Cree, Inc. (CREE) Expected to Post Quarterly Sales of $346.65 Million

Equities research analysts predict that Cree, Inc. (NASDAQ:CREE) will report $346.65 million in sales for the current fiscal quarter, Zacks Investment Research reports. Six analysts have provided estimates for Cree’s earnings, with the highest sales estimate coming in at $350.32 million and the lowest estimate coming in at $342.50 million. Cree reported sales of $341.51 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 1.5%. The business is expected to issue its next earnings results on Tuesday, April 24th.

According to Zacks, analysts expect that Cree will report full year sales of $346.65 million for the current year, with estimates ranging from $1.42 billion to $1.45 billion. For the next fiscal year, analysts forecast that the business will post sales of $1.53 billion per share, with estimates ranging from $1.49 billion to $1.60 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Cree.

Cree (NASDAQ:CREE) last issued its quarterly earnings data on Tuesday, January 23rd. The LED producer reported ($0.01) EPS for the quarter, missing the consensus estimate of $0.01 by ($0.02). The firm had revenue of $367.87 million for the quarter, compared to the consensus estimate of $349.62 million. Cree had a negative net margin of 7.77% and a negative return on equity of 1.24%. The business’s revenue was down 8.3% on a year-over-year basis. During the same period last year, the company posted $0.30 earnings per share.

Several equities analysts have recently commented on the stock. Zacks Investment Research raised shares of Cree from a “sell” rating to a “hold” rating in a research note on Friday, November 17th. KeyCorp reaffirmed a “hold” rating on shares of Cree in a research note on Monday, December 11th. Roth Capital set a $35.00 price objective on shares of Cree and gave the company a “buy” rating in a research note on Monday, October 16th. JPMorgan Chase & Co. downgraded shares of Cree from a “neutral” rating to an “underweight” rating and upped their price objective for the company from $23.00 to $28.00 in a research note on Friday, October 6th. Finally, Williams Capital downgraded shares of Cree from a “hold” rating to a “sell” rating and set a $27.00 price objective for the company. in a research note on Thursday, October 19th. Six investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and two have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $30.42.

A number of hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. raised its stake in Cree by 26.8% in the second quarter. BlackRock Inc. now owns 10,245,032 shares of the LED producer’s stock worth $252,541,000 after buying an additional 2,164,847 shares in the last quarter. Vanguard Group Inc. raised its stake in Cree by 3.0% in the second quarter. Vanguard Group Inc. now owns 8,226,854 shares of the LED producer’s stock worth $202,792,000 after buying an additional 236,090 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Cree by 5.6% in the third quarter. Dimensional Fund Advisors LP now owns 8,220,052 shares of the LED producer’s stock worth $231,723,000 after buying an additional 435,401 shares in the last quarter. Fairpointe Capital LLC raised its stake in Cree by 8.8% in the second quarter. Fairpointe Capital LLC now owns 6,070,231 shares of the LED producer’s stock worth $149,631,000 after buying an additional 492,465 shares in the last quarter. Finally, State Street Corp raised its stake in Cree by 24.2% in the second quarter. State Street Corp now owns 3,688,186 shares of the LED producer’s stock worth $90,915,000 after buying an additional 717,698 shares in the last quarter. 98.76% of the stock is owned by institutional investors.

Cree (NASDAQ CREE) opened at $35.20 on Friday. The company has a market cap of $3,500.00, a PE ratio of -30.88 and a beta of 1.26. The company has a debt-to-equity ratio of 0.05, a quick ratio of 3.61 and a current ratio of 4.59. Cree has a one year low of $20.50 and a one year high of $40.24.

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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.

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