Ardevora Asset Management LLP Acquires 201,100 Shares of Cree, Inc. (CREE)

Share on StockTwits

Ardevora Asset Management LLP lifted its holdings in shares of Cree, Inc. (NASDAQ:CREE) by 28.3% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 912,308 shares of the LED producer’s stock after buying an additional 201,100 shares during the period. Ardevora Asset Management LLP’s holdings in Cree were worth $34,549,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Smithfield Trust Co. purchased a new position in Cree during the second quarter worth about $119,000. Berkshire Asset Management LLC PA purchased a new position in Cree during the second quarter worth about $205,000. Zacks Investment Management purchased a new position in Cree during the second quarter worth about $210,000. Global X Management Co LLC purchased a new position in Cree during the second quarter worth about $269,000. Finally, Summit Trail Advisors LLC raised its holdings in Cree by 20.7% during the first quarter. Summit Trail Advisors LLC now owns 13,179 shares of the LED producer’s stock worth $337,000 after purchasing an additional 2,259 shares in the last quarter.

In other Cree news, EVP David Todd Emerson sold 22,500 shares of the stock in a transaction dated 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 of the company’s stock, valued at $7,293,006.48. The sale was disclosed in a filing with the SEC, which is available at this link. Company insiders own 0.55% of the company’s stock.

Shares of Cree stock opened at $38.13 on Wednesday. Cree, Inc. has a 12-month low of $30.78 and a 12-month high of $51.78. The company has a debt-to-equity ratio of 0.21, a current ratio of 4.19 and a quick ratio of 3.15. The stock has a market capitalization of $3.72 billion, a price-to-earnings ratio of -254.20 and a beta of 0.55.

Cree (NASDAQ:CREE) last issued its earnings results on Tuesday, October 16th. The LED producer reported $0.22 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.12 by $0.10. Cree had a negative net margin of 17.60% and a negative return on equity of 0.10%. The company had revenue of $408.28 million during the quarter, compared to analysts’ expectations of $407.32 million. During the same period last year, the company posted $0.04 earnings per share. The firm’s quarterly revenue was up 13.3% compared to the same quarter last year. As a group, sell-side analysts predict that Cree, Inc. will post 0.33 earnings per share for the current year.

Several research firms recently issued reports on CREE. Cowen reissued a “hold” rating and set a $45.00 price target on shares of Cree in a report on Thursday, August 9th. Canaccord Genuity set a $60.00 price target on shares of Cree and gave the stock a “buy” rating in a report on Tuesday, August 14th. BidaskClub raised shares of Cree from a “hold” rating to a “buy” rating in a report on Tuesday, August 7th. ValuEngine raised shares of Cree from a “buy” rating to a “strong-buy” rating in a report on Tuesday, July 24th. Finally, Deutsche Bank began coverage on shares of Cree in a report on Monday, August 27th. They set a “hold” rating and a $47.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and six have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $44.05.

About Cree

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.

Read More: What are retained earnings?

Want to see what other hedge funds are holding CREE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cree, Inc. (NASDAQ:CREE).

Institutional Ownership by Quarter for Cree (NASDAQ:CREE)

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.

Leave a Reply