First Citizens Bank & Trust Co. decreased its holdings in shares of Cree, Inc. (NASDAQ:CREE) by 43.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,913 shares of the LED producer’s stock after selling 6,116 shares during the period. First Citizens Bank & Trust Co.’s holdings in Cree were worth $294,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds have also modified their holdings of the company. BlackRock Inc. grew its position in shares of Cree by 26.8% during the 2nd quarter. BlackRock Inc. now owns 10,245,032 shares of the LED producer’s stock valued at $252,541,000 after acquiring an additional 2,164,847 shares during the period. Vanguard Group Inc. boosted its holdings in Cree by 3.0% in the 2nd 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 during the period. Dimensional Fund Advisors LP boosted its holdings in Cree by 5.6% in the 3rd 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 during the period. Fairpointe Capital LLC boosted its holdings in Cree by 8.8% in the 2nd 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 during the period. Finally, State Street Corp boosted its holdings in Cree by 24.2% in the 2nd 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 during the period. 98.74% of the stock is owned by hedge funds and other institutional investors.
Several research analysts recently weighed in on CREE shares. Needham & Company LLC reaffirmed a “hold” rating on shares of Cree in a report on Tuesday, September 26th. Northland Securities reaffirmed a “hold” rating and issued a $28.00 target price on shares of Cree in a report on Thursday, September 28th. TheStreet raised shares of Cree from a “d+” rating to a “c-” rating in a report on Wednesday, September 27th. JPMorgan Chase & Co. downgraded shares of Cree from a “neutral” rating to an “underweight” rating and upped their target price for the stock from $23.00 to $28.00 in a report on Friday, October 6th. Finally, Roth Capital set a $35.00 target price on shares of Cree and gave the stock a “buy” rating in a report on Monday, October 16th. Eight equities research analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $28.18.
Shares of Cree, Inc. (NASDAQ:CREE) opened at $36.84 on Friday. The company has a market cap of $3,620.00, a price-to-earnings ratio of -30.20 and a beta of 1.26. Cree, Inc. has a one year low of $20.50 and a one year high of $40.24. The company has a quick ratio of 3.61, a current ratio of 4.82 and a debt-to-equity ratio of 0.06.
Cree (NASDAQ:CREE) last announced its quarterly earnings results on Tuesday, October 17th. The LED producer reported $0.04 EPS for the quarter, hitting the consensus estimate of $0.04. The business had revenue of $360.00 million for the quarter, compared to analysts’ expectations of $360.01 million. Cree had a negative net margin of 8.42% and a negative return on equity of 0.44%. The business’s quarterly revenue was down 3.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.09 EPS. equities analysts forecast that Cree, Inc. will post -0.27 earnings per share for the current year.
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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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