Paradigm Capital Management Inc. NY Acquires Shares of 2,065,399 Veeco Instruments Inc. $VECO

Key Points

• Paradigm Capital Management acquired 2.07 million Veeco Instruments shares worth approximately $156.6 million, making VECO its sixth-largest holding and representing a 3.38% ownership stake. Institutional investors collectively own 98.46% of the company.
• Analyst sentiment remains cautious: VECO has an average “Hold” rating and a consensus price target of $49.33, despite Citigroup raising its target to $63 and maintaining a “Buy” rating.
• Veeco exceeded quarterly expectations, reporting $0.33 in EPS versus a $0.26 estimate and revenue of $193.5 million, up 16.5% year over year. However, insiders sold 334,232 shares worth $18.9 million over the past 90 days.

Paradigm Capital Management Inc. NY bought a new position in Veeco Instruments Inc. (NASDAQ:VECO - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 2,065,399 shares of the semiconductor company's stock, valued at approximately $156,557,000. Veeco Instruments makes up about 4.3% of Paradigm Capital Management Inc. NY's holdings, making the stock its 6th largest holding. Paradigm Capital Management Inc. NY owned about 3.38% of Veeco Instruments at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of VECO. Maxi Investments CY Ltd bought a new position in shares of Veeco Instruments during the 2nd quarter worth approximately $1,516,000. Solstein Capital LLC acquired a new position in Veeco Instruments during the second quarter worth $243,000. Barrow Hanley Mewhinney & Strauss LLC acquired a new position in Veeco Instruments during the second quarter worth $65,836,000. Kendall Capital Management bought a new position in shares of Veeco Instruments during the second quarter valued at $339,000. Finally, Quantbot Technologies LP bought a new position in shares of Veeco Instruments during the second quarter valued at $69,000. Institutional investors own 98.46% of the company's stock.

Analysts Set New Price Targets

VECO has been the topic of several analyst reports. Zacks Research lowered shares of Veeco Instruments from a "strong-buy" rating to a "hold" rating in a report on Monday, July 6th. Barclays lifted their price target on shares of Veeco Instruments from $30.00 to $55.00 and gave the company an "equal weight" rating in a report on Tuesday, May 19th. Citigroup upped their price objective on shares of Veeco Instruments from $60.00 to $63.00 and gave the stock a "buy" rating in a research note on Monday, August 10th. Wall Street Zen raised shares of Veeco Instruments from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. Finally, Weiss Ratings cut shares of Veeco Instruments from a "hold (c)" rating to a "hold (c-)" rating in a research note on Friday. One investment analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, Veeco Instruments currently has an average rating of "Hold" and a consensus target price of $49.33.

Insider Buying and Selling

In other news, SVP Adrian Devasahayam sold 10,000 shares of the company's stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $65.00, for a total transaction of $650,000.00. Following the transaction, the senior vice president directly owned 85,115 shares in the company, valued at approximately $5,532,475. This represents a 10.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO William John Miller sold 200,000 shares of the stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $54.18, for a total transaction of $10,836,000.00. Following the sale, the chief executive officer directly owned 169,570 shares in the company, valued at $9,187,302.60. This trade represents a 54.12% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 334,232 shares of company stock valued at $18,880,801. Insiders own 2.70% of the company's stock.

Veeco Instruments Stock Performance

Shares of NASDAQ:VECO opened at $46.76 on Tuesday. Veeco Instruments Inc. has a twelve month low of $23.31 and a twelve month high of $86.63. The firm has a market cap of $2.86 billion, a PE ratio of 129.89 and a beta of 1.38. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.69 and a current ratio of 3.93. The business has a fifty day moving average of $57.66 and a 200-day moving average of $48.80.

Veeco Instruments (NASDAQ:VECO - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The semiconductor company reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.07. Veeco Instruments had a net margin of 3.40% and a return on equity of 3.52%. The business had revenue of $193.48 million for the quarter, compared to the consensus estimate of $180.08 million. During the same quarter in the prior year, the company earned $0.20 EPS. The firm's quarterly revenue was up 16.5% on a year-over-year basis. Veeco Instruments has set its FY 2026 guidance at 1.360-1.610 EPS and its Q3 2026 guidance at 0.350-0.490 EPS. On average, equities research analysts predict that Veeco Instruments Inc. will post 0.95 EPS for the current fiscal year.

Veeco Instruments Profile

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.

Want to see what other hedge funds are holding VECO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Veeco Instruments Inc. (NASDAQ:VECO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source