Northern Trust Corp raised its position in shares of Cree, Inc. (NASDAQ:CREE) by 1.2% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,431,299 shares of the LED producer’s stock after purchasing an additional 17,209 shares during the period. Northern Trust Corp owned about 1.42% of Cree worth $57,696,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Schwab Charles Investment Management Inc. raised its position in shares of Cree by 5.7% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 758,095 shares of the LED producer’s stock worth $28,156,000 after acquiring an additional 40,559 shares in the last quarter. Strs Ohio grew its stake in Cree by 103.5% during the 4th quarter. Strs Ohio now owns 11,600 shares of the LED producer’s stock worth $430,000 after buying an additional 5,900 shares during the last quarter. SG Americas Securities LLC purchased a new position in Cree during the 4th quarter worth $753,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Cree by 41.8% during the 4th 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 during the last quarter. Finally, Victory Capital Management Inc. grew its stake in Cree by 91.0% during the 4th quarter. Victory Capital Management Inc. now owns 908,277 shares of the LED producer’s stock valued at $33,734,000 after purchasing an additional 432,756 shares during the last quarter. 98.73% of the stock is owned by institutional investors and hedge funds.
CREE opened at $47.66 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.46 and a current ratio of 3.74. Cree, Inc. has a one year low of $20.50 and a one year high of $50.67. The stock has a market cap of $4.83 billion, a PE ratio of 250.84 and a beta of 0.67.
Cree (NASDAQ:CREE) last released its quarterly earnings results on Tuesday, April 24th. The LED producer reported $0.04 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.01 by $0.03. Cree had a negative return on equity of 1.10% and a negative net margin of 17.50%. The firm had revenue of $355.96 million for the quarter, compared to analyst estimates of $347.38 million. During the same quarter last year, the company posted $0.01 earnings per share. The business’s revenue was up 4.2% on a year-over-year basis. equities research analysts anticipate that Cree, Inc. will post -0.24 EPS for the current year.
In other news, insider Michael E. Mcdevitt sold 7,000 shares of the business’s stock in a transaction that occurred on Thursday, April 26th. The stock was sold at an average price of $39.36, for a total transaction of $275,520.00. Following the sale, the insider now owns 169,924 shares of the company’s stock, valued at approximately $6,688,208.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.10% of the stock is owned by insiders.
A number of brokerages have recently commented on CREE. Williams Capital restated a “hold” rating and issued a $36.00 target price (up previously from $32.00) on shares of Cree in a research note on Tuesday, February 27th. BidaskClub cut Cree from a “strong-buy” rating to a “buy” rating in a report on Thursday, March 1st. Goldman Sachs Group raised Cree from a “sell” rating to a “neutral” rating and upped their price target for the stock from $39.00 to $41.76 in a report on Wednesday, March 7th. Cowen set a $37.00 target price on Cree and gave the company a “hold” rating in a report on Tuesday, March 6th. Finally, KeyCorp reaffirmed a “hold” rating on shares of Cree in a report on Wednesday, March 7th. Three equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and seven have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $37.20.
Cree Company 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. Its Lighting Products segment offers LED lighting systems and bulbs for use in settings, such as office and retail space, restaurants and hospitality, schools and universities, manufacturing, healthcare, airports, municipal, residential, street lighting and parking structures, and other applications.
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