Cramer Rosenthal Mcglynn LLC Sells 102,624 Shares of Cree, Inc. (NASDAQ:CREE)

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Cramer Rosenthal Mcglynn LLC trimmed its position in Cree, Inc. (NASDAQ:CREE) by 15.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 572,513 shares of the LED producer’s stock after selling 102,624 shares during the quarter. Cramer Rosenthal Mcglynn LLC owned 0.54% of Cree worth $32,164,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in CREE. Meridian Wealth Management LLC bought a new stake in shares of Cree during the first quarter worth $30,000. Penserra Capital Management LLC grew its stake in shares of Cree by 50.0% during the first quarter. Penserra Capital Management LLC now owns 1,008 shares of the LED producer’s stock worth $57,000 after buying an additional 336 shares during the last quarter. Quantamental Technologies LLC grew its stake in shares of Cree by 41.1% during the second quarter. Quantamental Technologies LLC now owns 1,254 shares of the LED producer’s stock worth $70,000 after buying an additional 365 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in shares of Cree by 31.1% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 1,383 shares of the LED producer’s stock worth $79,000 after buying an additional 328 shares during the last quarter. Finally, FNY Investment Advisers LLC grew its stake in shares of Cree by 92.0% during the second quarter. FNY Investment Advisers LLC now owns 1,440 shares of the LED producer’s stock worth $80,000 after buying an additional 690 shares during the last quarter.

Several brokerages recently weighed in on CREE. BidaskClub raised shares of Cree from a “sell” rating to a “hold” rating in a research note on Thursday. Piper Jaffray Companies cut shares of Cree from a “neutral” rating to an “underweight” rating and reduced their price objective for the stock from $57.00 to $38.00 in a research note on Monday, August 26th. JPMorgan Chase & Co. set a $45.00 price objective on shares of Cree and gave the stock a “neutral” rating in a research note on Tuesday, August 27th. BNP Paribas began coverage on shares of Cree in a research note on Thursday, August 29th. They issued an “underperform” rating and a $40.00 price objective on the stock. Finally, BMO Capital Markets reduced their price objective on shares of Cree from $55.00 to $50.00 and set a “market perform” rating on the stock in a research note on Wednesday, August 21st. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Hold” and an average target price of $56.75.

Shares of NASDAQ CREE traded up $0.45 during trading on Friday, hitting $51.22. 115,433 shares of the company traded hands, compared to its average volume of 2,490,728. The business’s fifty day moving average is $53.48 and its 200 day moving average is $57.88. Cree, Inc. has a fifty-two week low of $33.72 and a fifty-two week high of $69.21. The firm has a market capitalization of $5.46 billion, a price-to-earnings ratio of 142.28 and a beta of 0.92. The company has a debt-to-equity ratio of 0.23, a quick ratio of 4.57 and a current ratio of 5.27.

Cree (NASDAQ:CREE) last announced its quarterly earnings data on Tuesday, August 20th. The LED producer reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.09). Cree had a negative net margin of 27.86% and a positive return on equity of 1.23%. The company had revenue of $251.00 million for the quarter, compared to analyst estimates of $248.95 million. During the same quarter in the prior year, the company posted $0.11 EPS. Cree’s revenue for the quarter was down 5.6% on a year-over-year basis. On average, analysts predict that Cree, Inc. will post -0.2 EPS for the current year.

Cree Profile

Cree, Inc provides lighting-class light emitting diode (LED), lighting, and semiconductor products for power and radio-frequency (RF) applications in the United States, China, Europe, South Korea, Japan, Malaysia, Taiwan, and internationally. It operates in three segments: Wolfspeed, LED Products, and Lighting Products.

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Institutional Ownership by Quarter for Cree (NASDAQ:CREE)

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