Jennison Associates LLC Buys New Position in Cree, Inc. (NASDAQ:CREE)

Jennison Associates LLC bought a new stake in shares of Cree, Inc. (NASDAQ:CREE) in the 1st quarter, Holdings Channel reports. The fund bought 4,069 shares of the LED producer’s stock, valued at approximately $233,000.

A number of other hedge funds have also added to or reduced their stakes in CREE. Oregon Public Employees Retirement Fund increased its stake in Cree by 4,177.5% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,694,874 shares of the LED producer’s stock valued at $40,000 after purchasing an additional 1,655,251 shares during the last quarter. Artisan Partners Limited Partnership increased its stake in Cree by 17.6% during the first quarter. Artisan Partners Limited Partnership now owns 9,603,842 shares of the LED producer’s stock valued at $549,532,000 after purchasing an additional 1,438,363 shares during the last quarter. Norges Bank bought a new stake in Cree during the fourth quarter valued at $47,772,000. Eagle Asset Management Inc. bought a new position in shares of Cree during the first quarter worth about $37,330,000. Finally, Vanguard Group Inc grew its position in shares of Cree by 6.9% during the third quarter. Vanguard Group Inc now owns 9,837,558 shares of the LED producer’s stock worth $372,548,000 after acquiring an additional 632,086 shares during the last quarter.

Several equities analysts have recently commented on the stock. Cowen set a $55.00 price target on shares of Cree and gave the stock a “hold” rating in a research report on Thursday, May 2nd. Citigroup lowered shares of Cree from an “outperform” rating to a “market perform” rating in a research report on Thursday, May 2nd. CIBC restated a “market perform” rating on shares of Cree in a research report on Thursday, May 2nd. BidaskClub lowered shares of Cree from a “buy” rating to a “hold” rating in a research report on Thursday, May 9th. Finally, TheStreet lowered shares of Cree from a “b-” rating to a “c” rating in a research report on Monday, May 20th. One equities 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. The stock presently has a consensus rating of “Hold” and an average price target of $59.52.

Shares of CREE opened at $57.95 on Friday. The stock has a market capitalization of $5.98 billion, a P/E ratio of -386.33, a P/E/G ratio of 7.19 and a beta of 0.83. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.48 and a quick ratio of 3.97. Cree, Inc. has a 52-week low of $33.72 and a 52-week high of $69.21.

Cree (NASDAQ:CREE) last announced its earnings results on Wednesday, May 1st. The LED producer reported $0.08 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.06 by $0.02. The firm had revenue of $274.00 million during the quarter, compared to analyst estimates of $274.73 million. Cree had a negative net margin of 18.25% and a positive return on equity of 1.59%. Cree’s revenue was up 21.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.04 EPS. Equities research analysts expect that Cree, Inc. will post 0.4 EPS for the current fiscal year.

In related news, Director Duy Loan T. Le bought 2,000 shares of the firm’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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.55% of the company’s stock.

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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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