Cree, Inc. (CREE) Shares Bought by Stephens Inc. AR
Stephens Inc. AR boosted its position in shares of Cree, Inc. (NASDAQ:CREE) by 26.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 48,995 shares of the LED producer’s stock after acquiring an additional 10,323 shares during the period. Stephens Inc. AR owned 0.05% of Cree worth $1,208,000 at the end of the most recent quarter.
A number of other institutional investors have also recently added to or reduced their stakes in the business. Riverhead Capital Management LLC lifted its position in Cree by 75.0% during the 2nd quarter. Riverhead Capital Management LLC now owns 5,426 shares of the LED producer’s stock worth $134,000 after acquiring an additional 2,326 shares during the last quarter. Alliancebernstein L.P. lifted its position in Cree by 108.4% during the 2nd quarter. Alliancebernstein L.P. now owns 155,105 shares of the LED producer’s stock worth $3,823,000 after acquiring an additional 80,681 shares during the last quarter. AMG Funds LLC lifted its position in Cree by 7.6% during the 2nd quarter. AMG Funds LLC now owns 79,710 shares of the LED producer’s stock worth $1,965,000 after acquiring an additional 5,627 shares during the last quarter. Systematic Financial Management LP lifted its position in Cree by 5.2% during the 2nd quarter. Systematic Financial Management LP now owns 67,835 shares of the LED producer’s stock worth $1,672,000 after acquiring an additional 3,365 shares during the last quarter. Finally, Engineers Gate Manager LP lifted its position in Cree by 50.4% during the 2nd quarter. Engineers Gate Manager LP now owns 28,034 shares of the LED producer’s stock worth $691,000 after acquiring an additional 9,393 shares during the last quarter. 91.19% of the stock is owned by hedge funds and other institutional investors.
A number of research firms have weighed in on CREE. Zacks Investment Research raised shares of Cree from a “strong sell” rating to a “hold” rating in a research report on Tuesday, June 27th. JMP Securities raised shares of Cree from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $23.81 to $29.00 in a research report on Monday, May 22nd. KeyCorp reissued an “equal weight” rating and set a $21.00 target price on shares of Cree in a research report on Friday, August 25th. Cowen and Company set a $22.00 target price on shares of Cree and gave the stock a “hold” rating in a research report on Wednesday, August 23rd. Finally, J P Morgan Chase & Co reissued a “neutral” rating and set a $26.00 target price (up previously from $25.00) on shares of Cree in a research report on Monday, June 5th. Five equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and two have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $23.73.
Shares of Cree, Inc. (CREE) opened at 24.59 on Friday. Cree, Inc. has a 1-year low of $20.50 and a 1-year high of $31.64. The company has a 50-day moving average of $23.98 and a 200-day moving average of $24.72. The company’s market cap is $2.40 billion.
Cree (NASDAQ:CREE) last posted its earnings results on Tuesday, August 22nd. The LED producer reported $0.04 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.04. The company had revenue of $359.00 million during the quarter, compared to analysts’ expectations of $349.82 million. Cree had a negative net margin of 7.17% and a negative return on equity of 0.13%. Cree’s quarterly revenue was down 7.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.19 EPS. Equities analysts forecast that Cree, Inc. will post $0.36 EPS 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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