Cree, Inc. (CREE) Position Boosted by JPMorgan Chase & Co.
JPMorgan Chase & Co. increased its position in shares of Cree, Inc. (NASDAQ:CREE) by 191.2% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 37,711 shares of the LED producer’s stock after buying an additional 24,761 shares during the period. JPMorgan Chase & Co.’s holdings in Cree were worth $929,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. GAM Holding AG acquired a new position in shares of Cree in the second quarter valued at $104,000. Strs Ohio acquired a new position in shares of Cree in the second quarter valued at $140,000. LS Investment Advisors LLC increased its holdings in shares of Cree by 17.9% in the second quarter. LS Investment Advisors LLC now owns 7,643 shares of the LED producer’s stock valued at $188,000 after purchasing an additional 1,160 shares during the last quarter. Oppenheimer Asset Management Inc. acquired a new position in shares of Cree in the first quarter valued at $249,000. Finally, Wrapmanager Inc. increased its holdings in shares of Cree by 3.3% in the second quarter. Wrapmanager Inc. now owns 11,081 shares of the LED producer’s stock valued at $273,000 after purchasing an additional 354 shares during the last quarter. Institutional investors and hedge funds own 91.16% of the company’s stock.
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Several equities analysts recently commented on the stock. Northland Securities restated a “hold” rating and issued a $28.00 price target on shares of Cree in a research note on Thursday, September 28th. J P Morgan Chase & Co cut shares of Cree from a “neutral” rating to an “underweight” rating and upped their price objective for the stock from $23.00 to $28.00 in a research report on Friday, October 6th. Roth Capital set a $35.00 price objective on shares of Cree and gave the stock a “buy” rating in a research report on Monday, October 16th. Goldman Sachs Group, Inc. (The) set a $19.00 price objective on shares of Cree and gave the stock a “sell” rating in a research report on Wednesday. Finally, Needham & Company LLC reissued a “hold” rating on shares of Cree in a report on Tuesday, September 26th. Seven research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $25.73.
Cree, Inc. (CREE) opened at 33.85 on Friday. The company’s market cap is $3.31 billion. Cree, Inc. has a 1-year low of $20.50 and a 1-year high of $35.46. The stock has a 50 day moving average price of $27.41 and a 200 day moving average price of $25.02.
Cree (NASDAQ:CREE) last released its quarterly earnings results on Tuesday, October 17th. The LED producer reported $0.04 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.04. The company had revenue of $360.00 million during the quarter, compared to analysts’ expectations of $360.01 million. Cree had a negative return on equity of 0.44% and a negative net margin of 8.42%. Cree’s quarterly revenue was down 3.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.09 EPS. On average, equities research analysts anticipate that Cree, Inc. will post $0.13 EPS for the current fiscal year.
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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