Cree, Inc. (CREE) Announces Quarterly Earnings Results
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.
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.
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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