BlackRock Inc. increased its holdings in Cree, Inc. (NASDAQ:CREE) by 6.3% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 11,800,582 shares of the LED producer’s stock after buying an additional 699,285 shares during the period. BlackRock Inc. owned about 0.12% of Cree worth $490,550,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of CREE. Pendal Group Ltd acquired a new position in Cree during the 2nd quarter valued at about $94,150,000. Iridian Asset Management LLC CT boosted its stake in Cree by 113.3% during the 1st quarter. Iridian Asset Management LLC CT now owns 3,061,229 shares of the LED producer’s stock valued at $123,398,000 after purchasing an additional 1,625,772 shares during the period. Robecosam AG boosted its stake in Cree by 172.4% during the 1st quarter. Robecosam AG now owns 1,406,300 shares of the LED producer’s stock valued at $56,688,000 after purchasing an additional 890,000 shares during the period. Allianz Asset Management GmbH boosted its stake in Cree by 236.3% during the 1st quarter. Allianz Asset Management GmbH now owns 1,125,921 shares of the LED producer’s stock valued at $45,386,000 after purchasing an additional 791,139 shares during the period. Finally, Ardevora Asset Management LLP acquired a new position in Cree during the 2nd quarter valued at about $29,565,000.

Shares of NASDAQ:CREE opened at $45.08 on Friday. The company has a market capitalization of $4.58 billion, a PE ratio of -300.53 and a beta of 0.55. Cree, Inc. has a twelve month low of $23.83 and a twelve month high of $51.78. The company has a quick ratio of 2.39, a current ratio of 3.58 and a debt-to-equity ratio of 0.14.

Cree (NASDAQ:CREE) last issued its quarterly earnings results on Tuesday, August 14th. The LED producer reported $0.11 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.03. The company had revenue of $409.45 million during the quarter, compared to analyst estimates of $399.69 million. Cree had a negative net margin of 18.74% and a negative return on equity of 0.74%. The business’s revenue for the quarter was up 14.1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.04 EPS. equities analysts forecast that Cree, Inc. will post 0.13 earnings per share for the current year.

In related news, EVP David Todd Emerson sold 22,500 shares of the business’s stock in a transaction that occurred on Wednesday, August 29th. The shares were sold at an average price of $45.84, for a total value of $1,031,400.00. Following the sale, the executive vice president now directly owns 159,097 shares in the company, valued at approximately $7,293,006.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.10% of the stock is owned by insiders.

A number of research analysts have issued reports on the stock. Canaccord Genuity assumed coverage on shares of Cree in a research note on Friday, August 3rd. They set a “buy” rating and a $61.00 target price for the company. BidaskClub raised shares of Cree from a “hold” rating to a “buy” rating in a research note on Wednesday. ValuEngine lowered shares of Cree from a “buy” rating to a “hold” rating in a research note on Thursday, August 2nd. Roth Capital set a $50.00 price target on shares of Cree and gave the stock a “hold” rating in a research note on Wednesday, August 15th. Finally, Deutsche Bank started coverage on shares of Cree in a research note on Monday, August 27th. They issued a “hold” rating and a $47.00 price target for the company. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $43.25.

About Cree

Cree, Inc provides lighting-class light emitting diode (LED), lighting, and semiconductor products for power and radio-frequency (RF) applications in the United States, China, Europe, South Korea, Japan, Malaysia, Taiwan, and internationally. Its Lighting Products segment offers LED lighting systems and bulbs for use in settings, such as office and retail space, restaurants and hospitality, schools and universities, manufacturing, healthcare, airports, municipal, residential, street lighting and parking structures, and other applications.

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Institutional Ownership by Quarter for Cree (NASDAQ:CREE)

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