Cree Inc. (NASDAQ:CREE) issued an update on its second quarter earnings guidance on Tuesday morning. The company provided EPS guidance of $0.04-0.10 for the period, compared to the Thomson Reuters consensus EPS estimate of $0.13. The company issued revenue guidance of $310-330 million, compared to the consensus revenue estimate of $336.73 million.
Shares of Cree Inc. (NASDAQ:CREE) opened at 25.20 on Wednesday. The stock’s market capitalization is $2.54 billion. Cree Inc. has a 1-year low of $22.10 and a 1-year high of $32.92. The company’s 50 day moving average is $24.77 and its 200-day moving average is $25.08.
Cree (NASDAQ:CREE) last posted its quarterly earnings data on Tuesday, October 18th. The LED producer reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.11 by $0.04. The firm earned $321.30 million during the quarter, compared to analysts’ expectations of $322.77 million. Cree had a positive return on equity of 1.81% and a negative net margin of 1.25%. The firm’s quarterly revenue was down 15.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.21 EPS. Equities analysts anticipate that Cree Inc. will post $0.56 earnings per share for the current fiscal year.
CREE has been the subject of a number of recent research reports. Oppenheimer Holdings Inc. reiterated a market perform rating on shares of Cree in a research report on Thursday, August 18th. Cowen and Company reiterated a hold rating on shares of Cree in a research report on Sunday, July 17th. Deutsche Bank AG lifted their price target on Cree from $23.00 to $26.00 and gave the company a hold rating in a report on Friday, July 15th. Zacks Investment Research cut Cree from a hold rating to a sell rating in a report on Monday, October 10th. Finally, Canaccord Genuity restated a hold rating and issued a $24.00 price target (up previously from $19.00) on shares of Cree in a report on Sunday, July 17th. Two investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and four have assigned a buy rating to the company. The company currently has an average rating of Hold and a consensus price target of $32.67.
In other Cree news, Director John B. Replogle bought 5,000 shares of the business’s stock in a transaction on Thursday, August 18th. The shares were bought at an average cost of $23.33 per share, with a total value of $116,650.00. Following the transaction, the director now directly owns 35,123 shares in the company, valued at approximately $819,419.59. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.30% of the stock is owned by company insiders.
Several institutional investors have recently made changes to their positions in the stock. FIL Ltd acquired a new position in shares of Cree during the second quarter worth about $14,077,000. Broadview Advisors LLC raised its position in shares of Cree by 2.3% in the second quarter. Broadview Advisors LLC now owns 26,475 shares of the LED producer’s stock worth $647,000 after buying an additional 600 shares during the last quarter. OMERS ADMINISTRATION Corp acquired a new position in shares of Cree during the second quarter worth about $1,317,000. Sei Investments Co. raised its position in shares of Cree by 3,443.5% in the second quarter. Sei Investments Co. now owns 41,990 shares of the LED producer’s stock worth $1,027,000 after buying an additional 40,805 shares during the last quarter. Finally, Janney Montgomery Scott LLC raised its position in shares of Cree by 105.7% in the second quarter. Janney Montgomery Scott LLC now owns 82,664 shares of the LED producer’s stock worth $2,020,000 after buying an additional 42,481 shares during the last quarter. 83.24% of the stock is currently owned by institutional investors.
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.
Receive News & Ratings for Cree Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cree Inc. and related companies with MarketBeat.com's FREE daily email newsletter.