New York State Common Retirement Fund lowered its stake in shares of Cree, Inc. (NASDAQ:CREE) by 24.3% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 468,987 shares of the LED producer’s stock after selling 150,724 shares during the quarter. New York State Common Retirement Fund’s holdings in Cree were worth $49,666,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently modified their holdings of the company. Dimension Capital Management LLC bought a new position in Cree during the third quarter worth about $48,000. Prospera Financial Services Inc bought a new position in shares of Cree during the 3rd quarter valued at about $49,000. US Bancorp DE lifted its holdings in shares of Cree by 70.5% during the 4th quarter. US Bancorp DE now owns 941 shares of the LED producer’s stock valued at $99,000 after purchasing an additional 389 shares in the last quarter. Mirova bought a new position in shares of Cree during the 3rd quarter valued at about $121,000. Finally, Exchange Traded Concepts LLC bought a new position in shares of Cree during the 4th quarter valued at about $122,000.
Several research firms have recently weighed in on CREE. Morgan Stanley cut Cree from an “overweight” rating to an “equal weight” rating and set a $93.00 price objective on the stock. in a report on Monday, December 7th. Piper Sandler cut their price objective on Cree from $73.00 to $68.00 and set a “neutral” rating on the stock in a report on Thursday, October 29th. Citigroup upgraded Cree from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $105.00 to $160.00 in a report on Wednesday, February 17th. Zacks Investment Research cut Cree from a “hold” rating to a “sell” rating and set a $122.00 price objective on the stock. in a report on Wednesday, February 3rd. Finally, Charter Equity reiterated a “market perform” rating on shares of Cree in a report on Monday, October 26th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $106.42.
In other Cree news, Director John B. Replogle sold 1,722 shares of the business’s stock in a transaction that occurred on Monday, February 1st. The stock was sold at an average price of $103.60, for a total transaction of $178,399.20. Following the transaction, the director now owns 61,448 shares of the company’s stock, valued at approximately $6,366,012.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Clyde Hosein sold 13,816 shares of the business’s stock in a transaction that occurred on Friday, February 19th. The stock was sold at an average price of $125.48, for a total value of $1,733,631.68. Insiders have sold a total of 25,538 shares of company stock worth $2,822,231 in the last ninety days. Insiders own 0.36% of the company’s stock.
Shares of Cree stock opened at $117.10 on Tuesday. The business’s 50 day simple moving average is $116.13 and its 200 day simple moving average is $85.32. Cree, Inc. has a 52-week low of $27.77 and a 52-week high of $129.90. The firm has a market cap of $13.00 billion, a PE ratio of -37.77 and a beta of 1.43. The company has a debt-to-equity ratio of 0.42, a quick ratio of 3.78 and a current ratio of 4.33.
Cree (NASDAQ:CREE) last announced its earnings results on Tuesday, January 26th. The LED producer reported ($0.24) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.25) by $0.01. The business had revenue of $127.00 million for the quarter, compared to analyst estimates of $121.54 million. Cree had a negative return on equity of 5.94% and a negative net margin of 38.54%. Cree’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.10) EPS. As a group, equities research analysts predict that Cree, Inc. will post -1.28 EPS for the current year.
Cree, Inc provides lighting-class light emitting diode (LED) and semiconductor products for power and radio-frequency (RF) applications in the United States, China, Europe, and internationally. It operates in two segments, Wolfspeed and LED Products. The Wolfspeed segment offers silicon carbide (SiC) materials for RF, power switching, gemstones, and other applications.
Featured Story: Overbought
Want to see what other hedge funds are holding CREE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cree, Inc. (NASDAQ:CREE).
Receive News & Ratings for Cree Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Cree and related companies with MarketBeat.com’s FREE daily email newsletter.
Powered by WPeMatico