Veeco Instruments (VECO) Lifted to Sell at ValuEngine

ValuEngine upgraded shares of Veeco Instruments (NASDAQ:VECO) from a strong sell rating to a sell rating in a report issued on Tuesday morning.

A number of other brokerages also recently issued reports on VECO. BidaskClub upgraded Veeco Instruments from a sell rating to a hold rating in a research note on Friday, July 13th. Benchmark reiterated a hold rating and set a $38.00 price objective on shares of Veeco Instruments in a research note on Friday, August 3rd. Finally, Zacks Investment Research upgraded Veeco Instruments from a hold rating to a buy rating and set a $10.00 price objective for the company in a research note on Wednesday, October 24th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the stock. The stock presently has an average rating of Hold and an average target price of $24.00.

Shares of Veeco Instruments stock traded down $0.49 during trading hours on Tuesday, reaching $8.48. 19,004 shares of the stock traded hands, compared to its average volume of 725,199. The company has a market cap of $433.48 million, a P/E ratio of -418.50 and a beta of 0.69. Veeco Instruments has a one year low of $6.61 and a one year high of $20.55. The company has a quick ratio of 2.28, a current ratio of 3.15 and a debt-to-equity ratio of 0.49.

Veeco Instruments (NASDAQ:VECO) last released its quarterly earnings results on Thursday, November 1st. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.08 by $0.03. The business had revenue of $126.76 million during the quarter, compared to the consensus estimate of $135.50 million. Veeco Instruments had a positive return on equity of 1.93% and a negative net margin of 45.70%. The business’s quarterly revenue was down 2.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.09 EPS. Research analysts anticipate that Veeco Instruments will post -0.01 EPS for the current fiscal year.

In related news, CFO Shubham Maheshwari acquired 5,000 shares of the business’s stock in a transaction that occurred 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 purchase, the chief financial officer now owns 93,323 shares in the company, valued at approximately $937,896.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 2.60% of the company’s stock.

Large investors have recently made changes to their positions in the stock. River & Mercantile Asset Management LLP boosted its stake in Veeco Instruments by 41.8% in the 2nd quarter. River & Mercantile Asset Management LLP now owns 2,034,760 shares of the semiconductor company’s stock worth $29,046,000 after purchasing an additional 599,972 shares during the period. Candriam Luxembourg S.C.A. boosted its stake in Veeco Instruments by 51.0% in the 3rd quarter. Candriam Luxembourg S.C.A. now owns 615,443 shares of the semiconductor company’s stock worth $6,308,000 after purchasing an additional 207,796 shares during the period. Dimensional Fund Advisors LP boosted its stake in Veeco Instruments by 5.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,317,366 shares of the semiconductor company’s stock worth $47,273,000 after purchasing an additional 169,886 shares during the period. Millennium Management LLC raised its holdings in shares of Veeco Instruments by 506.8% during the 2nd quarter. Millennium Management LLC now owns 145,186 shares of the semiconductor company’s stock worth $2,069,000 after acquiring an additional 121,258 shares in the last quarter. Finally, Royce & Associates LP raised its holdings in shares of Veeco Instruments by 21.5% during the 2nd quarter. Royce & Associates LP now owns 613,482 shares of the semiconductor company’s stock worth $8,742,000 after acquiring an additional 108,563 shares in the last quarter. Institutional investors own 94.03% 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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