Meridian Wealth Management LLC bought a new stake in shares of Cree, Inc. (NASDAQ:CREE) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 525 shares of the LED producer’s stock, valued at approximately $30,000.
Several other institutional investors also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted its holdings in shares of Cree by 8.9% in the third quarter. JPMorgan Chase & Co. now owns 78,854 shares of the LED producer’s stock worth $2,986,000 after buying an additional 6,445 shares in the last quarter. Vanguard Group Inc lifted its holdings in shares of Cree by 6.9% in the third quarter. Vanguard Group Inc now owns 9,837,558 shares of the LED producer’s stock worth $372,548,000 after buying an additional 632,086 shares in the last quarter. Bank of Montreal Can lifted its holdings in shares of Cree by 31.1% in the fourth quarter. Bank of Montreal Can now owns 4,010 shares of the LED producer’s stock worth $172,000 after buying an additional 951 shares in the last quarter. CIBC Private Wealth Group LLC raised its stake in Cree by 10.9% during the fourth quarter. CIBC Private Wealth Group LLC now owns 17,249 shares of the LED producer’s stock valued at $738,000 after purchasing an additional 1,701 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund raised its stake in Cree by 4,177.5% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,694,874 shares of the LED producer’s stock valued at $40,000 after purchasing an additional 1,655,251 shares in the last quarter.
Shares of CREE traded up $1.31 during midday trading on Friday, hitting $59.76. The stock had a trading volume of 1,087,900 shares, compared to its average volume of 1,493,779. Cree, Inc. has a 1 year low of $33.72 and a 1 year high of $69.21. The stock has a market capitalization of $6.29 billion, a price-to-earnings ratio of -398.40, a PEG ratio of 6.27 and a beta of 0.79. The company has a current ratio of 4.48, a quick ratio of 3.97 and a debt-to-equity ratio of 0.22. The company’s 50 day moving average is $57.38.
Cree (NASDAQ:CREE) last announced its earnings results on Wednesday, May 1st. The LED producer reported $0.08 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.06 by $0.02. The business had revenue of $274.00 million for the quarter, compared to the consensus estimate of $274.73 million. Cree had a negative net margin of 18.25% and a positive return on equity of 1.59%. The business’s revenue for the quarter was up 21.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.04 earnings per share. As a group, sell-side analysts predict that Cree, Inc. will post 0.36 earnings per share for the current year.
CREE has been the topic of a number of recent research reports. Roth Capital set a $75.00 price target on shares of First Solar and gave the company a “buy” rating in a research note on Thursday, June 13th. Canaccord Genuity reaffirmed a “buy” rating and set a $10.00 price target on shares of Chembio Diagnostics in a research note on Thursday, May 2nd. BMO Capital Markets set a C$106.00 price target on shares of FirstService and gave the company a “market perform” rating in a research note on Monday, June 3rd. Zacks Investment Research raised shares of Green Brick Partners from a “sell” rating to a “hold” rating in a research note on Thursday, April 25th. Finally, CIBC decreased their price target on shares of Rocky Mountain Dealerships from C$10.50 to C$10.00 in a research note on Thursday, May 2nd. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. Cree has an average rating of “Hold” and a consensus price target of $60.16.
In related news, Director Duy Loan T. Le purchased 2,000 shares of the business’s stock in a transaction dated Monday, May 20th. The shares were purchased at an average cost of $60.07 per share, for a total transaction of $120,140.00. Following the completion of the acquisition, the director now owns 8,442 shares in the company, valued at approximately $507,110.94. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.55% 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. It operates in three segments: Wolfspeed, LED Products, and Lighting Products.
Featured Article: Short Selling – Explanation For Shorting Stocks
Receive News & Ratings for Cree Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Cree and related companies with MarketBeat.com’s FREE daily email newsletter.