Veeco Instruments (VECO) Shares Up 1.7%

Veeco Instruments Inc. (NASDAQ:VECO) shares shot up 1.7% on Monday . The stock traded as high as $8.90 and last traded at $8.95. 25,578 shares traded hands during mid-day trading, a decline of 96% from the average session volume of 687,589 shares. The stock had previously closed at $8.80.

Several research firms recently weighed in on VECO. BidaskClub upgraded shares of Veeco Instruments from a “sell” rating to a “hold” rating in a research report on Friday, July 13th. Benchmark restated a “hold” rating and issued a $38.00 price objective on shares of Veeco Instruments in a research report on Friday, August 3rd. ValuEngine upgraded shares of Veeco Instruments from a “strong sell” rating to a “sell” rating in a research report on Tuesday. Finally, Zacks Investment Research raised shares of Veeco Instruments from a “hold” rating to a “buy” rating and set a $10.00 target price for the company in a report on Wednesday, October 24th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the stock. Veeco Instruments currently has an average rating of “Hold” and an average target price of $24.00.

The firm has a market capitalization of $429.36 million, a P/E ratio of 29.33 and a beta of 0.69. The company has a current ratio of 3.15, a quick ratio of 2.28 and a debt-to-equity ratio of 0.49.

Veeco Instruments (NASDAQ:VECO) last announced its quarterly earnings results on Thursday, November 1st. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.03. Veeco Instruments had a negative net margin of 45.70% and a positive return on equity of 1.93%. The company had revenue of $126.76 million during the quarter, compared to analyst estimates of $135.50 million. During the same quarter in the previous year, the business earned $0.09 EPS. The firm’s revenue was down 2.0% on a year-over-year basis. As a group, equities research analysts predict that Veeco Instruments Inc. will post 0.19 earnings per share for the current year.

In other news, CEO John R. Peeler purchased 10,000 shares of the firm’s stock in a transaction dated Friday, August 10th. The stock was bought at an average price of $11.45 per share, with a total value of $114,500.00. Following the acquisition, the chief executive officer now directly owns 393,162 shares of the company’s stock, valued at $4,501,704.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Shubham Maheshwari purchased 8,900 shares of the firm’s stock in a transaction dated Thursday, August 9th. The stock was purchased at an average cost of $11.60 per share, with a total value of $103,240.00. Following the acquisition, the chief financial officer now directly owns 88,323 shares in the company, valued at $1,024,546.80. The disclosure for this purchase can be found here. Insiders bought a total of 23,900 shares of company stock valued at $267,990 in the last three months. 2.60% of the stock is owned by company insiders.

Several hedge funds have recently made changes to their positions in the company. 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. 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 boosted its stake in Veeco Instruments by 506.8% in the 2nd quarter. Millennium Management LLC now owns 145,186 shares of the semiconductor company’s stock worth $2,069,000 after purchasing an additional 121,258 shares during the period. Royce & Associates LP boosted its stake in Veeco Instruments by 21.5% in the 2nd quarter. Royce & Associates LP now owns 613,482 shares of the semiconductor company’s stock worth $8,742,000 after purchasing an additional 108,563 shares during the period. Finally, Baillie Gifford & Co. boosted its stake in Veeco Instruments by 6.8% in the 2nd quarter. Baillie Gifford & Co. now owns 1,291,414 shares of the semiconductor company’s stock worth $18,403,000 after purchasing an additional 82,104 shares during the period. 94.03% of the stock is owned by institutional investors.

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About Veeco Instruments (NASDAQ:VECO)

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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