Morgan Stanley raised its position in Cree, Inc. (NASDAQ:CREE) by 6.2% during the third quarter, according to its most recent 13F filing with the SEC. The fund owned 950,704 shares of the LED producer’s stock after buying an additional 55,155 shares during the period. Morgan Stanley owned about 0.93% of Cree worth $36,002,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds have also recently made changes to their positions in CREE. Teachers Retirement System of The State of Kentucky boosted its position in shares of Cree by 7.5% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 18,670 shares of the LED producer’s stock worth $707,000 after purchasing an additional 1,300 shares during the last quarter. Thrivent Financial for Lutherans lifted its holdings in Cree by 5.9% during the third quarter. Thrivent Financial for Lutherans now owns 24,250 shares of the LED producer’s stock worth $918,000 after acquiring an additional 1,349 shares in the last quarter. Aperio Group LLC lifted its holdings in Cree by 3.4% during the third quarter. Aperio Group LLC now owns 41,124 shares of the LED producer’s stock worth $1,557,000 after acquiring an additional 1,354 shares in the last quarter. Retirement Systems of Alabama lifted its holdings in Cree by 1.1% during the third quarter. Retirement Systems of Alabama now owns 131,546 shares of the LED producer’s stock worth $4,982,000 after acquiring an additional 1,398 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund lifted its holdings in Cree by 3.7% during the third quarter. Oregon Public Employees Retirement Fund now owns 39,623 shares of the LED producer’s stock worth $1,501,000 after acquiring an additional 1,411 shares in the last quarter.
Several research analysts have weighed in on CREE shares. Cowen set a $38.00 target price on Cree and gave the stock a “hold” rating in a report on Thursday, October 11th. JPMorgan Chase & Co. lowered Cree from a “neutral” rating to an “underweight” rating and set a $45.96 target price on the stock. in a report on Sunday, December 9th. JMP Securities set a $46.00 target price on Cree and gave the stock a “buy” rating in a report on Wednesday, October 17th. Canaccord Genuity set a $58.00 target price on Cree and gave the stock a “buy” rating in a report on Wednesday, October 17th. Finally, Goldman Sachs Group upgraded Cree from a “neutral” rating to a “buy” rating and set a $58.00 target price on the stock in a report on Thursday, November 8th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $48.43.
CREE opened at $47.06 on Monday. Cree, Inc. has a 1 year low of $30.78 and a 1 year high of $51.78. The stock has a market capitalization of $4.66 billion, a price-to-earnings ratio of -313.73 and a beta of 0.45. The company has a debt-to-equity ratio of 0.21, a quick ratio of 3.15 and a current ratio of 4.19.
Cree (NASDAQ:CREE) last released its quarterly earnings results on Tuesday, October 16th. The LED producer reported $0.22 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.12 by $0.10. Cree had a negative return on equity of 0.10% and a negative net margin of 17.60%. The firm had revenue of $408.28 million for the quarter, compared to the consensus estimate of $407.32 million. During the same quarter last year, the business posted $0.04 EPS. The company’s revenue for the quarter was up 13.3% on a year-over-year basis. On average, analysts expect that Cree, Inc. will post 0.33 EPS for the current fiscal year.
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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. It operates in three segments: Wolfspeed, LED Products, and Lighting Products.
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