Smithfield Trust Co. Takes Position in Cree, Inc. (NASDAQ:CREE)

Smithfield Trust Co. purchased a new stake in shares of Cree, Inc. (NASDAQ:CREE) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 2,895 shares of the LED producer’s stock, valued at approximately $166,000.

A number of other hedge funds also recently modified their holdings of the stock. Janney Montgomery Scott LLC boosted its stake in shares of Cree by 58.1% in the first quarter. Janney Montgomery Scott LLC now owns 67,077 shares of the LED producer’s stock worth $3,838,000 after acquiring an additional 24,647 shares during the last quarter. Dupont Capital Management Corp acquired a new position in Cree during the first quarter worth $476,000. Arizona State Retirement System boosted its stake in Cree by 0.7% during the first quarter. Arizona State Retirement System now owns 74,121 shares of the LED producer’s stock worth $4,241,000 after buying an additional 510 shares during the last quarter. Quadrant Capital Group LLC boosted its stake in Cree by 501.1% during the first quarter. Quadrant Capital Group LLC now owns 541 shares of the LED producer’s stock worth $29,000 after buying an additional 451 shares during the last quarter. Finally, Daiwa Securities Group Inc. acquired a new position in Cree during the first quarter worth $72,000.

In other Cree news, Director Duy Loan T. Le bought 2,000 shares of the business’s stock in a transaction dated Monday, May 20th. The stock was acquired at an average cost of $60.07 per share, with a total value of $120,140.00. Following the purchase, the director now owns 8,442 shares in the company, valued at approximately $507,110.94. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.55% of the company’s stock.

Cree stock traded up $0.92 during mid-day trading on Friday, reaching $57.53. 817,576 shares of the company were exchanged, compared to its average volume of 1,422,504. Cree, Inc. has a twelve month low of $33.72 and a twelve month high of $69.21. 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 stock has a market capitalization of $6.05 billion, a price-to-earnings ratio of -383.53, a PEG ratio of 7.36 and a beta of 0.69.

Cree (NASDAQ:CREE) last posted its quarterly earnings data on Wednesday, May 1st. The LED producer reported $0.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.06 by $0.02. The company had revenue of $274.00 million during the quarter, compared to analysts’ expectations of $274.73 million. Cree had a positive return on equity of 1.59% and a negative net margin of 18.25%. The firm’s revenue for the quarter was up 21.7% on a year-over-year basis. During the same period last year, the firm earned $0.04 EPS. Equities analysts predict that Cree, Inc. will post 0.4 earnings per share for the current year.

A number of equities analysts have weighed in on CREE shares. JMP Securities lowered Cree from an “outperform” rating to a “market perform” rating and set a $49.32 price objective on the stock. in a research note on Tuesday, January 29th. They noted that the move was a valuation call. Zacks Investment Research lowered Cree from a “buy” rating to a “hold” rating in a research note on Wednesday, April 10th. Oppenheimer upped their price target on Cree from $53.00 to $59.00 and gave the company an “outperform” rating in a research note on Thursday, January 31st. BidaskClub downgraded Cree from a “strong-buy” rating to a “buy” rating in a report on Friday, April 26th. Finally, Canaccord Genuity reiterated a “buy” rating and issued a $81.00 price objective (up previously from $60.00) on shares of Cree in a report on Monday, April 15th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company. Cree presently has a consensus rating of “Hold” and a consensus price target of $58.89.

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Cree 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.

Further Reading: Google Finance Portfolio

Institutional Ownership by Quarter for Cree (NASDAQ:CREE)

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