Morgan Stanley Raises Stake in Cree, Inc. (NASDAQ:CREE)

Morgan Stanley lifted its position in shares of Cree, Inc. (NASDAQ:CREE) by 29.8% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 216,980 shares of the LED producer’s stock after buying an additional 49,760 shares during the quarter. Morgan Stanley’s holdings in Cree were worth $12,191,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. FMR LLC grew its holdings in shares of Cree by 9.0% during the first quarter. FMR LLC now owns 3,220,440 shares of the LED producer’s stock worth $184,274,000 after buying an additional 265,776 shares in the last quarter. Invesco Ltd. grew its holdings in Cree by 566.5% in the second quarter. Invesco Ltd. now owns 1,816,237 shares of the LED producer’s stock valued at $102,036,000 after purchasing an additional 1,543,719 shares during the period. Northern Trust Corp grew its holdings in Cree by 4.4% in the first quarter. Northern Trust Corp now owns 1,606,030 shares of the LED producer’s stock valued at $91,897,000 after purchasing an additional 67,485 shares during the period. Eagle Asset Management Inc. grew its holdings in Cree by 16.8% in the second quarter. Eagle Asset Management Inc. now owns 762,223 shares of the LED producer’s stock valued at $42,821,000 after purchasing an additional 109,825 shares during the period. Finally, Ardevora Asset Management LLP grew its holdings in Cree by 3.1% in the second quarter. Ardevora Asset Management LLP now owns 697,408 shares of the LED producer’s stock valued at $39,180,000 after purchasing an additional 20,900 shares during the period.

A number of research firms recently issued reports on CREE. Deutsche Bank lowered their target price on shares of Cree from $55.00 to $52.00 and set a “hold” rating for the company in a report on Wednesday, August 21st. Piper Jaffray Companies downgraded shares of Cree from a “neutral” rating to an “underweight” rating and lowered their target price for the company from $57.00 to $38.00 in a report on Monday, August 26th. BNP Paribas began coverage on shares of Cree in a report on Thursday, August 29th. They issued an “underperform” rating and a $40.00 target price for the company. Canaccord Genuity restated a “buy” rating and issued a $64.00 target price (down from $72.00) on shares of Cree in a report on Tuesday. Finally, BMO Capital Markets lowered their target price on shares of Cree from $55.00 to $50.00 and set a “market perform” rating for the company in a report on Wednesday, August 21st. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating and three have assigned a buy rating to the stock. Cree currently has a consensus rating of “Hold” and an average target price of $55.70.

Shares of CREE stock opened at $47.58 on Friday. The stock has a market cap of $5.09 billion, a price-to-earnings ratio of 132.17 and a beta of 0.91. The company has a quick ratio of 4.57, a current ratio of 5.27 and a debt-to-equity ratio of 0.23. Cree, Inc. has a fifty-two week low of $34.00 and a fifty-two week high of $69.21. The firm’s 50 day moving average price is $47.71 and its two-hundred day moving average price is $57.15.

Cree (NASDAQ:CREE) last announced its quarterly earnings results on Tuesday, August 20th. The LED producer reported $0.11 earnings per share for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.09). The business had revenue of $251.00 million for the quarter, compared to analyst estimates of $248.95 million. Cree had a negative net margin of 27.86% and a positive return on equity of 1.23%. The company’s quarterly revenue was down 5.6% on a year-over-year basis. During the same period last year, the firm earned $0.11 earnings per share. On average, equities analysts forecast that Cree, Inc. will post -0.16 EPS for the current fiscal year.

Cree Company 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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Institutional Ownership by Quarter for Cree (NASDAQ:CREE)

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