Prudential Financial Inc. Boosts Stake in Cree, Inc. (NASDAQ:CREE)
Prudential Financial Inc. boosted its stake in Cree, Inc. (NASDAQ:CREE) by 5.2% during the first quarter, Holdings Channel reports. The fund owned 59,334 shares of the LED producer’s stock after buying an additional 2,930 shares during the period. Prudential Financial Inc.’s holdings in Cree were worth $1,586,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently bought and sold shares of the company. Russell Investments Group Ltd. purchased a new stake in Cree during the fourth quarter valued at about $651,000. Guggenheim Capital LLC raised its stake in Cree by 205.9% in the fourth quarter. Guggenheim Capital LLC now owns 115,044 shares of the LED producer’s stock valued at $3,036,000 after buying an additional 77,439 shares during the last quarter. Thrivent Financial for Lutherans raised its stake in Cree by 7.5% in the fourth quarter. Thrivent Financial for Lutherans now owns 16,930 shares of the LED producer’s stock valued at $447,000 after buying an additional 1,180 shares during the last quarter. Norges Bank purchased a new stake in Cree during the fourth quarter valued at about $14,662,000. Finally, Quadrature Capital Ltd purchased a new stake in Cree during the fourth quarter valued at about $930,000. Hedge funds and other institutional investors own 86.04% of the company’s stock.
Shares of Cree, Inc. (NASDAQ CREE) opened at 26.17 on Tuesday. The stock’s 50 day moving average price is $24.10 and its 200 day moving average price is $25.71. Cree, Inc. has a 12 month low of $20.75 and a 12 month high of $31.64. The company’s market capitalization is $2.55 billion.
Cree (NASDAQ:CREE) last posted its quarterly earnings data on Tuesday, April 25th. The LED producer reported ($0.11) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.09 by $0.20. Cree had a negative net margin of 7.36% and a positive return on equity of 0.33%. The company had revenue of $341.51 million for the quarter, compared to analysts’ expectations of $339.41 million. During the same period in the previous year, the firm earned $0.17 earnings per share. The firm’s quarterly revenue was down 6.9% on a year-over-year basis. On average, analysts forecast that Cree, Inc. will post $0.48 EPS for the current year.
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CREE has been the subject of several recent analyst reports. Zacks Investment Research lowered shares of Cree from a “buy” rating to a “hold” rating in a research note on Tuesday, March 28th. Roth Capital reissued a “buy” rating and issued a $33.00 price target (down from $34.00) on shares of Cree in a report on Friday, March 31st. Canaccord Genuity reissued a “hold” rating and issued a $23.00 price target on shares of Cree in a report on Friday, April 21st. Williams Capital cut their price target on shares of Cree from $27.00 to $25.00 and set a “hold” rating on the stock in a report on Wednesday, April 26th. Finally, Cowen and Company reissued a “market perform” rating on shares of Cree in a report on Wednesday, April 26th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and three have assigned a buy rating to the company’s stock. Cree presently has an average rating of “Hold” and an average price target of $25.00.
In other Cree news, Director John B. Replogle purchased 10,000 shares of the stock in a transaction that occurred on Thursday, April 27th. The shares were bought at an average cost of $22.11 per share, with a total value of $221,100.00. Following the acquisition, the director now owns 64,043 shares in the company, valued at $1,415,990.73. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.30% of the stock is owned by insiders.
Cree Company Profile
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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