Brandywine Global Investment Management LLC reduced its position in Cree, Inc. (NASDAQ:CREE) by 12.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 288,471 shares of the LED producer’s stock after selling 41,595 shares during the quarter. Brandywine Global Investment Management LLC owned approximately 0.29% of Cree worth $10,714,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CREE. Crossmark Global Holdings Inc. acquired a new position in Cree in the 3rd quarter valued at about $325,000. Victory Capital Management Inc. acquired a new position in Cree in the 3rd quarter valued at about $13,405,000. Principal Financial Group Inc. grew its position in Cree by 1.8% in the 3rd quarter. Principal Financial Group Inc. now owns 417,150 shares of the LED producer’s stock valued at $11,760,000 after acquiring an additional 7,340 shares in the last quarter. Sei Investments Co. grew its position in Cree by 1,632.9% in the 3rd quarter. Sei Investments Co. now owns 22,060 shares of the LED producer’s stock valued at $622,000 after acquiring an additional 20,787 shares in the last quarter. Finally, New York State Common Retirement Fund grew its position in Cree by 49.6% in the 3rd quarter. New York State Common Retirement Fund now owns 231,689 shares of the LED producer’s stock valued at $6,531,000 after acquiring an additional 76,765 shares in the last quarter. 98.94% of the stock is owned by institutional investors.
Cree, Inc. (CREE) opened at $42.17 on Wednesday. The company has a quick ratio of 3.48, a current ratio of 4.59 and a debt-to-equity ratio of 0.05. The stock has a market capitalization of $4,190.30, a P/E ratio of -36.99 and a beta of 0.79. Cree, Inc. has a fifty-two week low of $20.50 and a fifty-two week high of $43.23.
Several equities analysts have weighed in on the company. KeyCorp reaffirmed a “hold” rating on shares of Cree in a research report on Wednesday, March 7th. Cowen set a $37.00 target price on Cree and gave the company a “hold” rating in a research report on Tuesday, March 6th. Williams Capital reissued a “hold” rating and set a $38.00 price objective (up from $36.00) on shares of Cree in a research report on Wednesday, March 7th. Goldman Sachs Group raised Cree from a “sell” rating to a “neutral” rating and boosted their price objective for the stock from $39.00 to $41.76 in a research report on Wednesday, March 7th. Finally, Northland Securities reissued an “under perform” rating and set a $28.00 price objective on shares of Cree in a research report on Tuesday, December 19th. They noted that the move was a valuation call. Four research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $33.17.
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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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