Oppenheimer Asset Management Inc. trimmed its holdings in shares of Cree, Inc. (NASDAQ:CREE) by 3.8% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,633 shares of the LED producer’s stock after selling 420 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Cree were worth $597,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also modified their holdings of the business. FMR LLC grew its stake in shares of Cree by 9.0% during the first quarter. FMR LLC now owns 3,220,440 shares of the LED producer’s stock valued at $184,274,000 after purchasing an additional 265,776 shares during the last quarter. Jennison Associates LLC acquired a new position in Cree during the 1st quarter worth $233,000. FNY Investment Advisers LLC lifted its holdings in Cree by 92.0% during the 2nd quarter. FNY Investment Advisers LLC now owns 1,440 shares of the LED producer’s stock worth $80,000 after buying an additional 690 shares in the last quarter. AGF Investments America Inc. boosted its position in Cree by 197.2% in the 2nd quarter. AGF Investments America Inc. now owns 85,263 shares of the LED producer’s stock valued at $4,790,000 after buying an additional 56,574 shares during the last quarter. Finally, Sciencast Management LP bought a new position in Cree in the 2nd quarter valued at $893,000.
A number of equities research analysts have recently weighed in on CREE shares. Piper Jaffray Companies downgraded Cree from a “neutral” rating to an “underweight” rating and dropped their target price for the stock from $57.00 to $38.00 in a research report on Monday, August 26th. BNP Paribas began coverage on Cree in a report on Thursday, August 29th. They issued an “underperform” rating and a $40.00 price target on the stock. Canaccord Genuity set a $72.00 price objective on Cree and gave the stock a “buy” rating in a research report on Friday, September 6th. BMO Capital Markets dropped their price objective on Cree from $55.00 to $50.00 and set a “market perform” rating for the company in a report on Wednesday, August 21st. Finally, Deutsche Bank dropped their price objective on Cree from $55.00 to $52.00 and set a “hold” rating for the company in a report on Wednesday, August 21st. Three analysts have rated the stock with a sell rating, ten have issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. Cree presently has a consensus rating of “Hold” and an average target price of $56.75.
Cree (NASDAQ:CREE) last issued its earnings results on Tuesday, August 20th. The LED producer reported $0.11 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.20 by ($0.09). The company had revenue of $251.00 million for the quarter, compared to the consensus estimate of $248.95 million. Cree had a positive return on equity of 1.23% and a negative net margin of 27.86%. Cree’s quarterly revenue was down 5.6% on a year-over-year basis. During the same quarter last year, the business posted $0.11 EPS. As a group, analysts forecast that Cree, Inc. will post -0.2 EPS for the current year.
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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