New York State Teachers Retirement System continued to hold its position in shares of Cree Inc. (NASDAQ:CREE) during the second quarter, Holdings Channel reports. The firm owned 180,863 shares of the LED producer’s stock at the end of the second quarter. New York State Teachers Retirement System’s holdings in Cree were worth $4,420,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently modified their holdings of the company. LS Investment Advisors LLC raised 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 period. Seven Eight Capital LLC acquired a new position in Cree during the first quarter worth $165,000. Creative Planning raised its position in Cree by 44.4% in the second quarter. Creative Planning now owns 10,529 shares of the LED producer’s stock worth $257,000 after buying an additional 3,235 shares during the period. Invictus RG raised its position in Cree by 1,242.2% in the first quarter. Invictus RG now owns 11,006 shares of the LED producer’s stock worth $320,000 after buying an additional 10,186 shares during the period. Finally, HBK Investments L P acquired a new position in Cree during the first quarter worth $324,000. 83.26% of the stock is currently owned by institutional investors and hedge funds.
Shares of Cree Inc. (NASDAQ:CREE) traded up 0.63% during midday trading on Thursday, reaching $25.46. 621,372 shares of the company’s stock traded hands. Cree Inc. has a one year low of $22.10 and a one year high of $32.92. The stock’s 50-day moving average price is $24.52 and its 200 day moving average price is $25.33. The firm’s market capitalization is $2.56 billion.
Cree (NASDAQ:CREE) last released its earnings results on Tuesday, August 16th. The LED producer reported $0.19 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.20 by $0.01. The firm earned $388.40 million during the quarter, compared to analysts’ expectations of $385.83 million. Cree had a positive return on equity of 1.81% and a negative net margin of 1.25%. The company’s revenue was up 1.6% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.19) earnings per share. On average, equities research analysts expect that Cree Inc. will post $0.56 earnings per share for the current fiscal year.
A number of research firms have weighed in on CREE. Needham & Company LLC reaffirmed a “hold” rating on shares of Cree in a research note on Sunday, July 17th. Canaccord Genuity reissued a “hold” rating and set a $22.00 price target (down from $24.00) on shares of Cree in a research report on Wednesday, August 17th. Northland Securities lowered shares of Cree from an “outperform” rating to a “market perform” rating in a research report on Wednesday, August 17th. Williams Capital assumed coverage on shares of Cree in a research report on Friday, September 30th. They set a “hold” rating and a $23.00 price target on the stock. Finally, Roth Capital assumed coverage on shares of Cree in a research report on Thursday, August 25th. They set a “buy” rating and a $34.00 price target on the stock. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and four have issued a buy rating to the company’s stock. Cree has an average rating of “Hold” and an average price target of $32.67.
In related news, Director John B. Replogle acquired 5,000 shares of the business’s stock in a transaction on Thursday, August 18th. The stock was acquired at an average cost of $23.33 per share, with a total value of $116,650.00. Following the acquisition, the director now directly owns 35,123 shares in the company, valued at approximately $819,419.59. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 1.30% of the company’s stock.
Cree Company Profile
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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