Asset Management One Co. Ltd. reduced its stake in shares of Cree, Inc. (NASDAQ:CREE) by 1.4% during the first quarter, Holdings Channel reports. The firm owned 12,453 shares of the LED producer’s stock after selling 183 shares during the period. Asset Management One Co. Ltd.’s holdings in Cree were worth $333,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. AMG Funds LLC raised its position in Cree by 0.3% in the first quarter. AMG Funds LLC now owns 74,083 shares of the LED producer’s stock valued at $1,980,000 after buying an additional 213 shares during the period. First Republic Investment Management Inc. increased its stake in shares of Cree by 2.5% in the fourth quarter. First Republic Investment Management Inc. now owns 12,591 shares of the LED producer’s stock valued at $332,000 after buying an additional 309 shares in the last quarter. Clean Yield Group increased its stake in shares of Cree by 1.5% in the first quarter. Clean Yield Group now owns 27,815 shares of the LED producer’s stock valued at $743,000 after buying an additional 410 shares in the last quarter. Oregon Public Employees Retirement Fund increased its stake in shares of Cree by 1.4% in the first quarter. Oregon Public Employees Retirement Fund now owns 35,644 shares of the LED producer’s stock valued at $953,000 after buying an additional 500 shares in the last quarter. Finally, Wedge Capital Management L L P NC increased its stake in shares of Cree by 3.6% in the first quarter. Wedge Capital Management L L P NC now owns 23,087 shares of the LED producer’s stock valued at $617,000 after buying an additional 802 shares in the last quarter. 86.11% of the stock is currently owned by institutional investors.
Cree, Inc. (CREE) traded up 0.53% during trading on Tuesday, reaching $24.49. The company had a trading volume of 100,835 shares. Cree, Inc. has a 12-month low of $20.75 and a 12-month high of $31.64. The stock’s market cap is $2.38 billion. The firm has a 50-day moving average price of $23.50 and a 200 day moving average price of $25.78.
Cree (NASDAQ:CREE) last announced its quarterly earnings data on Tuesday, April 25th. The LED producer reported ($0.11) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.09 by $0.20. Cree had a negative net margin of 7.36% and a positive return on equity of 0.33%. The business had revenue of $341.51 million during the quarter, compared to analyst estimates of $339.41 million. During the same quarter in the prior year, the company earned $0.17 earnings per share. The company’s quarterly revenue was down 6.9% on a year-over-year basis. Equities research analysts predict that Cree, Inc. will post $0.48 EPS for the current fiscal year.
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CREE has been the subject of several recent analyst reports. J P Morgan Chase & Co restated an “overweight” rating and set a $30.00 target price on shares of Cree in a research note on Tuesday, February 21st. Zacks Investment Research downgraded Cree from a “buy” rating to a “hold” rating in a research note on Tuesday, March 28th. Roth Capital restated a “buy” rating and set a $33.00 target price (down from $34.00) on shares of Cree in a research note on Friday, March 31st. Canaccord Genuity restated a “hold” rating and set a $23.00 target price on shares of Cree in a research note on Friday, April 21st. Finally, Williams Capital lowered their target price on Cree from $27.00 to $25.00 and set a “hold” rating for the company in a research note on Wednesday, April 26th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $26.13.
In other news, Director John B. Replogle bought 10,000 shares of the business’s stock in a transaction on Thursday, April 27th. The shares were bought at an average cost of $22.11 per share, for a total transaction of $221,100.00. Following the completion of the acquisition, the director now owns 64,043 shares in the company, valued at approximately $1,415,990.73. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 1.30% of the company’s stock.
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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