Teacher Retirement System of Texas Has $348,000 Position in Cree, Inc. (CREE)
Teacher Retirement System of Texas raised its position in shares of Cree, Inc. (NASDAQ:CREE) by 12.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,223 shares of the LED producer’s stock after buying an additional 1,612 shares during the period. Teacher Retirement System of Texas’ holdings in Cree were worth $348,000 at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. LS Investment Advisors LLC raised its stake in Cree by 68.6% in the second quarter. LS Investment Advisors LLC now owns 6,029 shares of the LED producer’s stock worth $147,000 after buying an additional 2,454 shares during the period. Clean Yield Group raised its stake in Cree by 12.1% in the second quarter. Clean Yield Group now owns 6,500 shares of the LED producer’s stock worth $159,000 after buying an additional 700 shares during the period. Seven Eight Capital LLC acquired a new stake in Cree during the first quarter worth about $165,000. Creative Planning raised its stake in Cree by 44.4% in the second quarter. Creative Planning now owns 10,529 shares of the LED producer’s stock worth $257,000 after buying an additional 3,235 shares during the period. Finally, Cambridge Investment Research Advisors Inc. raised its stake in Cree by 3.5% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 11,942 shares of the LED producer’s stock worth $292,000 after buying an additional 399 shares during the period. 83.26% of the stock is currently owned by hedge funds and other institutional investors.
Cree, Inc. (NASDAQ:CREE) traded down 1.96% during midday trading on Thursday, hitting $24.51. The stock had a trading volume of 64,858 shares. The company’s 50-day moving average price is $24.67 and its 200 day moving average price is $25.21. The company’s market capitalization is $2.47 billion. Cree, Inc. has a 52 week low of $22.10 and a 52 week high of $32.92.
Cree (NASDAQ:CREE) last posted its earnings results on Tuesday, August 16th. The LED producer reported $0.19 EPS for the quarter, missing the consensus estimate of $0.20 by $0.01. Cree had a negative net margin of 1.25% and a positive return on equity of 1.81%. The firm earned $388.40 million during the quarter, compared to analyst estimates of $385.83 million. During the same period in the previous year, the company posted ($0.19) EPS. Cree’s revenue for the quarter was up 1.6% compared to the same quarter last year. On average, analysts expect that Cree, Inc. will post $0.56 EPS for the current year.
A number of research firms have issued reports on CREE. Needham & Company LLC reaffirmed a “hold” rating on shares of Cree in a report on Sunday, July 17th. Canaccord Genuity reaffirmed a “hold” rating and issued a $22.00 target price (down previously from $24.00) on shares of Cree in a report on Wednesday, August 17th. Northland Securities lowered Cree from an “outperform” rating to a “market perform” rating in a report on Wednesday, August 17th. Williams Capital began coverage on Cree in a report on Friday, September 30th. They issued a “hold” rating and a $23.00 target price on the stock. Finally, Roth Capital initiated coverage on Cree in a report on Thursday, August 25th. They issued a “buy” rating and a $34.00 target price on the stock. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating and four have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $32.67.
In related news, Director John B. Replogle purchased 5,000 shares of Cree stock in a transaction that occurred on Thursday, August 18th. The shares were acquired at an average price of $23.33 per share, with a total value of $116,650.00. Following the completion of the transaction, the director now directly owns 35,123 shares of the company’s stock, valued at approximately $819,419.59. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.30% of the company’s stock.
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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