Veeco Instruments Inc. (NASDAQ:VECO) Holdings Cut by Renaissance Technologies LLC

Renaissance Technologies LLC trimmed its holdings in Veeco Instruments Inc. (NASDAQ:VECO - Free Report) by 42.5% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 171,871 shares of the semiconductor company's stock after selling 127,039 shares during the period. Renaissance Technologies LLC owned 0.30% of Veeco Instruments worth $4,606,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Smartleaf Asset Management LLC raised its stake in Veeco Instruments by 257.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,276 shares of the semiconductor company's stock worth $35,000 after purchasing an additional 919 shares during the period. 272 Capital LP purchased a new position in shares of Veeco Instruments in the 3rd quarter worth about $50,000. Sciencast Management LP acquired a new position in shares of Veeco Instruments in the 4th quarter valued at about $204,000. Inceptionr LLC purchased a new position in shares of Veeco Instruments in the 4th quarter valued at $263,000. Finally, Avior Wealth Management LLC lifted its holdings in shares of Veeco Instruments by 21.0% during the 4th quarter. Avior Wealth Management LLC now owns 10,589 shares of the semiconductor company's stock valued at $284,000 after acquiring an additional 1,835 shares in the last quarter. Hedge funds and other institutional investors own 98.46% of the company's stock.

Insider Buying and Selling

In related news, CFO John P. Kiernan sold 2,500 shares of the company's stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $24.51, for a total value of $61,275.00. Following the completion of the sale, the chief financial officer now owns 72,642 shares in the company, valued at approximately $1,780,455.42. This represents a 3.33 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.30% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have commented on VECO. Benchmark cut their price objective on Veeco Instruments from $38.00 to $31.00 and set a "buy" rating on the stock in a research report on Thursday, February 13th. Needham & Company LLC reduced their price target on Veeco Instruments from $35.00 to $29.00 and set a "buy" rating on the stock in a research report on Thursday, February 13th. Oppenheimer reiterated an "outperform" rating and set a $35.00 price objective (down previously from $40.00) on shares of Veeco Instruments in a research note on Friday, February 7th. StockNews.com raised Veeco Instruments from a "sell" rating to a "hold" rating in a research report on Friday, February 28th. Finally, Barclays decreased their price target on shares of Veeco Instruments from $25.00 to $22.00 and set an "equal weight" rating for the company in a research report on Tuesday. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $32.00.

Veeco Instruments Price Performance

NASDAQ:VECO traded up $0.13 during midday trading on Friday, hitting $19.36. 546,575 shares of the stock were exchanged, compared to its average volume of 734,692. The company has a current ratio of 3.98, a quick ratio of 2.69 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $1.12 billion, a price-to-earnings ratio of 15.61 and a beta of 1.12. The business has a 50-day moving average price of $20.55 and a two-hundred day moving average price of $25.20. Veeco Instruments Inc. has a one year low of $16.92 and a one year high of $49.25.

Veeco Instruments (NASDAQ:VECO - Get Free Report) last announced its quarterly earnings data on Wednesday, February 12th. The semiconductor company reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($0.14). Veeco Instruments had a return on equity of 9.38% and a net margin of 10.28%. Sell-side analysts predict that Veeco Instruments Inc. will post 0.76 EPS for the current year.

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 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.