The Louisiana State Employees Retirement System Has $671,000 Stake in Cree Inc. (CREE)

The Louisiana State Employees Retirement System Has $671,000 Stake in Cree Inc. (CREE)

Louisiana State Employees Retirement System decreased its stake in Cree Inc. (NASDAQ:CREE) by 2.2% during the third quarter, according to its most recent 13F filing with the SEC. The fund owned 26,100 shares of the LED producer’s stock after selling 600 shares during the period. Louisiana State Employees Retirement System’s holdings in Cree were worth $671,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Pacer Advisors Inc. acquired a new position in shares of Cree during the second quarter valued at $143,000. LS Investment Advisors LLC boosted its position in shares of Cree by 68.6% in the second quarter. LS Investment Advisors LLC now owns 6,029 shares of the LED producer’s stock valued at $147,000 after buying an additional 2,454 shares in the last quarter. Clean Yield Group boosted its position in shares of Cree by 12.1% in the second quarter. Clean Yield Group now owns 6,500 shares of the LED producer’s stock valued at $159,000 after buying an additional 700 shares in the last quarter. Seven Eight Capital LLC boosted its position in shares of Cree by 17.6% in the second quarter. Seven Eight Capital LLC now owns 6,683 shares of the LED producer’s stock valued at $163,000 after buying an additional 1,000 shares in the last quarter. Finally, Advisory Services Network LLC boosted its position in shares of Cree by 6.6% in the third quarter. Advisory Services Network LLC now owns 6,426 shares of the LED producer’s stock valued at $165,000 after buying an additional 400 shares in the last quarter. Institutional investors and hedge funds own 83.78% of the company’s stock.

Cree Inc. (NASDAQ:CREE) traded down 0.58% during midday trading on Thursday, reaching $27.62. 729,249 shares of the company’s stock traded hands. The company has a market capitalization of $2.78 billion, a price-to-earnings ratio of 789.14 and a beta of 1.35. Cree Inc. has a 1-year low of $20.75 and a 1-year high of $32.92. The firm’s 50-day moving average is $27.01 and its 200-day moving average is $25.55.

CREE has been the topic of several recent analyst reports. Roth Capital set a $34.00 price objective on shares of Cree and gave the company a “buy” rating in a research report on Wednesday, October 19th. Stephens downgraded shares of Cree from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, October 19th. Needham & Company LLC restated a “hold” rating on shares of Cree in a research report on Friday, October 21st. Deutsche Bank AG restated a “hold” rating and set a $22.00 price objective (down from $26.00) on shares of Cree in a research report on Friday, October 21st. Finally, Williams Capital initiated coverage on shares of Cree in a research report on Friday, September 30th. They set a “hold” rating and a $23.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and four have given a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $32.47.

In other Cree news, insider Michael E. Mcdevitt bought 5,000 shares of Cree stock in a transaction dated Friday, October 21st. The stock was acquired at an average cost of $22.20 per share, for a total transaction of $111,000.00. Following the completion of the transaction, the insider now directly owns 141,088 shares of the company’s stock, valued at $3,132,153.60. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Darren R. Jackson bought 10,000 shares of Cree stock in a transaction dated Monday, October 24th. The stock was acquired at an average price of $22.85 per share, with a total value of $228,500.00. Following the completion of the transaction, the director now directly owns 23,234 shares of the company’s stock, valued at $530,896.90. The disclosure for this purchase can be found here. 1.30% of the stock is owned by corporate insiders.

About Cree

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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