Assenagon Asset Management S.A. Has $2.86 Million Position in Veeco Instruments Inc. $VECO

Key Points

• Assenagon Asset Management cut its stake in Veeco by 45.7%, selling 84,036 shares and ending the quarter with 99,890 shares worth about $2.86 million.
• CEO William John Miller sold 50,000 shares on March 3 at $31.62 for $1.58 million, reducing his ownership by 10.76% to 414,543 shares; insiders now own about 2.7% of the company.
• VECO shares opened at $32.83 and were trading down 6.9%; the company has a market cap of $1.98 billion and an average analyst rating of “Moderate Buy” with a $28.17 average price target, though Citi raised its target to $40 and gave a Buy.

Assenagon Asset Management S.A. cut its stake in shares of Veeco Instruments Inc. (NASDAQ:VECO - Free Report) by 45.7% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 99,890 shares of the semiconductor company's stock after selling 84,036 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.17% of Veeco Instruments worth $2,855,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Inspire Advisors LLC bought a new position in Veeco Instruments during the 3rd quarter valued at about $3,675,000. Old West Investment Management LLC grew its stake in Veeco Instruments by 129.1% during the third quarter. Old West Investment Management LLC now owns 67,632 shares of the semiconductor company's stock worth $2,058,000 after buying an additional 38,114 shares during the last quarter. Fisher Asset Management LLC increased its holdings in shares of Veeco Instruments by 32.6% during the third quarter. Fisher Asset Management LLC now owns 1,324,590 shares of the semiconductor company's stock worth $40,307,000 after buying an additional 325,357 shares in the last quarter. First Eagle Investment Management LLC raised its stake in shares of Veeco Instruments by 28.9% in the third quarter. First Eagle Investment Management LLC now owns 479,408 shares of the semiconductor company's stock valued at $14,588,000 after acquiring an additional 107,527 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of Veeco Instruments by 0.8% in the third quarter. Vanguard Group Inc. now owns 7,663,310 shares of the semiconductor company's stock valued at $233,195,000 after acquiring an additional 62,016 shares during the last quarter. Institutional investors and hedge funds own 98.46% of the company's stock.

Insider Buying and Selling

In related news, CEO William John Miller sold 50,000 shares of Veeco Instruments stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $31.62, for a total value of $1,581,000.00. Following the completion of the sale, the chief executive officer directly owned 414,543 shares in the company, valued at $13,107,849.66. This trade represents a 10.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.70% of the stock is currently owned by insiders.

Veeco Instruments Trading Down 6.9%

VECO stock opened at $32.83 on Tuesday. The company has a quick ratio of 3.20, a current ratio of 4.75 and a debt-to-equity ratio of 0.26. Veeco Instruments Inc. has a twelve month low of $16.92 and a twelve month high of $37.23. The company has a market cap of $1.98 billion, a P/E ratio of 55.65 and a beta of 1.17. The business has a fifty day moving average of $31.66 and a 200-day moving average of $30.51.

Analysts Set New Price Targets

A number of research firms recently commented on VECO. Needham & Company LLC restated a "hold" rating on shares of Veeco Instruments in a research report on Thursday, February 26th. Weiss Ratings reiterated a "hold (c)" rating on shares of Veeco Instruments in a research report on Wednesday, January 21st. Zacks Research raised Veeco Instruments from a "hold" rating to a "strong-buy" rating in a research note on Monday, March 2nd. Finally, Citigroup raised their target price on Veeco Instruments from $36.00 to $40.00 and gave the company a "buy" rating in a research note on Thursday, February 26th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $28.17.

About Veeco Instruments

Veeco Instruments Inc NASDAQ: VECO is a leading supplier of process equipment for the semiconductor, data storage, wireless communications, power electronics and advanced packaging industries. The company designs, manufactures and services precision tools used to grow, deposit and etch thin films on substrates, enabling the fabrication of chips, light-emitting diodes (LEDs), micro-electromechanical systems (MEMS) and high-density storage devices. Veeco's platforms are deployed across fabrication facilities worldwide, where they support key processes in materials science and device manufacturing.

Veeco's product portfolio spans molecular beam epitaxy (MBE), metal organic chemical vapor deposition (MOCVD), atomic layer deposition (ALD), ion beam etch and deposition, and high-precision wet and dry etch systems.

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