of Cree in a research note on Thursday, August 25th. They issued a “buy” rating and a $34.00 price target for the company. Needham & Company LLC reiterated a “hold” rating on shares of Cree in a research note on Sunday, July 17th. Cowen and Company reiterated a “hold” rating on shares of Cree in a research note on Sunday, July 17th. Canaccord Genuity reiterated a “hold” rating and issued a $24.00 price target (up from $19.00) on shares of Cree in a research note on Sunday, July 17th. Finally, Deutsche Bank AG lifted their price target on shares of Cree from $23.00 to $26.00 and gave the stock a “hold” rating in a research note on Friday, July 15th. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and four have assigned a buy rating to the stock. Cree has a consensus rating of “Hold” and a consensus price target of $32.67.
In other Cree news, Director John B. Replogle purchased 5,000 shares of the business’s stock in a transaction that occurred on Thursday, August 18th. The shares were bought at an average price of $23.33 per share, for a total transaction of $116,650.00. Following the acquisition, the director now owns 35,123 shares in the company, valued at $819,419.59. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.30% of the stock is currently owned by corporate insiders.
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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