Baird Financial Group Inc. reduced its position in shares of Cree, Inc. (NASDAQ:CREE) by 52.7% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 30,545 shares of the LED producer’s stock after selling 34,074 shares during the quarter. Baird Financial Group Inc.’s holdings in Cree were worth $1,270,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the stock. BlackRock Inc. raised its stake in Cree by 6.3% during the 2nd quarter. BlackRock Inc. now owns 11,800,582 shares of the LED producer’s stock worth $490,550,000 after buying an additional 699,285 shares during the period. Iridian Asset Management LLC CT raised its stake in Cree by 24.7% during the 2nd quarter. Iridian Asset Management LLC CT now owns 3,817,011 shares of the LED producer’s stock worth $158,673,000 after buying an additional 755,782 shares during the period. OppenheimerFunds Inc. raised its stake in Cree by 36.7% during the 1st quarter. OppenheimerFunds Inc. now owns 2,574,663 shares of the LED producer’s stock worth $103,785,000 after buying an additional 691,708 shares during the period. Pendal Group Ltd acquired a new position in Cree during the 2nd quarter worth approximately $94,150,000. Finally, Artisan Partners Limited Partnership raised its stake in Cree by 245.3% during the 2nd quarter. Artisan Partners Limited Partnership now owns 2,187,858 shares of the LED producer’s stock worth $90,949,000 after buying an additional 1,554,250 shares during the period.

Shares of CREE opened at $39.99 on Tuesday. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.58 and a quick ratio of 2.39. The company has a market cap of $4.40 billion, a price-to-earnings ratio of -276.47 and a beta of 0.55. Cree, Inc. has a 52 week low of $24.45 and a 52 week high of $51.78.

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

A number of research analysts recently weighed in on CREE shares. ValuEngine raised Cree from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 18th. BidaskClub downgraded Cree from a “buy” rating to a “hold” rating in a research note on Thursday, August 16th. Canaccord Genuity started coverage on Cree in a research note on Friday, August 3rd. They set a “buy” rating and a $61.00 price target on the stock. Cowen reaffirmed a “hold” rating and set a $45.00 price target on shares of Cree in a research note on Thursday, August 9th. Finally, Nomura started coverage on Cree in a research note on Wednesday, July 18th. They set a “neutral” rating and a $44.00 price target on the stock. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $43.92.

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

Cree Company Profile

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.

Further Reading: Short Selling

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Institutional Ownership by Quarter for Cree (NASDAQ:CREE)

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