Cree Inc. (CREE) Downgraded by Stephens to “Equal Weight”
Cree Inc. (NASDAQ:CREE) was downgraded by analysts at Stephens from an “overweight” rating to an “equal weight” rating in a research report issued on Wednesday.
A number of other equities research analysts have also recently commented on CREE. Zacks Investment Research raised shares of Cree from a “sell” rating to a “hold” rating in a research note on Tuesday. Williams Capital initiated coverage on shares of Cree in a research note on Friday, September 30th. They set a “hold” rating and a $23.00 price objective on the stock. Canaccord Genuity reiterated a “hold” rating on shares of Cree in a research report on Friday, September 23rd. Roth Capital initiated coverage on Cree in a research report on Thursday, August 25th. They set a “buy” rating and a $34.00 target price on the stock. Finally, Oppenheimer Holdings Inc. reiterated a “market perform” rating on shares of Cree in a research report on Thursday, August 18th. Two equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and three have issued a buy rating to the stock. Cree currently has a consensus rating of “Hold” and a consensus target price of $32.67.
Cree (NASDAQ:CREE) opened at 25.20 on Wednesday. The stock’s market cap is $2.54 billion. The stock has a 50 day moving average of $24.77 and a 200 day moving average of $25.08. Cree has a 12-month low of $22.10 and a 12-month high of $32.92.
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Cree (NASDAQ:CREE) last issued its quarterly earnings results on Tuesday, October 18th. The LED producer reported $0.15 earnings per share for the quarter, topping the Thomson Reuters’ 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 had revenue of $321.30 million for the quarter, compared to the consensus estimate of $322.77 million. During the same quarter in the prior year, the company earned $0.21 EPS. Cree’s quarterly revenue was down 15.8% on a year-over-year basis. On average, equities research analysts anticipate that Cree will post $0.56 earnings per share for the current fiscal year.
In other Cree news, Director John B. Replogle acquired 5,000 shares of the business’s stock in a transaction that occurred on Thursday, August 18th. The stock was purchased at an average cost of $23.33 per share, with a total value of $116,650.00. Following the transaction, the director now owns 35,123 shares of the company’s stock, valued at $819,419.59. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 1.30% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. BlackRock Group LTD increased its position in Cree by 30.4% in the first quarter. BlackRock Group LTD now owns 77,733 shares of the LED producer’s stock valued at $2,262,000 after buying an additional 18,102 shares in the last quarter. Nuveen Asset Management LLC increased its position in Cree by 95.3% in the first quarter. Nuveen Asset Management LLC now owns 80,946 shares of the LED producer’s stock valued at $2,356,000 after buying an additional 39,500 shares in the last quarter. Creative Planning increased its position in Cree by 44.4% in the second quarter. Creative Planning now owns 10,529 shares of the LED producer’s stock valued at $257,000 after buying an additional 3,235 shares in the last quarter. HBK Investments L P purchased a new position in Cree during the first quarter valued at $324,000. Finally, Invictus RG increased its position in Cree by 1,242.2% in the first quarter. Invictus RG now owns 11,006 shares of the LED producer’s stock valued at $320,000 after buying an additional 10,186 shares in the last quarter. 83.24% of the stock is owned by hedge funds and other 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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