Cree Inc. (CREE) to Release Earnings on Tuesday
Cree Inc. (NASDAQ:CREE) is scheduled to announce its Q117 earnings results on Tuesday, October 18th. Analysts expect the company to announce earnings of $0.11 per share and revenue of $322.77 million for the quarter.
Cree (NASDAQ:CREE) last posted its quarterly earnings results on Tuesday, August 16th. The LED producer reported $0.19 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.20 by $0.01. Cree had a negative net margin of 1.25% and a positive return on equity of 1.81%. The business earned $388.40 million during the quarter, compared to analysts’ expectations of $385.83 million. During the same quarter in the previous year, the business posted ($0.19) EPS. The company’s quarterly revenue was up 1.6% on a year-over-year basis. On average, analysts expect Cree to post $0.56 EPS for the current fiscal year and $0.73 EPS for the next fiscal year.
Cree Inc. (NASDAQ:CREE) opened at 24.92 on Monday. The stock’s market cap is $2.51 billion. The company has a 50-day moving average of $24.74 and a 200 day moving average of $25.18. Cree Inc. has a 12-month low of $22.10 and a 12-month high of $32.92.
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In related news, Director John B. Replogle bought 5,000 shares of the firm’s stock in a transaction on Thursday, August 18th. The stock was purchased at an average price of $23.33 per share, with a total value of $116,650.00. Following the completion of the transaction, the director now directly owns 35,123 shares of the company’s stock, valued at $819,419.59. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 1.30% of the company’s stock.
A number of large investors have recently made changes to their positions in the company. BlackRock Investment Management LLC boosted its stake in shares of Cree by 0.3% in the second quarter. BlackRock Investment Management LLC now owns 292,914 shares of the LED producer’s stock worth $7,159,000 after buying an additional 747 shares during the last quarter. BlackRock Inc. raised its position in shares of Cree by 25.8% in the second quarter. BlackRock Inc. now owns 58,682 shares of the LED producer’s stock worth $1,434,000 after buying an additional 12,035 shares during the period. BlackRock Fund Advisors raised its position in shares of Cree by 3.1% in the second quarter. BlackRock Fund Advisors now owns 3,481,881 shares of the LED producer’s stock worth $85,097,000 after buying an additional 106,194 shares during the period. BlackRock Group LTD raised its position in shares of Cree by 13.4% in the second quarter. BlackRock Group LTD now owns 88,165 shares of the LED producer’s stock worth $2,155,000 after buying an additional 10,432 shares during the period. Finally, HighTower Advisors LLC raised its position in shares of Cree by 1.8% in the second quarter. HighTower Advisors LLC now owns 33,860 shares of the LED producer’s stock worth $830,000 after buying an additional 584 shares during the period. 83.26% of the stock is owned by hedge funds and other institutional investors.
Several equities research analysts have commented on the stock. Needham & Company LLC reiterated a “hold” rating on shares of Cree in a research report on Sunday, July 17th. Cowen and Company restated a “hold” rating on shares of Cree in a report on Sunday, July 17th. Canaccord Genuity restated a “hold” rating and set a $24.00 price objective (up previously from $19.00) on shares of Cree in a report on Sunday, July 17th. Goldman Sachs Group Inc. cut their price objective on Cree from $20.00 to $18.00 and set a “sell” rating on the stock in a report on Wednesday, August 17th. Finally, Oppenheimer Holdings Inc. restated a “market perform” rating on shares of Cree in a report on Thursday, August 18th. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating and four have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $32.67.
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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