LPL Financial LLC lowered its position in Cree Inc. (NASDAQ:CREE) by 24.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 38,101 shares of the LED producer’s stock after selling 12,430 shares during the quarter. LPL Financial LLC’s holdings in Cree were worth $1,415,000 at the end of the most recent quarter.
Several other hedge funds have also recently made changes to their positions in the company. Icon Wealth Partners LLC purchased a new stake in Cree during the 4th quarter worth about $110,000. SeaCrest Wealth Management LLC purchased a new stake in Cree during the 4th quarter worth about $156,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Cree by 41.8% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,721 shares of the LED producer’s stock worth $212,000 after purchasing an additional 1,687 shares in the last quarter. Shelton Capital Management purchased a new stake in Cree during the 3rd quarter worth about $213,000. Finally, M&T Bank Corp purchased a new stake in Cree during the 4th quarter worth about $237,000. Institutional investors and hedge funds own 98.94% of the company’s stock.
Shares of NASDAQ:CREE opened at $40.42 on Friday. 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 Inc. has a 12-month low of $20.50 and a 12-month high of $45.43. The stock has a market capitalization of $3,971.55, a price-to-earnings ratio of 212.74 and a beta of 0.62.
Cree (NASDAQ:CREE) last issued its quarterly earnings results on Tuesday, January 23rd. The LED producer reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.02). Cree had a negative return on equity of 1.24% and a negative net margin of 7.77%. The business had revenue of $367.87 million during the quarter, compared to analyst estimates of $349.62 million. During the same period in the previous year, the business posted $0.30 earnings per share. The firm’s quarterly revenue was down 8.3% on a year-over-year basis. sell-side analysts expect that Cree Inc. will post -0.37 earnings per share for the current year.
A number of research firms recently commented on CREE. Williams Capital upgraded Cree from a “sell” rating to a “hold” rating and lifted their price objective for the stock from $27.00 to $32.00 in a research report on Wednesday, January 24th. Oppenheimer reiterated a “hold” rating on shares of Cree in a research report on Wednesday, January 24th. ValuEngine upgraded Cree from a “hold” rating to a “buy” rating in a research report on Monday, April 2nd. Piper Jaffray began coverage on Cree in a research report on Wednesday, December 20th. They set a “neutral” rating and a $37.00 price objective for the company. Finally, JPMorgan Chase set a $28.00 price objective on Cree and gave the stock a “sell” rating in a research report on Wednesday, February 7th. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and four have issued a buy rating to the company’s stock. The company presently has a consensus 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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