Russell Investments Group Ltd. grew its stake in Cree, Inc. (NASDAQ:CREE) by 7.3% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 38,365 shares of the LED producer’s stock after purchasing an additional 2,595 shares during the period. Russell Investments Group Ltd.’s holdings in Cree were worth $1,453,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. First Trust Advisors LP raised its stake in Cree by 13.1% during the 2nd quarter. First Trust Advisors LP now owns 120,344 shares of the LED producer’s stock valued at $5,003,000 after purchasing an additional 13,968 shares during the period. CIBC Private Wealth Group LLC raised its stake in Cree by 1,348.0% during the 2nd quarter. CIBC Private Wealth Group LLC now owns 13,611 shares of the LED producer’s stock valued at $565,000 after purchasing an additional 12,671 shares during the period. KBC Group NV raised its stake in Cree by 18.5% during the 2nd quarter. KBC Group NV now owns 23,550 shares of the LED producer’s stock valued at $979,000 after purchasing an additional 3,677 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new stake in Cree during the 2nd quarter valued at approximately $1,128,000. Finally, Sei Investments Co. raised its stake in Cree by 60.3% during the 2nd quarter. Sei Investments Co. now owns 255,282 shares of the LED producer’s stock valued at $10,612,000 after purchasing an additional 96,041 shares during the period.
NASDAQ:CREE opened at $43.87 on Friday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 3.15 and a current ratio of 4.19. Cree, Inc. has a 1 year low of $30.78 and a 1 year high of $51.78. The company has a market capitalization of $4.71 billion, a price-to-earnings ratio of -292.47 and a beta of 0.51.
Cree (NASDAQ:CREE) last released its quarterly earnings data on Tuesday, October 16th. The LED producer reported $0.22 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.12 by $0.10. Cree had a negative return on equity of 0.10% and a negative net margin of 17.60%. The business had revenue of $408.28 million for the quarter, compared to the consensus estimate of $407.32 million. During the same quarter in the previous year, the company posted $0.04 EPS. The company’s revenue was up 13.3% compared to the same quarter last year. On average, equities analysts expect that Cree, Inc. will post 0.33 earnings per share for the current fiscal year.
Several analysts recently issued reports on CREE shares. Cowen set a $38.00 target price on Cree and gave the company a “hold” rating in a research note on Thursday, October 11th. ValuEngine raised Cree from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 18th. Roth Capital raised Cree from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $50.00 to $60.00 in a research note on Tuesday, September 11th. JMP Securities set a $46.00 price objective on Cree and gave the stock a “buy” rating in a research note on Wednesday, October 17th. Finally, BidaskClub raised Cree from a “hold” rating to a “buy” rating in a research note on Wednesday, September 5th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $45.87.
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Cree, Inc provides lighting-class light emitting diode (LED), lighting, and semiconductor products for power and radio-frequency (RF) applications in the United States, China, Europe, South Korea, Japan, Malaysia, Taiwan, and internationally. It operates in three segments: Wolfspeed, LED Products, and Lighting Products.
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