Columbus Circle Investors Decreases Position in Cree, Inc. (CREE)

Columbus Circle Investors decreased its position in shares of Cree, Inc. (NASDAQ:CREE) by 30.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 448,647 shares of the LED producer’s stock after selling 194,547 shares during the period. Columbus Circle Investors owned about 0.44% of Cree worth $16,990,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CREE. Guggenheim Capital LLC lifted its stake in Cree by 20.7% during the 1st quarter. Guggenheim Capital LLC now owns 45,025 shares of the LED producer’s stock worth $1,816,000 after acquiring an additional 7,710 shares in the last quarter. Cubist Systematic Strategies LLC lifted its stake in Cree by 1,320.3% during the 1st quarter. Cubist Systematic Strategies LLC now owns 8,621 shares of the LED producer’s stock worth $348,000 after acquiring an additional 8,014 shares in the last quarter. Xact Kapitalforvaltning AB lifted its stake in Cree by 41.1% during the 1st quarter. Xact Kapitalforvaltning AB now owns 13,053 shares of the LED producer’s stock worth $526,000 after acquiring an additional 3,800 shares in the last quarter. Principal Financial Group Inc. lifted its stake in Cree by 2.7% during the 1st quarter. Principal Financial Group Inc. now owns 425,759 shares of the LED producer’s stock worth $17,162,000 after acquiring an additional 11,376 shares in the last quarter. Finally, Summit Trail Advisors LLC lifted its stake in Cree by 20.7% during the 1st quarter. Summit Trail Advisors LLC now owns 13,179 shares of the LED producer’s stock worth $337,000 after acquiring an additional 2,259 shares in the last quarter.

In other news, EVP David Todd Emerson sold 22,500 shares of the stock in a transaction dated Wednesday, August 29th. The stock was sold at an average price of $45.84, for a total value of $1,031,400.00. Following the transaction, the executive vice president now owns 159,097 shares in the company, valued at approximately $7,293,006.48. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.55% of the company’s stock.



CREE has been the topic of several research reports. Canaccord Genuity set a $60.00 target price on Cree and gave the stock a “buy” rating in a research note on Tuesday, August 14th. BidaskClub upgraded Cree from a “hold” rating to a “buy” rating in a report on Tuesday, August 7th. ValuEngine upgraded Cree from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 18th. Nomura set a $40.00 price target on Cree and gave the stock a “hold” rating in a report on Wednesday, October 17th. Finally, JPMorgan Chase & Co. upgraded Cree from an “underweight” rating to a “neutral” rating and set a $35.00 price target on the stock in a report on Tuesday, October 9th. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $44.05.

Shares of NASDAQ CREE opened at $38.13 on Wednesday. The company has a current ratio of 4.19, a quick ratio of 3.15 and a debt-to-equity ratio of 0.21. Cree, Inc. has a 1-year low of $30.78 and a 1-year high of $51.78.

Cree (NASDAQ:CREE) last released its quarterly earnings data on Tuesday, October 16th. The LED producer reported $0.22 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.10. Cree had a negative return on equity of 0.10% and a negative net margin of 17.60%. The business had revenue of $408.28 million for the quarter, compared to the consensus estimate of $407.32 million. During the same quarter in the prior year, the business posted $0.04 EPS. The business’s revenue for the quarter was up 13.3% on a year-over-year basis. Sell-side analysts expect that Cree, Inc. will post 0.33 earnings per share for the current year.

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. It operates in three segments: Wolfspeed, LED Products, and Lighting Products.

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Institutional Ownership by Quarter for Cree (NASDAQ:CREE)

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