Penn Capital Management Company LLC Takes Position in Veeco Instruments Inc. $VECO

Key Points

• Penn Capital Management Company LLC invested $884,000 in Veeco Instruments, acquiring 44,034 shares, making it a notable institutional investor in the company.
• Wall Street analysts have mixed outlooks for Veeco Instruments, with a consensus price target of $27.33, reflecting a "Moderate Buy" rating overall.
• Veeco Instruments reported a quarterly earnings beat with $0.36 EPS, surpassing estimates, but experienced a revenue decline of 5.6% year-over-year.

Penn Capital Management Company LLC bought a new stake in Veeco Instruments Inc. (NASDAQ:VECO - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 44,034 shares of the semiconductor company's stock, valued at approximately $884,000. Penn Capital Management Company LLC owned approximately 0.08% of Veeco Instruments at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Versant Capital Management Inc increased its holdings in shares of Veeco Instruments by 396.2% in the first quarter. Versant Capital Management Inc now owns 1,295 shares of the semiconductor company's stock valued at $26,000 after purchasing an additional 1,034 shares during the last quarter. Brooklyn Investment Group acquired a new stake in shares of Veeco Instruments in the first quarter valued at approximately $37,000. Signaturefd LLC increased its holdings in shares of Veeco Instruments by 213.9% in the first quarter. Signaturefd LLC now owns 3,139 shares of the semiconductor company's stock valued at $63,000 after purchasing an additional 2,139 shares during the last quarter. US Bancorp DE increased its holdings in shares of Veeco Instruments by 33.6% in the first quarter. US Bancorp DE now owns 3,366 shares of the semiconductor company's stock valued at $68,000 after purchasing an additional 847 shares during the last quarter. Finally, KBC Group NV increased its holdings in shares of Veeco Instruments by 75.9% in the first quarter. KBC Group NV now owns 3,672 shares of the semiconductor company's stock valued at $74,000 after purchasing an additional 1,584 shares during the last quarter. Institutional investors and hedge funds own 98.46% of the company's stock.

Veeco Instruments Trading Down 1.8%

NASDAQ VECO traded down $0.45 during trading on Friday, hitting $24.46. The stock had a trading volume of 525,517 shares, compared to its average volume of 758,774. The company has a quick ratio of 3.43, a current ratio of 5.10 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $1.47 billion, a PE ratio of 24.01 and a beta of 1.12. The firm has a 50 day moving average price of $21.93 and a 200 day moving average price of $21.06. Veeco Instruments Inc. has a twelve month low of $16.92 and a twelve month high of $36.39.

Veeco Instruments (NASDAQ:VECO - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The semiconductor company reported $0.36 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.22 by $0.14. The company had revenue of $166.10 million for the quarter, compared to analyst estimates of $151.31 million. Veeco Instruments had a net margin of 8.65% and a return on equity of 7.38%. The business's revenue for the quarter was down 5.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.42 earnings per share. As a group, equities research analysts forecast that Veeco Instruments Inc. will post 0.76 earnings per share for the current year.

Analyst Ratings Changes

Several research firms recently commented on VECO. Benchmark cut their price target on Veeco Instruments from $31.00 to $28.00 and set a "buy" rating for the company in a report on Thursday, August 7th. Needham & Company LLC increased their price target on Veeco Instruments from $29.00 to $30.00 and gave the company a "buy" rating in a report on Thursday, August 7th. The Goldman Sachs Group cut their target price on Veeco Instruments from $27.00 to $20.00 and set a "neutral" rating for the company in a research note on Friday, May 9th. Finally, Barclays cut their target price on Veeco Instruments from $22.00 to $21.00 and set an "equal weight" rating for the company in a research note on Thursday, May 8th. Four research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, Veeco Instruments currently has an average rating of "Moderate Buy" and a consensus price target of $27.33.

Insider Transactions at Veeco Instruments

In other Veeco Instruments news, SVP Adrian Devasahayam sold 11,010 shares of the business's stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $20.50, for a total transaction of $225,705.00. Following the sale, the senior vice president directly owned 89,254 shares in the company, valued at $1,829,707. This represents a 10.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.40% of the stock is owned by company insiders.

Veeco Instruments Profile

Veeco Instruments Inc, together with its subsidiaries, develops, manufactures, sells, and supports semiconductor and thin film process equipment primarily to make electronic devices in the United States, Europe, the Middle East, and Africa, China, Rest of the Asia-Pacific, and internationally. The company offers laser annealing, ion beam deposition and etch, metal organic chemical vapor deposition, single wafer wet processing and surface preparation, molecular beam epitaxy, advanced packaging lithography, atomic layer deposition, and other deposition systems.