Veeco Instruments Inc. (VECO) Given Average Recommendation of “Hold” by Brokerages

Shares of Veeco Instruments Inc. (NASDAQ:VECO) have received an average rating of “Hold” from the eight brokerages that are covering the company, Marketbeat reports. Two investment analysts have rated the stock with a sell recommendation, two have given a hold recommendation, two have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $20.50.

Several equities analysts have weighed in on the company. ValuEngine lowered Veeco Instruments from a “sell” rating to a “strong sell” rating in a research note on Friday, May 18th. BidaskClub raised Veeco Instruments from a “strong sell” rating to a “sell” rating in a research note on Saturday, September 1st. Finally, Benchmark restated a “hold” rating on shares of Veeco Instruments in a report on Wednesday, September 5th.

NASDAQ:VECO traded down $0.30 during mid-day trading on Wednesday, hitting $10.55. The company had a trading volume of 428,900 shares, compared to its average volume of 561,891. Veeco Instruments has a fifty-two week low of $10.00 and a fifty-two week high of $22.35. The company has a current ratio of 2.94, a quick ratio of 2.20 and a debt-to-equity ratio of 0.47. The firm has a market capitalization of $575.74 million, a price-to-earnings ratio of -527.50 and a beta of 0.52.

Veeco Instruments (NASDAQ:VECO) last released its earnings results on Thursday, August 2nd. The semiconductor company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.02. Veeco Instruments had a positive return on equity of 1.26% and a negative net margin of 47.49%. The firm had revenue of $157.78 million for the quarter, compared to analyst estimates of $160.35 million. During the same quarter in the prior year, the firm posted $0.15 earnings per share. The company’s quarterly revenue was up 40.6% on a year-over-year basis. sell-side analysts predict that Veeco Instruments will post 0.19 earnings per share for the current year.

In other Veeco Instruments news, CFO Shubham Maheshwari purchased 5,000 shares of the stock in a transaction on Thursday, August 23rd. The stock was bought at an average cost of $10.05 per share, for a total transaction of $50,250.00. Following the completion of the acquisition, the chief financial officer now directly owns 93,323 shares of the company’s stock, valued at $937,896.15. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO John R. Peeler purchased 10,000 shares of the stock in a transaction on Friday, August 10th. The stock was acquired at an average price of $11.45 per share, with a total value of $114,500.00. Following the completion of the acquisition, the chief executive officer now directly owns 393,162 shares of the company’s stock, valued at $4,501,704.90. The disclosure for this purchase can be found here. Insiders acquired 33,900 shares of company stock valued at $385,990 over the last 90 days. Corporate insiders own 2.60% of the company’s stock.

Several institutional investors have recently made changes to their positions in VECO. OppenheimerFunds Inc. increased its holdings in shares of Veeco Instruments by 98.8% in the first quarter. OppenheimerFunds Inc. now owns 4,015,028 shares of the semiconductor company’s stock worth $68,255,000 after acquiring an additional 1,995,804 shares in the last quarter. River & Mercantile Asset Management LLP grew its holdings in shares of Veeco Instruments by 163.8% during the first quarter. River & Mercantile Asset Management LLP now owns 1,434,788 shares of the semiconductor company’s stock worth $24,356,000 after buying an additional 890,988 shares in the last quarter. Baillie Gifford & Co. grew its holdings in shares of Veeco Instruments by 18.2% during the first quarter. Baillie Gifford & Co. now owns 1,209,310 shares of the semiconductor company’s stock worth $20,558,000 after buying an additional 186,088 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Veeco Instruments by 6.3% during the first quarter. Dimensional Fund Advisors LP now owns 3,147,480 shares of the semiconductor company’s stock worth $53,507,000 after buying an additional 185,322 shares in the last quarter. Finally, Millennium Management LLC grew its holdings in shares of Veeco Instruments by 506.8% during the second quarter. Millennium Management LLC now owns 145,186 shares of the semiconductor company’s stock worth $2,069,000 after buying an additional 121,258 shares in the last quarter. Institutional investors own 94.92% of the company’s stock.

Veeco Instruments Company Profile

Veeco Instruments Inc, together with its subsidiaries, develops, manufactures, sells, and supports semiconductor process equipment worldwide. It offers metal organic chemical vapor deposition systems; packaging lithography equipment; precision surface processing systems; laser annealing systems; ion beam etch and deposition systems; molecular beam epitaxy systems; 3D wafer inspection systems; and atomic layer deposition and other deposition systems.

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