Cree Inc. (CREE) Releases Q2 Earnings Guidance
Cree Inc. (NASDAQ:CREE) updated its second quarter earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $0.04-0.10 for the period, compared to the Thomson Reuters consensus estimate of $0.13. The company issued revenue guidance of $310-330 million, compared to the consensus revenue estimate of $336.73 million.
Cree Inc. (NASDAQ:CREE) traded up 1.61% on Tuesday, hitting $25.20. The stock had a trading volume of 2,068,783 shares. The firm’s market cap is $2.54 billion. The company’s 50 day moving average price is $24.76 and its 200 day moving average price is $25.08. Cree Inc. has a 52-week low of $22.10 and a 52-week high of $32.92.
Cree (NASDAQ:CREE) last issued its quarterly earnings data on Tuesday, October 18th. The LED producer reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.11 by $0.04. Cree had a negative net margin of 1.25% and a positive return on equity of 1.81%. The firm earned $321.30 million during the quarter, compared to the consensus estimate of $322.77 million. During the same quarter in the previous year, the firm posted $0.21 EPS. The company’s revenue for the quarter was down 15.8% compared to the same quarter last year. Analysts expect that Cree Inc. will post $0.56 EPS for the current year.
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A number of brokerages have recently issued reports on CREE. Needham & Company LLC reissued a hold rating on shares of Cree in a research report on Sunday, July 17th. Cowen and Company reaffirmed a hold rating on shares of Cree in a report on Sunday, July 17th. Canaccord Genuity reaffirmed a hold rating and issued a $24.00 target price (up previously from $19.00) on shares of Cree in a report on Sunday, July 17th. Oppenheimer Holdings Inc. reaffirmed a market perform rating on shares of Cree in a report on Thursday, August 18th. Finally, Deutsche Bank AG upped their target price on shares of Cree from $23.00 to $26.00 and gave the stock a hold rating in a report on Friday, July 15th. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and four have issued a buy rating to the stock. The stock has a consensus rating of Hold and a consensus price target of $32.67.
In other news, Director John B. Replogle acquired 5,000 shares of Cree stock in a transaction that occurred on Thursday, August 18th. The shares were bought at an average cost of $23.33 per share, with a total value of $116,650.00. Following 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 Securities & Exchange Commission, which is accessible through this link. Insiders own 1.30% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the company. BlackRock Investment Management LLC raised its stake in 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 period. BlackRock Inc. raised its stake in 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 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 period. BlackRock Group LTD raised its stake in 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. 83.24% of the stock is currently owned by institutional investors.
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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