Veeco Instruments (NASDAQ:VECO) was downgraded by research analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a report issued on Thursday, December 7th.
VECO has been the subject of a number of other research reports. KeyCorp dropped their price objective on Veeco Instruments from $34.00 to $31.00 and set an “overweight” rating for the company in a report on Friday, August 18th. Needham & Company LLC reiterated a “buy” rating and issued a $22.00 price objective on shares of Veeco Instruments in a report on Friday, November 3rd. ValuEngine downgraded Veeco Instruments from a “hold” rating to a “sell” rating in a report on Friday, September 1st. Zacks Investment Research downgraded Veeco Instruments from a “hold” rating to a “sell” rating in a report on Tuesday, November 7th. Finally, Stifel Nicolaus restated a “buy” rating and issued a $36.00 price target (down from $38.00) on shares of Veeco Instruments in a report on Wednesday, August 9th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $29.22.
Veeco Instruments (NASDAQ VECO) traded up $1.20 during trading on Thursday, reaching $16.05. The company’s stock had a trading volume of 987,347 shares, compared to its average volume of 757,000. The company has a current ratio of 2.61, a quick ratio of 2.11 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $726.94, a price-to-earnings ratio of -16.05 and a beta of 0.72. Veeco Instruments has a one year low of $10.85 and a one year high of $34.38.
Veeco Instruments (NASDAQ:VECO) last posted its quarterly earnings data on Thursday, November 2nd. The semiconductor company reported $0.09 EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.16. Veeco Instruments had a negative return on equity of 0.73% and a negative net margin of 10.16%. The company had revenue of $131.87 million for the quarter, compared to analyst estimates of $134.97 million. During the same quarter in the previous year, the firm earned ($0.05) earnings per share. The business’s revenue was up 54.3% on a year-over-year basis. equities analysts forecast that Veeco Instruments will post -0.01 EPS for the current year.
Veeco Instruments announced that its board has initiated a share buyback plan on Monday, December 11th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the semiconductor company to repurchase shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.
In other news, President William John Miller bought 15,000 shares of the stock in a transaction dated Wednesday, December 13th. The shares were bought at an average price of $13.75 per share, for a total transaction of $206,250.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO John R. Peeler bought 36,200 shares of the stock in a transaction dated Wednesday, December 13th. The shares were purchased at an average price of $13.81 per share, for a total transaction of $499,922.00. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 63,700 shares of company stock valued at $877,472. Insiders own 2.90% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the business. Ameritas Investment Partners Inc. increased its stake in shares of Veeco Instruments by 32.9% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 4,143 shares of the semiconductor company’s stock valued at $115,000 after purchasing an additional 1,026 shares during the last quarter. Nisa Investment Advisors LLC increased its stake in shares of Veeco Instruments by 2,768.5% in the 2nd quarter. Nisa Investment Advisors LLC now owns 5,737 shares of the semiconductor company’s stock valued at $160,000 after purchasing an additional 5,537 shares during the last quarter. Bank of Montreal Can increased its stake in shares of Veeco Instruments by 4.8% in the 2nd quarter. Bank of Montreal Can now owns 5,771 shares of the semiconductor company’s stock valued at $161,000 after purchasing an additional 265 shares during the last quarter. Stifel Financial Corp bought a new position in shares of Veeco Instruments in the 2nd quarter valued at $202,000. Finally, Capstone Asset Management Co. increased its stake in shares of Veeco Instruments by 7.1% in the 2nd quarter. Capstone Asset Management Co. now owns 8,367 shares of the semiconductor company’s stock valued at $233,000 after purchasing an additional 557 shares during the last quarter. Hedge funds and other institutional investors own 98.60% of the company’s stock.
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Veeco Instruments Company Profile
Veeco Instruments Inc is engaged in the design, development, manufacture and support of thin film process equipment, primarily sold to make electronic devices. The Company’s geographical segments include the United States; China; Europe, Middle East and Africa (EMEA), and Rest of World (ROW). The Company’s portfolio of technology solutions focus on market areas, including Lighting, Display & Power Electronics; Advanced Packaging, micro-electromechanical systems (MEMS) & radio frequency (RF); Scientific & Industrial, and Data Storage.
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