Stone Ridge Asset Management LLC Purchases New Position in Cree, Inc. (CREE)

Stone Ridge Asset Management LLC purchased a new stake in Cree, Inc. (NASDAQ:CREE) in the fourth quarter, HoldingsChannel.com reports. The institutional investor purchased 16,530 shares of the LED producer’s stock, valued at approximately $614,000.

A number of other hedge funds also recently bought and sold shares of CREE. Icon Wealth Partners LLC bought a new position in Cree in the fourth quarter valued at approximately $110,000. SeaCrest Wealth Management LLC bought a new position in Cree in the fourth quarter valued at approximately $156,000. ETRADE Capital Management LLC bought a new position in Cree in the third quarter valued at approximately $208,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Cree by 41.8% in the fourth 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 in the last quarter. Finally, Shelton Capital Management bought a new position in Cree in the third quarter valued at approximately $213,000. Hedge funds and other institutional investors own 98.94% of the company’s stock.

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Cree stock opened at $40.38 on Friday. The company has a current ratio of 4.59, a quick ratio of 3.48 and a debt-to-equity ratio of 0.05. Cree, Inc. has a one year low of $20.50 and a one year high of $45.43.

Cree (NASDAQ:CREE) last issued its earnings results on Tuesday, January 23rd. The LED producer reported ($0.01) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.01 by ($0.02). Cree had a negative return on equity of 1.24% and a negative net margin of 7.77%. The business had revenue of $367.87 million for the quarter, compared to the consensus estimate of $349.62 million. During the same quarter in the prior year, the firm posted $0.30 earnings per share. The business’s revenue was down 8.3% compared to the same quarter last year. research analysts predict that Cree, Inc. will post -0.37 earnings per share for the current fiscal year.

A number of research analysts have weighed in on CREE shares. Deutsche Bank set a $45.00 price target on Cree and gave the company a “buy” rating in a research note on Tuesday, December 12th. BidaskClub upgraded Cree from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 17th. Northland Securities restated an “under perform” rating and issued 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. Zacks Investment Research downgraded Cree from a “hold” rating to a “sell” rating in a research note on Monday, January 29th. Finally, Roth Capital downgraded Cree from a “buy” rating to a “neutral” rating and set a $35.00 price target for the company. in a research note on Tuesday, January 23rd. Four research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. Cree currently has a consensus rating of “Hold” and a consensus price target of $33.71.

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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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Institutional Ownership by Quarter for Cree (NASDAQ:CREE)

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