Cree Inc. (CREE) Releases Earnings Results, Beats Estimates By $0.04 EPS
Cree Inc. (NASDAQ:CREE) posted its quarterly earnings results on Tuesday. The LED producer reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.11 by $0.04. Cree had a positive return on equity of 1.81% and a negative net margin of 1.25%.
Shares of Cree (NASDAQ:CREE) traded up 1.61% during midday trading on Tuesday, hitting $25.20. The company had a trading volume of 1,997,207 shares. The company’s market capitalization is $2.54 billion. Cree has a 52 week low of $22.10 and a 52 week high of $32.92. The firm’s 50 day moving average is $24.76 and its 200 day moving average is $25.08.
In other news, Director John B. Replogle purchased 5,000 shares of the stock in a transaction on Thursday, August 18th. The shares were acquired at an average price of $23.33 per share, for a total transaction 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 approximately $819,419.59. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 1.30% of the company’s stock.
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A number of large investors have recently added to or reduced their stakes in the stock. FIL Ltd purchased a new stake in Cree during the second quarter worth $14,077,000. Fairpointe Capital LLC increased its stake in Cree by 8.8% in the second quarter. Fairpointe Capital LLC now owns 5,742,731 shares of the LED producer’s stock worth $140,352,000 after buying an additional 463,800 shares during the last quarter. Canada Pension Plan Investment Board increased its stake in Cree by 107.1% in the second quarter. Canada Pension Plan Investment Board now owns 547,243 shares of the LED producer’s stock worth $13,375,000 after buying an additional 283,000 shares during the last quarter. BlackRock Fund Advisors increased its stake in 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 last quarter. Finally, Janus Capital Management LLC purchased a new stake in Cree during the second quarter worth $2,173,000. Institutional investors and hedge funds own 83.24% of the company’s stock.
A number of equities analysts have recently commented on the company. Needham & Company LLC reissued a “hold” rating on shares of Cree in a report on Sunday, July 17th. Cowen and Company reissued a “hold” rating on shares of Cree in a report on Sunday, July 17th. Canaccord Genuity reissued a “hold” rating and set a $24.00 price target (up previously from $19.00) on shares of Cree in a report on Sunday, July 17th. Oppenheimer Holdings Inc. reissued a “market perform” rating on shares of Cree in a report on Thursday, August 18th. Finally, Deutsche Bank AG boosted their price target on Cree from $23.00 to $26.00 and gave the stock a “hold” rating in a report on Friday, July 15th. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating and four have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus 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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