Millennium Management LLC decreased its stake in shares of Cree, Inc. (NASDAQ:CREE) by 64.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 465,887 shares of the LED producer’s stock after selling 841,774 shares during the period. Millennium Management LLC owned about 0.43% of Cree worth $22,828,000 at the end of the most recent quarter.
Other institutional investors also recently made changes to their positions in the company. Baker Avenue Asset Management LP lifted its position in shares of Cree by 43.2% during the 3rd quarter. Baker Avenue Asset Management LP now owns 34,301 shares of the LED producer’s stock worth $1,680,000 after buying an additional 10,342 shares in the last quarter. Fairpointe Capital LLC grew its holdings in shares of Cree by 17.6% in the third quarter. Fairpointe Capital LLC now owns 771,040 shares of the LED producer’s stock valued at $37,781,000 after acquiring an additional 115,155 shares in the last quarter. California State Teachers Retirement System increased its position in shares of Cree by 0.3% during the third quarter. California State Teachers Retirement System now owns 167,647 shares of the LED producer’s stock valued at $8,215,000 after acquiring an additional 431 shares during the last quarter. Pictet Asset Management Ltd. increased its position in shares of Cree by 82.6% during the third quarter. Pictet Asset Management Ltd. now owns 462,685 shares of the LED producer’s stock valued at $22,672,000 after acquiring an additional 209,315 shares during the last quarter. Finally, Global Retirement Partners LLC lifted its holdings in Cree by 72.9% during the third quarter. Global Retirement Partners LLC now owns 1,264 shares of the LED producer’s stock worth $62,000 after acquiring an additional 533 shares during the period. Institutional investors and hedge funds own 97.44% of the company’s stock.
Several research analysts have weighed in on CREE shares. JMP Securities cut Cree from an “outperform” rating to a “market perform” rating in a research report on Wednesday, August 21st. Deutsche Bank decreased their target price on Cree from $55.00 to $52.00 and set a “hold” rating for the company in a research report on Wednesday, August 21st. Canaccord Genuity reiterated a “buy” rating and set a $57.00 target price on shares of Cree in a research note on Thursday, November 21st. Wells Fargo & Co began coverage on shares of Cree in a report on Friday, October 11th. They issued a “market perform” rating and a $50.00 price target on the stock. Finally, Roth Capital cut their price target on shares of Cree from $67.00 to $61.00 in a report on Thursday, October 31st. Five analysts have rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $53.07.
Shares of NASDAQ CREE opened at $42.91 on Tuesday. The company has a current ratio of 5.57, a quick ratio of 4.82 and a debt-to-equity ratio of 0.23. The stock has a fifty day simple moving average of $46.71 and a two-hundred day simple moving average of $52.85. Cree, Inc. has a 1-year low of $38.67 and a 1-year high of $69.21. The firm has a market cap of $4.76 billion, a price-to-earnings ratio of 119.19 and a beta of 0.88.
Cree (NASDAQ:CREE) last issued its earnings results on Wednesday, October 30th. The LED producer reported ($0.03) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.05) by $0.02. Cree had a negative return on equity of 0.20% and a negative net margin of 34.02%. The firm had revenue of $242.80 million for the quarter, compared to analyst estimates of $239.48 million. During the same period in the previous year, the company posted $0.22 earnings per share. The business’s revenue was down 11.5% on a year-over-year basis. Analysts forecast that Cree, Inc. will post -0.78 EPS for the current year.
In other news, Director Duy Loan T. Le acquired 2,000 shares of the stock in a transaction that occurred on Friday, November 1st. The shares were acquired at an average cost of $45.87 per share, for a total transaction of $91,740.00. Following the purchase, the director now owns 13,659 shares of the company’s stock, valued at approximately $626,538.33. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.36% of the company’s stock.
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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