Northern Trust Corp raised its stake in shares of Cree, Inc. (NASDAQ:CREE) by 4.2% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,491,816 shares of the LED producer’s stock after purchasing an additional 60,517 shares during the period. Northern Trust Corp owned 1.47% of Cree worth $62,015,000 at the end of the most recent reporting period.
A number of other hedge funds also recently modified their holdings of the stock. BlackRock Inc. increased its position in Cree by 6.3% during the second quarter. BlackRock Inc. now owns 11,800,582 shares of the LED producer’s stock worth $490,550,000 after purchasing an additional 699,285 shares during the last quarter. Iridian Asset Management LLC CT increased its position in Cree by 24.7% during the second quarter. Iridian Asset Management LLC CT now owns 3,817,011 shares of the LED producer’s stock worth $158,673,000 after purchasing an additional 755,782 shares during the last quarter. OppenheimerFunds Inc. increased its position in Cree by 13.7% during the second quarter. OppenheimerFunds Inc. now owns 2,928,013 shares of the LED producer’s stock worth $121,718,000 after purchasing an additional 353,350 shares during the last quarter. Pendal Group Ltd acquired a new position in Cree during the second quarter worth approximately $94,150,000. Finally, Artisan Partners Limited Partnership increased its position in Cree by 245.3% during the second quarter. Artisan Partners Limited Partnership now owns 2,187,858 shares of the LED producer’s stock worth $90,949,000 after purchasing an additional 1,554,250 shares during the last quarter.
Several equities analysts recently commented on CREE shares. Canaccord Genuity set a $60.00 price target on shares of Cree and gave the stock a “buy” rating in a research report on Tuesday, August 14th. BidaskClub raised shares of Cree from a “hold” rating to a “buy” rating in a research report on Tuesday, August 7th. Zacks Investment Research lowered shares of Cree from a “buy” rating to a “hold” rating in a research report on Tuesday, June 26th. ValuEngine raised shares of Cree from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 18th. Finally, Nomura began coverage on shares of Cree in a research report on Wednesday, July 18th. They issued a “neutral” rating and a $44.00 price objective for the company. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $43.92.
Cree (NASDAQ:CREE) last released its quarterly earnings data on Tuesday, August 14th. The LED producer reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.03. Cree had a negative net margin of 18.74% and a negative return on equity of 0.74%. The company had revenue of $409.45 million during the quarter, compared to analyst estimates of $399.69 million. During the same quarter in the prior year, the business earned $0.04 earnings per share. The business’s quarterly revenue was up 14.1% compared to the same quarter last year. Research analysts anticipate that Cree, Inc. will post 0.13 EPS for the current fiscal year.
In other news, EVP David Todd Emerson sold 22,500 shares of the company’s stock in a transaction on Wednesday, August 29th. The shares were sold at an average price of $45.84, for a total value of $1,031,400.00. Following the completion of the transaction, the executive vice president now directly owns 159,097 shares in the company, valued at $7,293,006.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.55% of the stock is owned by corporate insiders.
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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