Cree, Inc. (CREE) Downgraded by Williams Capital

Williams Capital lowered shares of Cree, Inc. (NASDAQ:CREE) from a hold rating to a sell rating in a research note published on Thursday morning, MarketBeat.com reports. The brokerage currently has $27.00 price objective on the LED producer’s stock.

Several other analysts have also weighed in on the stock. J P Morgan Chase & Co lowered shares of Cree from a neutral rating to an underweight rating and raised their price objective for the stock from $23.00 to $28.00 in a report on Friday, October 6th. BidaskClub lowered shares of Cree from a buy rating to a hold rating in a report on Friday, July 28th. Zacks Investment Research lowered shares of Cree from a hold rating to a sell rating in a report on Tuesday, July 18th. ValuEngine raised shares of Cree from a sell rating to a hold rating in a report on Friday, September 1st. Finally, Deutsche Bank AG reissued a hold rating and issued a $22.00 price target (down previously from $24.00) on shares of Cree in a report on Wednesday, August 23rd. Seven analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the stock. The company presently has an average rating of Hold and a consensus target price of $25.73.

Shares of Cree (NASDAQ:CREE) traded down 0.97% during trading on Thursday, reaching $33.85. The company had a trading volume of 2,701,670 shares. The company’s market cap is $3.32 billion. Cree has a 12-month low of $20.50 and a 12-month high of $35.46. The firm has a 50-day moving average of $27.41 and a 200-day moving average of $25.02.

Cree (NASDAQ:CREE) last posted its quarterly earnings data on Tuesday, October 17th. The LED producer reported $0.04 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.04. The company had revenue of $360.00 million during the quarter, compared to analyst estimates of $360.01 million. Cree had a negative net margin of 8.42% and a negative return on equity of 0.44%. The company’s revenue was down 3.0% on a year-over-year basis. During the same quarter last year, the business posted $0.09 earnings per share. On average, equities research analysts anticipate that Cree will post $0.13 EPS for the current year.

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Institutional investors and hedge funds have recently added to or reduced their stakes in the business. GAM Holding AG acquired a new stake in Cree during the 2nd quarter worth $104,000. Riverhead Capital Management LLC grew its holdings in Cree by 75.0% during the 2nd quarter. Riverhead Capital Management LLC now owns 5,426 shares of the LED producer’s stock worth $134,000 after acquiring an additional 2,326 shares during the period. Strs Ohio acquired a new stake in Cree during the 2nd quarter worth $140,000. LS Investment Advisors LLC grew its holdings in Cree by 17.9% during the 2nd quarter. LS Investment Advisors LLC now owns 7,643 shares of the LED producer’s stock worth $188,000 after acquiring an additional 1,160 shares during the period. Finally, Advisor Group Inc. grew its holdings in Cree by 11.5% during the 2nd quarter. Advisor Group Inc. now owns 8,175 shares of the LED producer’s stock worth $197,000 after acquiring an additional 846 shares during the period. 91.16% of the stock is owned by hedge funds and other institutional investors.

Cree Company Profile

Cree, Inc is a manufacturer of lighting-class light emitting diode (LED) products, lighting products and semiconductor products for power and radio-frequency (RF) applications. The Company’s products are focused for applications, such as indoor and outdoor lighting, video displays, transportation, electronic signs and signals, power supplies, inverters and wireless systems.

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