South Dakota Investment Council maintained its stake in shares of Cree, Inc. (NASDAQ:CREE) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 289,101 shares of the LED producer’s stock at the close of the 2nd quarter. South Dakota Investment Council owned approximately 0.30% of Cree worth $7,126,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Morgan Stanley boosted its position in shares of Cree by 9.0% during the 1st quarter. Morgan Stanley now owns 837,690 shares of the LED producer’s stock worth $22,391,000 after purchasing an additional 68,829 shares in the last quarter. Stephens Inc. AR lifted its position in Cree by 87.4% in the 1st quarter. Stephens Inc. AR now owns 38,672 shares of the LED producer’s stock valued at $1,034,000 after acquiring an additional 18,037 shares in the last quarter. Wells Fargo & Company MN lifted its position in Cree by 11.3% in the 1st quarter. Wells Fargo & Company MN now owns 895,305 shares of the LED producer’s stock valued at $23,932,000 after acquiring an additional 90,630 shares in the last quarter. JPMorgan Chase & Co. bought a new position in Cree in the 1st quarter valued at about $346,000. Finally, Teachers Advisors LLC lifted its position in Cree by 5.6% in the 4th quarter. Teachers Advisors LLC now owns 107,133 shares of the LED producer’s stock valued at $2,827,000 after acquiring an additional 5,650 shares in the last quarter. Hedge funds and other institutional investors own 91.19% of the company’s stock.
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Several equities analysts have commented on CREE shares. ValuEngine raised shares of Cree from a “sell” rating to a “hold” rating in a research report on Friday, September 1st. KeyCorp restated an “equal weight” rating and set a $21.00 price target on shares of Cree in a research note on Friday, August 25th. Bank of America Corporation decreased their price target on shares of Cree from $28.00 to $26.00 and set a “neutral” rating for the company in a research note on Wednesday, August 23rd. Cowen and Company set a $22.00 price target on shares of Cree and gave the stock a “hold” rating in a research note on Wednesday, August 23rd. Finally, Deutsche Bank AG reaffirmed a “hold” rating and set a $22.00 price objective (down from $24.00) on shares of Cree in a report on Wednesday, August 23rd. Five analysts have rated the stock with a sell rating, ten have given a hold rating and two have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $23.73.
Cree, Inc. (NASDAQ CREE) traded up 1.32% during trading on Friday, hitting $24.57. 286,054 shares of the company traded hands. The company’s 50-day moving average is $24.03 and its 200 day moving average is $24.74. Cree, Inc. has a 52-week low of $20.50 and a 52-week high of $31.64. The firm’s market cap is $2.40 billion.
Cree (NASDAQ:CREE) last issued its quarterly earnings results on Tuesday, August 22nd. The LED producer reported $0.04 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.04. Cree had a negative return on equity of 0.13% and a negative net margin of 7.17%. The firm had revenue of $359.00 million during the quarter, compared to the consensus estimate of $349.82 million. During the same period last year, the company earned $0.19 earnings per share. The company’s revenue for the quarter was down 7.6% on a year-over-year basis. On average, equities analysts anticipate that Cree, Inc. will post $0.36 earnings per share for the current year.
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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