Veeco Instruments (NASDAQ:VECO) Cut to Strong Sell at ValuEngine

Veeco Instruments (NASDAQ:VECO) was downgraded by research analysts at ValuEngine from a “sell” rating to a “strong sell” rating in a report released on Thursday, ValuEngine reports.

VECO has been the subject of a number of other reports. Northland Securities set a $19.00 target price on Veeco Instruments and gave the stock a “buy” rating in a report on Monday, September 30th. BidaskClub cut Veeco Instruments from a “buy” rating to a “hold” rating in a report on Tuesday, October 1st. Finally, Zacks Investment Research cut Veeco Instruments from a “hold” rating to a “sell” rating in a report on Saturday, October 5th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $15.50.

Shares of VECO traded down $0.05 during mid-day trading on Thursday, reaching $11.23. The company had a trading volume of 203,604 shares, compared to its average volume of 320,215. Veeco Instruments has a twelve month low of $6.27 and a twelve month high of $15.00. The company has a debt-to-equity ratio of 0.71, a current ratio of 3.29 and a quick ratio of 2.36. The company’s 50-day moving average is $10.76 and its 200-day moving average is $11.62. The company has a market capitalization of $552.38 million, a P/E ratio of -280.75 and a beta of 1.36.

Veeco Instruments (NASDAQ:VECO) last issued its earnings results on Monday, August 5th. The semiconductor company reported ($0.16) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.14) by ($0.02). Veeco Instruments had a negative return on equity of 5.61% and a negative net margin of 44.39%. The company had revenue of $97.80 million during the quarter, compared to analyst estimates of $101.43 million. During the same period in the previous year, the company posted $0.15 earnings per share. The company’s quarterly revenue was down 38.0% on a year-over-year basis. As a group, equities analysts expect that Veeco Instruments will post -0.44 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of Veeco Instruments by 1.2% in the 2nd quarter. Vanguard Group Inc. now owns 4,915,200 shares of the semiconductor company’s stock worth $60,064,000 after buying an additional 58,146 shares in the last quarter. Invesco Ltd. increased its holdings in Veeco Instruments by 720.1% during the 2nd quarter. Invesco Ltd. now owns 4,759,206 shares of the semiconductor company’s stock valued at $58,157,000 after purchasing an additional 4,178,877 shares in the last quarter. D. E. Shaw & Co. Inc. increased its holdings in Veeco Instruments by 7.4% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 1,212,306 shares of the semiconductor company’s stock valued at $14,814,000 after purchasing an additional 83,300 shares in the last quarter. Renaissance Technologies LLC increased its holdings in Veeco Instruments by 25.5% during the 2nd quarter. Renaissance Technologies LLC now owns 887,213 shares of the semiconductor company’s stock valued at $10,842,000 after purchasing an additional 180,100 shares in the last quarter. Finally, Northern Trust Corp increased its holdings in Veeco Instruments by 4.2% during the 2nd quarter. Northern Trust Corp now owns 613,982 shares of the semiconductor company’s stock valued at $7,502,000 after purchasing an additional 24,507 shares in the last quarter. 88.16% of the stock is owned by institutional investors and hedge funds.

Veeco Instruments Company Profile

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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