Cree, Inc. (NASDAQ:CREE) posted its quarterly earnings data on Tuesday. The LED producer reported $0.04 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.04, Bloomberg Earnings reports. The firm had revenue of $359 million for the quarter, compared to analysts’ expectations of $349.82 million. Cree had a negative net margin of 7.36% and a positive return on equity of 0.33%. The business’s quarterly revenue was down 7.6% on a year-over-year basis. During the same quarter last year, the company posted $0.19 EPS. Cree updated its Q1 guidance to $0.02-0.06 EPS.

Cree (NASDAQ CREE) traded up 2.04% during midday trading on Tuesday, reaching $23.03. 2,151,444 shares of the company were exchanged. Cree has a 52 week low of $20.75 and a 52 week high of $31.64. The stock’s market capitalization is $2.24 billion. The firm’s 50 day moving average price is $25.01 and its 200-day moving average price is $25.07.

Hedge funds have recently bought and sold shares of the company. Wrapmanager Inc. increased its stake in Cree by 10.1% in the first quarter. Wrapmanager Inc. now owns 10,727 shares of the LED producer’s stock worth $287,000 after buying an additional 988 shares in the last quarter. Chicago Equity Partners LLC raised its stake in shares of Cree by 5.4% in the first quarter. Chicago Equity Partners LLC now owns 118,290 shares of the LED producer’s stock worth $3,162,000 after buying an additional 6,020 shares during the period. Eqis Capital Management Inc. raised its stake in shares of Cree by 22.6% in the first quarter. Eqis Capital Management Inc. now owns 28,605 shares of the LED producer’s stock worth $765,000 after buying an additional 5,265 shares during the period. Wedge Capital Management L L P NC raised its stake in shares of Cree by 3.6% in the first quarter. Wedge Capital Management L L P NC now owns 23,087 shares of the LED producer’s stock worth $617,000 after buying an additional 802 shares during the period. Finally, Great West Life Assurance Co. Can raised its stake in shares of Cree by 2.6% in the first quarter. Great West Life Assurance Co. Can now owns 57,917 shares of the LED producer’s stock worth $1,547,000 after buying an additional 1,457 shares during the period. 86.52% of the stock is currently owned by institutional investors.

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CREE has been the topic of a number of analyst reports. Williams Capital cut their price target on shares of Cree from $27.00 to $25.00 and set a “hold” rating on the stock in a report on Wednesday, April 26th. Cowen and Company reissued a “market perform” rating on shares of Cree in a report on Wednesday, April 26th. Deutsche Bank AG reaffirmed a “hold” rating and set a $24.00 target price (down previously from $28.00) on shares of Cree in a research note on Saturday, April 29th. Zacks Investment Research lowered shares of Cree from a “hold” rating to a “strong sell” rating in a research note on Monday, May 1st. Finally, TheStreet lowered shares of Cree from a “c-” rating to a “d+” rating in a research note on Wednesday, May 17th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and two have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $25.00.

About Cree

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.

Earnings History for Cree (NASDAQ:CREE)

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