Analysts Anticipate Cree, Inc. (CREE) Will Announce Quarterly Sales of $361.31 Million
Wall Street analysts predict that Cree, Inc. (NASDAQ:CREE) will announce $361.31 million in sales for the current fiscal quarter, Zacks Investment Research reports. Seven analysts have issued estimates for Cree’s earnings. The lowest sales estimate is $359.30 million and the highest is $364.00 million. Cree posted sales of $321.33 million in the same quarter last year, which suggests a positive year over year growth rate of 12.4%. The business is expected to report its next earnings report after the market closes on Tuesday, October 17th.
On average, analysts expect that Cree will report full-year sales of $361.31 million for the current fiscal year, with estimates ranging from $1.43 billion to $1.52 billion. For the next fiscal year, analysts anticipate that the firm will report sales of $1.54 billion per share, with estimates ranging from $1.46 billion to $1.63 billion. Zacks’ sales averages are an average based on a survey of analysts that follow Cree.
Cree (NASDAQ:CREE) last posted its earnings results on Tuesday, August 22nd. The LED producer reported $0.04 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.04. The firm had revenue of $359.00 million during the quarter, compared to analysts’ expectations of $349.82 million. Cree had a negative net margin of 7.17% and a negative return on equity of 0.13%. The business’s revenue was down 7.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.19 EPS.
Several hedge funds have recently bought and sold shares of the stock. Ardsley Advisory Partners acquired a new stake in shares of Cree during the 2nd quarter valued at approximately $1,849,000. Robecosam AG raised its position in shares of Cree by 86.7% during the 2nd quarter. Robecosam AG now owns 504,000 shares of the LED producer’s stock valued at $12,494,000 after acquiring an additional 234,000 shares in the last quarter. Ameritas Investment Partners Inc. raised its position in shares of Cree by 29.9% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 37,291 shares of the LED producer’s stock valued at $919,000 after acquiring an additional 8,577 shares in the last quarter. Raymond James Financial Services Advisors Inc. raised its position in shares of Cree by 1.8% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 34,696 shares of the LED producer’s stock valued at $855,000 after acquiring an additional 627 shares in the last quarter. Finally, Fairpointe Capital LLC raised its position in shares of Cree by 8.8% during the 2nd quarter. Fairpointe Capital LLC now owns 6,070,231 shares of the LED producer’s stock valued at $149,631,000 after acquiring an additional 492,465 shares in the last quarter. 91.37% of the stock is currently owned by institutional investors and hedge funds.
Cree (NASDAQ CREE) opened at 29.46 on Wednesday. Cree has a 52-week low of $20.50 and a 52-week high of $31.64. The firm’s 50-day moving average is $25.65 and its 200-day moving average is $24.75. The firm’s market capitalization is $2.87 billion.
Cree Company Profile
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Cree Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cree Inc. and related companies with MarketBeat.com's FREE daily email newsletter.