Cree’s (CREE) Equal Weight Rating Reaffirmed at Stephens
Cree Inc. (NASDAQ:CREE)‘s stock had its “equal weight” rating restated by equities researchers at Stephens in a research note issued to investors on Wednesday.
Other equities research analysts have also recently issued research reports about the stock. Needham & Company LLC reissued a “hold” rating on shares of Cree in a research report on Sunday, July 17th. Cowen and Company reissued a “hold” rating on shares of Cree in a research report on Sunday, July 17th. Canaccord Genuity reissued a “hold” rating and set a $24.00 target price (up previously from $19.00) on shares of Cree in a research report on Sunday, July 17th. Zacks Investment Research raised shares of Cree from a “sell” rating to a “hold” rating in a research report on Tuesday. Finally, Goldman Sachs Group Inc. decreased their target price on shares of Cree from $20.00 to $18.00 and set a “sell” rating for the company in a research report on Wednesday, August 17th. Two analysts have rated the stock with a sell rating, fourteen have given a hold rating and three have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $32.67.
Shares of Cree (NASDAQ:CREE) opened at 25.20 on Wednesday. The firm has a 50-day moving average of $24.77 and a 200-day moving average of $25.08. The company’s market cap is $2.54 billion. Cree has a 52-week low of $22.10 and a 52-week high of $32.92.
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Cree (NASDAQ:CREE) last posted its earnings results on Tuesday, October 18th. The LED producer reported $0.15 EPS for the quarter, beating the Zacks’ consensus estimate 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 company earned $321.30 million during the quarter, compared to analysts’ expectations of $322.77 million. During the same quarter in the prior year, the company posted $0.21 earnings per share. Cree’s revenue for the quarter was down 15.8% compared to the same quarter last year. Equities research analysts forecast that Cree will post $0.56 earnings per share for the current year.
In other news, Director John B. Replogle bought 5,000 shares of Cree stock in a transaction 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 completion of the purchase, the director now directly owns 35,123 shares of the company’s stock, valued at $819,419.59. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.30% of the stock is currently owned by insiders.
A number of institutional investors have recently modified their holdings of the company. TIAA CREF Investment Management LLC increased its position in shares of Cree by 94.1% in the first quarter. TIAA CREF Investment Management LLC now owns 457,434 shares of the LED producer’s stock worth $13,311,000 after buying an additional 221,730 shares during the period. Teachers Advisors Inc. increased its position in shares of Cree by 70.9% in the first quarter. Teachers Advisors Inc. now owns 174,408 shares of the LED producer’s stock worth $5,075,000 after buying an additional 72,327 shares during the period. BlackRock Inc. increased its position in shares of Cree by 22.0% in the first quarter. BlackRock Inc. now owns 46,647 shares of the LED producer’s stock worth $1,357,000 after buying an additional 8,424 shares during the period. BlackRock Group LTD increased its position in shares of Cree by 30.4% in the first quarter. BlackRock Group LTD now owns 77,733 shares of the LED producer’s stock worth $2,262,000 after buying an additional 18,102 shares during the period. Finally, Royce & Associates LP increased its position in shares of Cree by 2.1% in the first quarter. Royce & Associates LP now owns 273,700 shares of the LED producer’s stock worth $7,965,000 after buying an additional 5,500 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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