Robecosam AG grew its holdings in shares of Cree, Inc. (NASDAQ:CREE) by 86.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 504,000 shares of the LED producer’s stock after acquiring an additional 234,000 shares during the quarter. Cree accounts for approximately 1.0% of Robecosam AG’s investment portfolio, making the stock its 29th largest position. Robecosam AG owned 0.52% of Cree worth $12,494,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also modified their holdings of the company. GAM Holding AG acquired a new position in Cree during the second quarter worth about $104,000. Riverhead Capital Management LLC raised its stake in Cree by 75.0% during the second quarter. Riverhead Capital Management LLC now owns 5,426 shares of the LED producer’s stock worth $134,000 after acquiring an additional 2,326 shares in the last quarter. Strs Ohio acquired a new position in Cree during the second quarter worth about $140,000. LS Investment Advisors LLC raised its stake in Cree by 17.9% during the second quarter. LS Investment Advisors LLC now owns 7,643 shares of the LED producer’s stock worth $188,000 after acquiring an additional 1,160 shares in the last quarter. Finally, Advisor Group Inc. raised its stake in Cree by 11.5% during the second quarter. Advisor Group Inc. now owns 8,175 shares of the LED producer’s stock worth $197,000 after acquiring an additional 846 shares in the last quarter. 91.37% of the stock is owned by hedge funds and other institutional investors.
Shares of Cree, Inc. (NASDAQ:CREE) traded down 0.24% during mid-day trading on Thursday, reaching $29.32. The company had a trading volume of 320,229 shares. Cree, Inc. has a 12-month low of $20.50 and a 12-month high of $31.64. The stock has a 50 day moving average price of $25.83 and a 200 day moving average price of $24.78. The firm’s market capitalization is $2.86 billion.
Cree (NASDAQ:CREE) last announced its quarterly earnings data on Tuesday, August 22nd. The LED producer reported $0.04 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.04. The company had revenue of $359.00 million for the quarter, compared to analysts’ expectations of $349.82 million. Cree had a negative return on equity of 0.13% and a negative net margin of 7.17%. Cree’s revenue for the quarter was down 7.6% compared to the same quarter last year. During the same period last year, the firm posted $0.19 EPS. On average, equities analysts forecast that Cree, Inc. will post $0.30 earnings per share for the current year.
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Several research analysts have commented on the company. TheStreet raised Cree from a “d+” rating to a “c-” rating in a research note on Wednesday, September 27th. Roth Capital reaffirmed a “buy” rating and issued a $29.00 price objective (up previously from $27.00) on shares of Cree in a research note on Tuesday, June 20th. Cowen and Company set a $22.00 price objective on Cree and gave the company a “hold” rating in a research note on Wednesday, August 23rd. Zacks Investment Research downgraded Cree from a “hold” rating to a “sell” rating in a research note on Tuesday, July 18th. Finally, KeyCorp reaffirmed an “equal weight” rating and issued a $21.00 price objective on shares of Cree in a research note on Friday, August 25th. Six equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $23.58.
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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