Kovitz Investment Group Partners LLC lessened its stake in Cree Inc. (NASDAQ:CREE) by 23.4% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 32,500 shares of the LED producer’s stock after selling 9,950 shares during the period. Kovitz Investment Group Partners LLC’s holdings in Cree were worth $1,207,000 at the end of the most recent quarter.
Other institutional investors also recently bought and sold shares of the company. TIAA CREF Investment Management LLC lifted its position in shares of Cree by 90.6% during the 4th quarter. TIAA CREF Investment Management LLC now owns 495,229 shares of the LED producer’s stock worth $18,393,000 after purchasing an additional 235,363 shares during the last quarter. Teachers Advisors LLC lifted its position in Cree by 485.4% in the fourth quarter. Teachers Advisors LLC now owns 1,026,349 shares of the LED producer’s stock valued at $38,119,000 after acquiring an additional 851,025 shares during the last quarter. Hanseatic Management Services Inc. purchased a new stake in shares of Cree in the fourth quarter valued at about $311,000. Paloma Partners Management Co purchased a new stake in shares of Cree in the fourth quarter valued at about $1,310,000. Finally, Raymond James & Associates raised its holdings in shares of Cree by 2.3% in the fourth quarter. Raymond James & Associates now owns 479,456 shares of the LED producer’s stock valued at $17,807,000 after buying an additional 10,839 shares during the last quarter. Hedge funds and other institutional investors own 98.94% of the company’s stock.
CREE traded down $0.22 during trading hours on Friday, reaching $40.42. 1,762,301 shares of the stock traded hands, compared to its average volume of 1,174,872. The firm has a market cap of $4,059.45, a price-to-earnings ratio of 212.74 and a beta of 0.62. Cree Inc. has a fifty-two week low of $20.50 and a fifty-two week high of $45.43. The company has a current ratio of 4.59, a quick ratio of 3.48 and a debt-to-equity ratio of 0.05.
Cree (NASDAQ:CREE) last announced its quarterly earnings data on Tuesday, January 23rd. The LED producer reported ($0.01) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.01 by ($0.02). The company had revenue of $367.87 million for the quarter, compared to analyst estimates of $349.62 million. Cree had a negative return on equity of 1.24% and a negative net margin of 7.77%. Cree’s revenue was down 8.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.30 earnings per share. analysts forecast that Cree Inc. will post -0.37 earnings per share for the current fiscal year.
A number of equities research analysts have recently commented on CREE shares. KeyCorp reaffirmed a “hold” rating on shares of Cree in a report on Monday, December 11th. Deutsche Bank set a $45.00 price target on shares of Cree and gave the stock a “buy” rating in a research note on Tuesday, December 12th. Zacks Investment Research lowered shares of Cree from a “hold” rating to a “sell” rating in a research report on Friday, December 15th. Northland Securities restated an “under perform” rating and set a $28.00 target price on shares of Cree in a research report on Tuesday, December 19th. They noted that the move was a valuation call. Finally, JPMorgan Chase set a $28.00 price target on shares of Cree and gave the company a “sell” rating in a report on Tuesday, December 19th. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and four have issued a buy rating to the stock. Cree currently has an average rating of “Hold” and a consensus price target of $33.71.
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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. Its Lighting Products segment offers LED lighting systems and bulbs for use in settings, such as office and retail space, restaurants and hospitality, schools and universities, manufacturing, healthcare, airports, municipal, residential, street lighting and parking structures, and other applications.
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