First Mercantile Trust Co. boosted its holdings in shares of Cree Inc. (NASDAQ:CREE) by 66.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 21,397 shares of the LED producer’s stock after purchasing an additional 8,566 shares during the period. First Mercantile Trust Co.’s holdings in Cree were worth $862,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. increased its stake in Cree by 6.9% during the 4th quarter. Envestnet Asset Management Inc. now owns 25,658 shares of the LED producer’s stock worth $953,000 after buying an additional 1,666 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Cree by 41.8% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,721 shares of the LED producer’s stock valued at $212,000 after buying an additional 1,687 shares during the last quarter. First Trust Advisors LP grew its position in shares of Cree by 2.3% in the 4th quarter. First Trust Advisors LP now owns 114,412 shares of the LED producer’s stock valued at $4,249,000 after buying an additional 2,617 shares during the last quarter. Icon Wealth Partners LLC purchased a new position in shares of Cree in the 4th quarter valued at $110,000. Finally, Swiss National Bank grew its position in shares of Cree by 2.3% in the 1st quarter. Swiss National Bank now owns 170,241 shares of the LED producer’s stock valued at $6,862,000 after buying an additional 3,800 shares during the last quarter. 98.94% of the stock is owned by institutional investors.
Shares of Cree traded up $0.55, reaching $46.09, during trading hours on Tuesday, according to Marketbeat. The company’s stock had a trading volume of 29,490 shares, compared to its average volume of 1,483,155. Cree Inc. has a 1-year low of $20.50 and a 1-year high of $45.62. The company has a market capitalization of $4.46 billion, a price-to-earnings ratio of 241.26 and a beta of 0.62. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.74 and a quick ratio of 2.46.
In other news, insider Michael E. Mcdevitt sold 7,000 shares of the stock in a transaction that occurred on Thursday, April 26th. The stock was sold at an average price of $39.36, for a total value of $275,520.00. Following the completion of the sale, the insider now directly owns 169,924 shares of the company’s stock, valued at $6,688,208.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.10% of the stock is currently owned by corporate insiders.
A number of brokerages recently weighed in on CREE. BidaskClub upgraded shares of Cree from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, May 8th. ValuEngine upgraded shares of Cree from a “hold” rating to a “buy” rating in a report on Monday, April 2nd. Williams Capital restated a “hold” rating and set a $38.00 target price (up from $36.00) on shares of Cree in a report on Wednesday, March 7th. Deutsche Bank set a $52.00 target price on shares of Cree and gave the stock a “buy” rating in a research report on Tuesday, March 20th. Finally, Goldman Sachs raised shares of Cree from a “sell” rating to a “neutral” rating and raised their target price for the stock from $39.00 to $41.76 in a research report on Wednesday, March 7th. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Cree presently has an average rating of “Hold” and an average price target of $37.20.
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. Its Lighting Products segment offers LED lighting systems and bulbs for use in settings, such as office and retail space, restaurants and hospitality, schools and universities, manufacturing, healthcare, airports, municipal, residential, street lighting and parking structures, and other applications.
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