Wellington Management Group LLP Increases Position in Cree, Inc. (CREE)
Wellington Management Group LLP boosted its position in shares of Cree, Inc. (NASDAQ:CREE) by 98.9% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 31,586 shares of the LED producer’s stock after buying an additional 15,704 shares during the period. Wellington Management Group LLP’s holdings in Cree were worth $844,000 as of its most recent filing with the SEC.
Other large investors have also recently made changes to their positions in the company. AMG Funds LLC boosted its stake in shares of Cree by 0.3% in the first quarter. AMG Funds LLC now owns 74,083 shares of the LED producer’s stock worth $1,980,000 after buying an additional 213 shares in the last quarter. Clean Yield Group boosted its stake in shares of Cree by 1.5% in the first quarter. Clean Yield Group now owns 27,815 shares of the LED producer’s stock worth $743,000 after buying an additional 410 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its stake in shares of Cree by 1.4% in the first quarter. Oregon Public Employees Retirement Fund now owns 35,644 shares of the LED producer’s stock worth $953,000 after buying an additional 500 shares in the last quarter. Wedge Capital Management L L P NC boosted its stake in shares of Cree by 3.6% in the first quarter. Wedge Capital Management L L P NC now owns 23,087 shares of the LED producer’s stock worth $617,000 after buying an additional 802 shares in the last quarter. Finally, Riverbridge Partners LLC boosted its stake in shares of Cree by 1.7% in the first quarter. Riverbridge Partners LLC now owns 52,951 shares of the LED producer’s stock worth $1,415,000 after buying an additional 899 shares in the last quarter. Institutional investors and hedge funds own 86.04% of the company’s stock.
Shares of Cree, Inc. (NASDAQ CREE) opened at 26.27 on Friday. The stock’s market cap is $2.56 billion. Cree, Inc. has a 52 week low of $20.75 and a 52 week high of $31.64. The firm has a 50-day moving average price of $25.06 and a 200 day moving average price of $25.57.
Cree (NASDAQ:CREE) last released its quarterly earnings data on Tuesday, April 25th. The LED producer reported ($0.11) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.09 by $0.20. The firm had revenue of $341.51 million during the quarter, compared to the consensus estimate of $339.41 million. Cree had a positive return on equity of 0.33% and a negative net margin of 7.36%. The business’s revenue was down 6.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.17 EPS. On average, analysts forecast that Cree, Inc. will post $0.48 EPS for the current fiscal year.
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CREE has been the topic of several analyst reports. Zacks Investment Research cut Cree from a “buy” rating to a “hold” rating in a research report on Tuesday, March 28th. Roth Capital reiterated a “buy” rating and set a $33.00 price target (down from $34.00) on shares of Cree in a research report on Friday, March 31st. Canaccord Genuity reiterated a “hold” rating and set a $23.00 price target on shares of Cree in a research report on Friday, April 21st. Williams Capital decreased their price target on Cree from $27.00 to $25.00 and set a “hold” rating on the stock in a research report on Wednesday, April 26th. Finally, Cowen and Company reiterated a “market perform” rating on shares of Cree in a research report on Wednesday, April 26th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have issued a buy rating to the company. Cree currently has an average rating of “Hold” and an average price target of $25.00.
In related news, Director John B. Replogle bought 10,000 shares of the company’s stock in a transaction dated Thursday, April 27th. The stock was purchased at an average price of $22.11 per share, for a total transaction 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 filing with the SEC, which is available at the SEC website. 1.30% of the stock is currently owned by insiders.
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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