Shares of Veeco Instruments Inc. (NASDAQ:VECO) have been assigned a consensus rating of “Hold” from the six brokerages that are covering the firm, MarketBeat.com reports. Two analysts have rated the stock with a sell recommendation, two have given a hold recommendation and two have given a buy recommendation to the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $13.67.
A number of equities analysts recently weighed in on VECO shares. Northland Securities restated a “buy” rating and set a $14.00 price target on shares of Veeco Instruments in a research report on Monday, May 6th. Zacks Investment Research lowered shares of Veeco Instruments from a “hold” rating to a “sell” rating in a research report on Wednesday, August 14th. BidaskClub lowered shares of Veeco Instruments from a “hold” rating to a “sell” rating in a research report on Thursday, July 11th. Benchmark reaffirmed a “buy” rating and set a $15.00 target price on shares of Veeco Instruments in a research note on Thursday, May 16th. Finally, ValuEngine raised shares of Veeco Instruments from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st.
A number of hedge funds have recently modified their holdings of VECO. Invesco Ltd. raised its stake in Veeco Instruments by 720.1% during the second quarter. Invesco Ltd. now owns 4,759,206 shares of the semiconductor company’s stock worth $58,157,000 after purchasing an additional 4,178,877 shares during the period. Nuveen Asset Management LLC purchased a new position in Veeco Instruments during the second quarter worth about $2,243,000. Renaissance Technologies LLC raised its stake in Veeco Instruments by 25.5% during the second quarter. Renaissance Technologies LLC now owns 887,213 shares of the semiconductor company’s stock worth $10,842,000 after purchasing an additional 180,100 shares during the period. Morgan Stanley raised its stake in Veeco Instruments by 68.1% during the second quarter. Morgan Stanley now owns 328,825 shares of the semiconductor company’s stock worth $4,018,000 after purchasing an additional 133,241 shares during the period. Finally, Baillie Gifford & Co. raised its stake in Veeco Instruments by 7.7% during the first quarter. Baillie Gifford & Co. now owns 1,634,793 shares of the semiconductor company’s stock worth $17,720,000 after purchasing an additional 116,207 shares during the period. 88.87% of the stock is currently owned by institutional investors.
VECO traded up $0.06 on Wednesday, reaching $11.01. 11,063 shares of the company’s stock were exchanged, compared to its average volume of 409,684. The stock has a market cap of $543.57 million, a PE ratio of -275.25 and a beta of 1.24. Veeco Instruments has a twelve month low of $6.27 and a twelve month high of $15.00. The stock’s fifty day moving average price is $11.81 and its 200-day moving average price is $11.75. The company has a debt-to-equity ratio of 0.71, a current ratio of 3.29 and a quick ratio of 2.36.
Veeco Instruments (NASDAQ:VECO) last posted its quarterly earnings results on Monday, August 5th. The semiconductor company reported ($0.16) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.02). The business had revenue of $97.80 million for the quarter, compared to analyst estimates of $101.43 million. Veeco Instruments had a negative return on equity of 5.61% and a negative net margin of 44.39%. The business’s revenue was down 38.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.15 earnings per share. As a group, research analysts predict that Veeco Instruments will post -0.44 earnings per share for the current fiscal year.
About Veeco Instruments
Veeco Instruments Inc, together with its subsidiaries, develops, manufactures, sells, and supports semiconductor and thin film process equipment primarily to make electronic devices worldwide. It offers metal organic chemical vapor deposition systems; packaging lithography equipment; precision surface processing systems; laser annealing systems; ion beam deposition and etch systems; molecular beam epitaxy systems; 3D wafer inspection systems; and atomic layer deposition and other deposition systems.
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