Cree, Inc. (NASDAQ:CREE) Shares Acquired by Municipal Employees Retirement System of Michigan

Municipal Employees Retirement System of Michigan lifted its stake in shares of Cree, Inc. (NASDAQ:CREE) by 1.1% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 19,080 shares of the LED producer’s stock after buying an additional 200 shares during the quarter. Municipal Employees Retirement System of Michigan’s holdings in Cree were worth $1,072,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in CREE. Meridian Wealth Management LLC purchased a new stake in Cree during the first quarter worth approximately $30,000. Quadrant Capital Group LLC lifted 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 purchasing an additional 451 shares during the last quarter. James Investment Research Inc. purchased a new stake in Cree during the first quarter worth approximately $33,000. FNY Investment Advisers LLC purchased a new stake in Cree during the first quarter worth approximately $42,000. Finally, Penserra Capital Management LLC lifted its stake in Cree by 50.0% during the first quarter. Penserra Capital Management LLC now owns 1,008 shares of the LED producer’s stock worth $57,000 after purchasing an additional 336 shares during the last quarter.

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 stock was acquired at an average price of $60.07 per share, for a total transaction of $120,140.00. Following the completion of the purchase, the director now directly owns 8,442 shares of the company’s stock, valued at $507,110.94. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. 0.55% of the stock is owned by corporate insiders.

Shares of NASDAQ CREE opened at $57.14 on Thursday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.97 and a current ratio of 4.48. Cree, Inc. has a twelve month low of $33.72 and a twelve month high of $69.21. The company has a 50 day moving average price of $59.53. The stock has a market capitalization of $6.04 billion, a PE ratio of -380.93, a P/E/G ratio of 6.03 and a beta of 0.78.

CREE has been the subject of several recent analyst reports. CIBC restated a “market perform” rating on shares of Cree in a research note on Thursday, May 2nd. BidaskClub cut Cree from a “buy” rating to a “hold” rating in a research note on Tuesday, August 6th. Canaccord Genuity reiterated a “buy” rating and issued a $78.00 price objective (down previously from $81.00) on shares of Cree in a research note on Thursday, May 2nd. Citigroup cut Cree from an “outperform” rating to a “market perform” rating in a research note on Thursday, May 2nd. Finally, BMO Capital Markets cut Cree from an “outperform” rating to a “market perform” rating and set a $55.00 price objective for the company. in a research note on Monday, June 3rd. One research analyst has rated the stock with a sell rating, nine have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $60.16.

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.

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Institutional Ownership by Quarter for Cree (NASDAQ:CREE)

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