Pendal Group Ltd Has $64.44 Million Position in Cree, Inc. (NASDAQ:CREE)

Pendal Group Ltd reduced its holdings in Cree, Inc. (NASDAQ:CREE) by 13.9% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,308,984 shares of the LED producer’s stock after selling 212,135 shares during the quarter. Pendal Group Ltd owned about 1.24% of Cree worth $64,440,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Quadrant Capital Group LLC grew its position in Cree by 501.1% during the first quarter. Quadrant Capital Group LLC now owns 541 shares of the LED producer’s stock worth $29,000 after buying an additional 451 shares in the last quarter. Meridian Wealth Management LLC acquired a new stake in Cree during the first quarter worth about $30,000. James Investment Research Inc. acquired a new stake in Cree during the first quarter worth about $33,000. FNY Investment Advisers LLC acquired a new stake in Cree during the first quarter worth about $42,000. Finally, Penserra Capital Management LLC grew its position in Cree by 50.0% during the first quarter. Penserra Capital Management LLC now owns 1,008 shares of the LED producer’s stock worth $57,000 after buying an additional 336 shares in the last quarter.

CREE stock traded up $1.12 during trading on Tuesday, hitting $58.54. The company had a trading volume of 60,948 shares, compared to its average volume of 990,736. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.97 and a current ratio of 4.48. The company has a 50-day simple moving average of $59.48. Cree, Inc. has a 12 month low of $33.72 and a 12 month high of $69.21. The company has a market cap of $6.12 billion, a PE ratio of -391.27, a price-to-earnings-growth ratio of 6.11 and a beta of 0.78.



In related news, Director Duy Loan T. Le acquired 2,000 shares of the company’s stock in a transaction that occurred on Monday, May 20th. The stock was purchased at an average price of $60.07 per share, for a total transaction of $120,140.00. Following the transaction, the director now directly owns 8,442 shares of the company’s stock, valued at approximately $507,110.94. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.55% of the company’s stock.

A number of research firms recently weighed in on CREE. Citigroup downgraded Cree from an “outperform” rating to a “market perform” rating in a research report on Thursday, May 2nd. Cowen set a $55.00 price target on shares of Cree and gave the stock a “hold” rating in a research note on Thursday, May 2nd. Roth Capital cut their price target on shares of Cree from $73.00 to $67.00 and set a “buy” rating for the company in a research note on Thursday, June 13th. Canaccord Genuity restated a “buy” rating and set a $78.00 price target (down previously from $81.00) on shares of Cree in a research note on Thursday, May 2nd. Finally, JMP Securities raised their price target on shares of Cree from $71.00 to $81.00 and gave the stock a “market outperform” rating in a research note on Monday, June 17th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $60.16.

Cree 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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