BidaskClub Downgrades Veeco Instruments (NASDAQ:VECO) to Hold

BidaskClub lowered shares of Veeco Instruments (NASDAQ:VECO) from a buy rating to a hold rating in a research note published on Wednesday, BidAskClub reports.

VECO has been the topic of a number of other reports. Northland Securities restated a buy rating and set a $19.00 price target on shares of Veeco Instruments in a research note on Friday, November 29th. Zacks Investment Research upgraded shares of Veeco Instruments from a hold rating to a buy rating and set a $18.00 price objective for the company in a research note on Friday, November 8th. ValuEngine cut shares of Veeco Instruments from a sell rating to a strong sell rating in a report on Monday, November 11th. Finally, Benchmark reissued a buy rating and set a $18.00 target price (up previously from $15.00) on shares of Veeco Instruments in a report on Tuesday, November 5th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company. Veeco Instruments has an average rating of Hold and a consensus price target of $16.75.

Shares of Veeco Instruments stock opened at $13.98 on Wednesday. The stock has a market capitalization of $683.66 million, a P/E ratio of -349.50 and a beta of 1.37. Veeco Instruments has a 52-week low of $6.27 and a 52-week high of $17.23. The company has a debt-to-equity ratio of 0.75, a quick ratio of 2.47 and a current ratio of 3.42. The stock’s 50-day simple moving average is $13.98 and its 200 day simple moving average is $12.02.

Veeco Instruments (NASDAQ:VECO) last issued its earnings results on Monday, November 4th. The semiconductor company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.06. The firm had revenue of $108.95 million during the quarter, compared to analyst estimates of $104.37 million. Veeco Instruments had a negative net margin of 47.03% and a negative return on equity of 6.97%. The company’s quarterly revenue was down 14.0% on a year-over-year basis. During the same quarter last year, the business earned $0.11 earnings per share. Equities research analysts forecast that Veeco Instruments will post -0.38 EPS for the current fiscal year.

In related news, Director Peter J. Simone sold 4,549 shares of the stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $16.46, for a total transaction of $74,876.54. Following the sale, the director now owns 36,757 shares of the company’s stock, valued at approximately $605,020.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 3.00% of the company’s stock.

A number of hedge funds have recently bought and sold shares of the business. Northern Trust Corp increased its position in shares of Veeco Instruments by 4.2% during the second quarter. Northern Trust Corp now owns 613,982 shares of the semiconductor company’s stock valued at $7,502,000 after buying an additional 24,507 shares during the period. Elkfork Partners LLC lifted its holdings in shares of Veeco Instruments by 11.2% in the second quarter. Elkfork Partners LLC now owns 14,476 shares of the semiconductor company’s stock worth $177,000 after buying an additional 1,456 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of Veeco Instruments by 720.1% in the second quarter. Invesco Ltd. now owns 4,759,206 shares of the semiconductor company’s stock worth $58,157,000 after buying an additional 4,178,877 shares in the last quarter. Morgan Stanley boosted its position in shares of Veeco Instruments by 68.1% in the second quarter. Morgan Stanley now owns 328,825 shares of the semiconductor company’s stock valued at $4,018,000 after acquiring an additional 133,241 shares during the period. Finally, Renaissance Technologies LLC boosted its position in shares of Veeco Instruments by 25.5% in the second quarter. Renaissance Technologies LLC now owns 887,213 shares of the semiconductor company’s stock valued at $10,842,000 after acquiring an additional 180,100 shares during the period. 85.94% of the stock is owned by institutional investors and hedge funds.

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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