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No. of Recommendations: 8
As of September 30, institutions held 77% of Cree shares. That is the largest percentage of shares outstanding held by institutions in my memory. Given the increase in the stock's price since then, it would folllow that institutional holdings have increased beyond 80%. Even Citibank has hopped on board with ~2,000,000 new shares. At this juncture, there are no extraordinary positions like the 14-17 million shares that Janus held at the end of 2001. Much of the decline in the stock's value came in January 2002, when Janus divested of 10,000,000 shares in a very short period. With no single large positions, which in the past have included Fidelity, AIM Management, and Janus (all of which caused turmoil in the stock's price as the respective holders liquidated large blocks in short periods of time) future transitions between institutional holders should be more orderly and result in a more stable stock price.
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