Equities research analysts predict that Cree Inc. (NASDAQ:CREE) will report earnings per share (EPS) of $0.07 for the current fiscal quarter, according to Zacks Investment Research. Five analysts have provided estimates for Cree’s earnings, with the lowest EPS estimate coming in at $0.02 and the highest estimate coming in at $0.09. Cree posted earnings per share of $0.04 during the same quarter last year, which suggests a positive year-over-year growth rate of 75%. The business is scheduled to announce its next earnings report on Tuesday, August 28th.
According to Zacks, analysts expect that Cree will report full year earnings of $0.14 per share for the current fiscal year, with EPS estimates ranging from $0.03 to $0.19. For the next year, analysts expect that the business will report earnings of $0.56 per share, with EPS estimates ranging from $0.38 to $0.67. Zacks Investment Research’s earnings per share calculations are an average based on a survey of analysts that cover Cree.
Cree (NASDAQ:CREE) last posted its earnings results on Tuesday, April 24th. The LED producer reported $0.04 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.01 by $0.03. Cree had a negative return on equity of 1.10% and a negative net margin of 17.50%. The firm had revenue of $355.96 million during the quarter, compared to analyst estimates of $347.38 million. During the same period in the previous year, the company earned $0.01 EPS. The company’s revenue for the quarter was up 4.2% on a year-over-year basis.
CREE has been the subject of several analyst reports. Zacks Investment Research lowered Cree from a “hold” rating to a “sell” rating in a report on Monday, January 29th. Deutsche Bank set a $45.00 price target on Cree and gave the stock a “buy” rating in a report on Wednesday, January 24th. Goldman Sachs upgraded Cree from a “sell” rating to a “neutral” rating and upped their price target for the stock from $39.00 to $41.76 in a report on Wednesday, March 7th. BidaskClub upgraded Cree from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 17th. Finally, Roth Capital lowered Cree from a “buy” rating to a “neutral” rating and set a $35.00 price target for the company. in a report on Tuesday, January 23rd. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $37.20.
CREE traded up $1.36 on Tuesday, hitting $43.69. The company had a trading volume of 1,301,760 shares, compared to its average volume of 1,441,840. Cree has a 1-year low of $42.13 and a 1-year high of $43.14. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.46 and a current ratio of 3.74. The firm has a market cap of $4.23 billion, a P/E ratio of 229.95 and a beta of 0.62.
In related news, insider Michael E. Mcdevitt sold 7,000 shares of the company’s stock in a transaction on Thursday, April 26th. The stock was sold at an average price of $39.36, for a total value of $275,520.00. Following the completion of the transaction, the insider now directly owns 169,924 shares in the company, valued at $6,688,208.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.10% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of CREE. Icon Wealth Partners LLC acquired a new position in shares of Cree in the fourth quarter valued at $110,000. SeaCrest Wealth Management LLC acquired a new position in shares of Cree in the fourth quarter valued at $156,000. Quantbot Technologies LP acquired a new position in shares of Cree in the first quarter valued at $193,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Cree by 41.8% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,721 shares of the LED producer’s stock valued at $212,000 after purchasing an additional 1,687 shares in the last quarter. Finally, Zeke Capital Advisors LLC acquired a new position in shares of Cree in the fourth quarter valued at $218,000. Institutional investors and hedge funds own 98.94% of the company’s stock.
Cree Company 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. 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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