Cree Inc. (CREE) Announces Quarterly Earnings Results
Cree Inc. (NASDAQ:CREE) posted its quarterly earnings data on Tuesday. The LED producer reported $0.15 EPS for the quarter, topping the consensus estimate of $0.11 by $0.04. The firm earned $321.30 million during the quarter, compared to analyst estimates of $322.77 million. Cree had a positive return on equity of 1.81% and a negative net margin of 1.25%. Cree’s revenue was down 15.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.21 EPS. Cree updated its Q2 guidance to $0.04-0.10 EPS.
Cree (NASDAQ:CREE) traded up 1.61% during mid-day trading on Tuesday, reaching $25.20. 2,068,783 shares of the company were exchanged. The company’s market capitalization is $2.54 billion. Cree has a 1-year low of $22.10 and a 1-year high of $32.92. The company has a 50 day moving average of $24.76 and a 200-day moving average of $25.08.
Several research analysts recently weighed in on CREE shares. Roth Capital started coverage on shares of Cree in a report on Thursday, August 25th. They issued a “buy” rating and a $34.00 target price for the company. Northland Securities downgraded shares of Cree from an “outperform” rating to a “market perform” rating in a report on Wednesday, August 17th. Zacks Investment Research downgraded shares of Cree from a “hold” rating to a “sell” rating in a report on Monday, October 10th. Williams Capital started coverage on shares of Cree in a report on Friday, September 30th. They issued a “hold” rating and a $23.00 target price for the company. Finally, Canaccord Genuity reaffirmed a “hold” rating on shares of Cree in a report on Friday, September 23rd. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $32.67.
In other Cree news, Director John B. Replogle purchased 5,000 shares of the stock in a transaction that occurred on Thursday, August 18th. The shares were purchased at an average cost of $23.33 per share, for a total transaction of $116,650.00. Following the completion of the transaction, the director now owns 35,123 shares of the company’s stock, valued at approximately $819,419.59. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.30% of the company’s stock.
A number of institutional investors have recently bought and sold shares of CREE. Pacer Advisors Inc. acquired a new position in Cree during the second quarter worth $143,000. Seven Eight Capital LLC raised its position in Cree by 17.6% in the second quarter. Seven Eight Capital LLC now owns 6,683 shares of the LED producer’s stock worth $163,000 after buying an additional 1,000 shares during the last quarter. Advisor Group Inc. acquired a new position in Cree during the second quarter worth $175,000. Cubist Systematic Strategies LLC raised its position in Cree by 15.4% in the second quarter. Cubist Systematic Strategies LLC now owns 8,559 shares of the LED producer’s stock worth $209,000 after buying an additional 1,143 shares during the last quarter. Finally, First Allied Advisory Services Inc. raised its position in Cree by 5.1% in the second quarter. First Allied Advisory Services Inc. now owns 9,598 shares of the LED producer’s stock worth $232,000 after buying an additional 470 shares during the last quarter. Hedge funds and other institutional investors own 83.24% 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.
Receive News & Ratings for Cree Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cree Inc. and related companies with MarketBeat.com's FREE daily email newsletter.