Williams Capital Lowers Cree, Inc. (CREE) to Sell
Cree, Inc. (NASDAQ:CREE) was downgraded by analysts at Williams Capital from a “hold” rating to a “sell” rating in a report released on Thursday. They presently have a $27.00 price target on the LED producer’s stock. Williams Capital’s price objective points to a potential downside of 20.96% from the company’s previous close.
Several other equities analysts have also recently commented on CREE. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Cree in a research report on Wednesday. Roth Capital set a $35.00 target price on shares of Cree and gave the stock a “buy” rating in a research report on Monday. Bank of America Corporation lifted their target price on shares of Cree from $31.00 to $32.00 and gave the stock a “neutral” rating in a research report on Wednesday. TheStreet raised shares of Cree from a “d+” rating to a “c-” rating in a research report on Wednesday, September 27th. Finally, JMP Securities lifted their target price on shares of Cree from $29.00 to $41.00 and gave the stock an “outperform” rating in a research report on Wednesday. Seven equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $25.58.
Cree (NASDAQ:CREE) opened at 34.16 on Thursday. Cree has a 12 month low of $20.50 and a 12 month high of $35.46. The firm’s market cap is $3.33 billion. The firm’s 50-day moving average price is $26.85 and its 200-day moving average price is $24.90.
Cree (NASDAQ:CREE) last posted its earnings results on Tuesday, October 17th. The LED producer reported $0.04 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.04. Cree had a negative net margin of 8.42% and a negative return on equity of 0.44%. The firm had revenue of $360.00 million for the quarter, compared to analysts’ expectations of $360.01 million. During the same quarter last year, the firm earned $0.09 EPS. The company’s quarterly revenue was down 3.0% compared to the same quarter last year. On average, equities research analysts expect that Cree will post $0.29 EPS for the current fiscal year.
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A number of institutional investors have recently added to or reduced their stakes in CREE. BlackRock Inc. grew its stake in Cree by 13,401.9% in the 1st quarter. BlackRock Inc. now owns 8,080,185 shares of the LED producer’s stock valued at $215,984,000 after buying an additional 8,020,340 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Cree by 13.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 7,784,651 shares of the LED producer’s stock valued at $191,893,000 after buying an additional 897,753 shares in the last quarter. State Street Corp grew its stake in Cree by 24.2% in the 2nd quarter. State Street Corp now owns 3,688,186 shares of the LED producer’s stock valued at $90,915,000 after buying an additional 717,698 shares in the last quarter. Fairpointe Capital LLC grew its stake in Cree by 8.8% in the 2nd quarter. Fairpointe Capital LLC now owns 6,070,231 shares of the LED producer’s stock valued at $149,631,000 after buying an additional 492,465 shares in the last quarter. Finally, FIL Ltd grew its stake in Cree by 37.7% in the 2nd quarter. FIL Ltd now owns 1,382,176 shares of the LED producer’s stock valued at $34,070,000 after buying an additional 378,590 shares in the last quarter. Institutional investors and hedge funds own 91.16% of the company’s stock.
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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