Chicago Equity Partners LLC increased its position in shares of Cree Inc. (NASDAQ:CREE) by 216.8% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 65,230 shares of the LED producer’s stock after buying an additional 44,640 shares during the period. Chicago Equity Partners LLC’s holdings in Cree were worth $1,594,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. LS Investment Advisors LLC boosted its position in Cree by 68.6% in the second quarter. LS Investment Advisors LLC now owns 6,029 shares of the LED producer’s stock worth $147,000 after buying an additional 2,454 shares during the last quarter. Clean Yield Group raised its stake in Cree by 12.1% in the second quarter. Clean Yield Group now owns 6,500 shares of the LED producer’s stock valued at $159,000 after buying an additional 700 shares during the period. Seven Eight Capital LLC acquired a new stake in Cree during the first quarter valued at about $165,000. Creative Planning raised its stake in Cree by 44.4% in the second quarter. Creative Planning now owns 10,529 shares of the LED producer’s stock valued at $257,000 after buying an additional 3,235 shares during the period. Finally, Invictus RG raised its stake in Cree by 1,242.2% in the first quarter. Invictus RG now owns 11,006 shares of the LED producer’s stock valued at $320,000 after buying an additional 10,186 shares during the period. Hedge funds and other institutional investors own 83.24% of the company’s stock.
Shares of Cree Inc. (NASDAQ:CREE) traded down 11.07% during midday trading on Wednesday, reaching $22.41. 11,273,856 shares of the company’s stock traded hands. The company has a 50-day moving average of $24.74 and a 200-day moving average of $25.03. Cree Inc. has a one year low of $21.50 and a one year high of $32.92. The company’s market capitalization is $2.26 billion.
Cree (NASDAQ:CREE) last issued its quarterly earnings results on Tuesday, October 18th. The LED producer reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.04. Cree had a negative net margin of 1.25% and a positive return on equity of 1.81%. The business had revenue of $321.30 million for the quarter, compared to the consensus estimate of $322.77 million. During the same quarter in the previous year, the firm earned $0.21 earnings per share. The company’s revenue for the quarter was down 15.8% on a year-over-year basis. Equities research analysts anticipate that Cree Inc. will post $0.56 EPS for the current year.
Several analysts have recently issued reports on CREE shares. Roth Capital started coverage on shares of Cree in a research report on Thursday, August 25th. They issued a “buy” rating and a $34.00 price target on the stock. Northland Securities lowered shares of Cree from an “outperform” rating to a “market perform” rating in a research report on Wednesday, August 17th. Zacks Investment Research lowered shares of Cree from a “hold” rating to a “sell” rating in a research report on Monday, October 10th. Williams Capital started coverage on shares of Cree in a research report on Friday, September 30th. They issued a “hold” rating and a $23.00 price target on the stock. Finally, Canaccord Genuity reissued a “hold” rating on shares of Cree in a research report on Friday, September 23rd. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and three have given a buy rating to the company’s stock. Cree has an average rating of “Hold” and an average target price of $32.67.
In other news, Director John B. Replogle purchased 5,000 shares of the stock in a transaction on Thursday, August 18th. The shares were acquired at an average price of $23.33 per share, with a total value of $116,650.00. Following the completion of the acquisition, the director now directly owns 35,123 shares of the company’s stock, valued at $819,419.59. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 1.30% of the company’s stock.
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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