Meyer Handelman Co. Buys New Holdings in Cree, Inc. (CREE)

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Meyer Handelman Co. purchased a new stake in Cree, Inc. (NASDAQ:CREE) in the 4th quarter, HoldingsChannel reports. The fund purchased 5,000 shares of the LED producer’s stock, valued at approximately $214,000.

Several other hedge funds also recently modified their holdings of the company. BlackRock Inc. increased its stake in shares of Cree by 5.8% in the third quarter. BlackRock Inc. now owns 12,484,264 shares of the LED producer’s stock valued at $472,779,000 after buying an additional 683,682 shares during the period. Vanguard Group Inc. increased its stake 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 valued at $372,548,000 after buying an additional 632,086 shares during the period. Vanguard Group Inc increased its stake 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 valued at $372,548,000 after buying an additional 632,086 shares during the period. Capital Research Global Investors increased its stake in shares of Cree by 13.5% in the third quarter. Capital Research Global Investors now owns 4,865,183 shares of the LED producer’s stock valued at $184,244,000 after buying an additional 577,558 shares during the period. Finally, Iridian Asset Management LLC CT increased its stake in shares of Cree by 13.0% in the third quarter. Iridian Asset Management LLC CT now owns 4,312,381 shares of the LED producer’s stock valued at $163,310,000 after buying an additional 495,370 shares during the period.

Several equities research analysts recently commented on CREE shares. BidaskClub upgraded Cree from a “strong sell” rating to a “sell” rating in a research report on Wednesday, October 17th. Nomura set a $40.00 target price on Cree and gave the company a “hold” rating in a research report on Wednesday, October 17th. 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 research report on Sunday, December 9th. Canaccord Genuity set a $58.00 target price on Cree and gave the company a “buy” rating in a research report on Wednesday, October 17th. Finally, Zacks Investment Research lowered Cree from a “buy” rating to a “hold” rating in a research report on Tuesday, October 16th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $49.09.

NASDAQ:CREE traded up $0.14 on Monday, hitting $51.26. The stock had a trading volume of 4,957 shares, compared to its average volume of 1,353,458. The firm has a market cap of $5.28 billion, a P/E ratio of -340.80, a PEG ratio of 6.96 and a beta of 0.60. The company has a debt-to-equity ratio of 0.21, a quick ratio of 3.27 and a current ratio of 4.33. Cree, Inc. has a 52 week low of $31.44 and a 52 week high of $52.76.

Cree (NASDAQ:CREE) last announced its quarterly earnings results on Wednesday, January 30th. The LED producer reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.06. The business had revenue of $413.04 million for the quarter, compared to analyst estimates of $408.75 million. Cree had a positive return on equity of 0.90% and a negative net margin of 18.11%. The company’s quarterly revenue was up 12.3% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.01) earnings per share. On average, equities analysts forecast that Cree, Inc. will post 0.37 earnings per share for the current fiscal year.

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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.

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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)

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