Capstone Asset Management Co. lowered its stake in shares of Cree, Inc. (NASDAQ:CREE) by 1.1% during the third quarter, Holdings Channel reports. The institutional investor owned 8,085 shares of the LED producer’s stock after selling 90 shares during the period. Capstone Asset Management Co.’s holdings in Cree were worth $208,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. Primecap Management Co. CA increased its position in Cree by 0.3% in the first quarter. Primecap Management Co. CA now owns 9,357,041 shares of the LED producer’s stock valued at $272,290,000 after buying an additional 23,400 shares during the last quarter. Vanguard Group Inc. increased its position in Cree by 1.9% in the second quarter. Vanguard Group Inc. now owns 7,254,412 shares of the LED producer’s stock valued at $177,299,000 after buying an additional 138,520 shares during the last quarter. Fairpointe Capital LLC increased its position in Cree by 8.8% in the second quarter. Fairpointe Capital LLC now owns 5,742,731 shares of the LED producer’s stock valued at $140,352,000 after buying an additional 463,800 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Cree by 44.6% in the second quarter. Dimensional Fund Advisors LP now owns 4,527,484 shares of the LED producer’s stock valued at $110,649,000 after buying an additional 1,395,760 shares during the last quarter. Finally, BlackRock Fund Advisors increased its position in Cree by 3.1% in the second quarter. BlackRock Fund Advisors now owns 3,481,881 shares of the LED producer’s stock valued at $85,097,000 after buying an additional 106,194 shares during the last quarter. Institutional investors own 83.26% of the company’s stock.
Cree, Inc. (NASDAQ:CREE) opened at 25.00 on Thursday. The company has a 50 day moving average of $24.67 and a 200-day moving average of $25.21. The firm’s market cap is $2.52 billion. Cree, Inc. has a one year low of $22.10 and a one year high of $32.92.
Cree (NASDAQ:CREE) last released its quarterly earnings data on Tuesday, August 16th. The LED producer reported $0.19 EPS for the quarter, missing the 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 analysts’ expectations of $385.83 million. During the same quarter in the prior year, the firm earned ($0.19) earnings per share. Cree’s quarterly revenue was up 1.6% on a year-over-year basis. On average, equities research analysts predict that Cree, Inc. will post $0.56 earnings per share for the current year.
Several research firms have issued reports on CREE. Deutsche Bank AG increased their price objective on shares of Cree from $23.00 to $26.00 and gave the company a “hold” rating in a report on Friday, July 15th. Needham & Company LLC reaffirmed a “hold” rating on shares of Cree in a report on Sunday, July 17th. Cowen and Company reaffirmed a “hold” rating on shares of Cree in a report on Sunday, July 17th. Canaccord Genuity reaffirmed a “hold” rating and set a $24.00 price objective (up from $19.00) on shares of Cree in a report on Sunday, July 17th. Finally, Northland Securities downgraded shares of Cree from an “outperform” rating to a “market perform” rating in a report on Wednesday, August 17th. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and four have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $32.67.
In other news, Director John B. Replogle bought 5,000 shares of Cree stock in a transaction on Thursday, August 18th. The shares were bought at an average cost 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.30% of the stock is currently owned by company 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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