Veeco Instruments (NASDAQ:VECO) Receives "Hold (C)" Rating from Weiss Ratings

Key Points

• Veeco Instruments received a "Hold (C)" rating from Weiss Ratings, maintaining a consensus rating of "Hold" among analysts.
• The stock price dropped by 1.0% to $29.31, with the company experiencing mixed analyst recommendations and a target price consensus of $27.71.
• In the most recent quarter, Veeco reported earnings per share of $0.36, exceeding analysts' expectations of $0.22, although revenue declined by 5.6% year-over-year.

Veeco Instruments (NASDAQ:VECO - Get Free Report)'s stock had its "hold (c)" rating reiterated by stock analysts at Weiss Ratings in a research note issued on Friday,Weiss Ratings reports.

VECO has been the topic of a number of other reports. Northland Capmk lowered shares of Veeco Instruments from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, October 7th. Benchmark dropped their price objective on shares of Veeco Instruments from $31.00 to $28.00 and set a "buy" rating on the stock in a research note on Thursday, August 7th. Northland Securities lowered shares of Veeco Instruments from an "outperform" rating to a "market perform" rating and set a $30.00 price target on the stock. in a research report on Tuesday, October 7th. Finally, Needham & Company LLC lowered shares of Veeco Instruments from a "buy" rating to a "hold" rating in a research report on Friday, October 3rd. Three analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $27.71.

Veeco Instruments Stock Down 1.0%

NASDAQ:VECO traded down $0.31 during trading hours on Friday, reaching $29.31. The company had a trading volume of 670,131 shares, compared to its average volume of 1,249,413. 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 firm has a market cap of $1.76 billion, a price-to-earnings ratio of 30.22 and a beta of 1.27. The business's 50-day simple moving average is $27.32 and its two-hundred day simple moving average is $22.75. Veeco Instruments has a twelve month low of $16.92 and a twelve month high of $34.45.

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

Insider Activity at Veeco Instruments

In other news, SVP Adrian Devasahayam sold 4,046 shares of the business's stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $26.00, for a total value of $105,196.00. Following the completion of the sale, the senior vice president directly owned 86,134 shares in the company, valued at approximately $2,239,484. The trade was a 4.49% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO William John Miller sold 25,000 shares of the business's stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $32.00, for a total transaction of $800,000.00. Following the completion of the sale, the chief executive officer owned 514,543 shares of the company's stock, valued at approximately $16,465,376. The trade was a 4.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 61,911 shares of company stock valued at $1,781,550. 2.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Veeco Instruments

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC increased its position in Veeco Instruments by 342.6% during the 1st quarter. GAMMA Investing LLC now owns 8,807 shares of the semiconductor company's stock valued at $177,000 after purchasing an additional 6,817 shares during the period. Rhumbline Advisers grew its position in shares of Veeco Instruments by 8.3% in the 1st quarter. Rhumbline Advisers now owns 176,679 shares of the semiconductor company's stock worth $3,548,000 after buying an additional 13,613 shares during the period. Envestnet Asset Management Inc. grew its position in shares of Veeco Instruments by 9.8% in the 1st quarter. Envestnet Asset Management Inc. now owns 68,747 shares of the semiconductor company's stock worth $1,380,000 after buying an additional 6,145 shares during the period. Principal Financial Group Inc. boosted its stake in Veeco Instruments by 4.0% in the 1st quarter. Principal Financial Group Inc. now owns 341,069 shares of the semiconductor company's stock worth $6,849,000 after purchasing an additional 13,182 shares in the last quarter. Finally, Voya Investment Management LLC boosted its stake in Veeco Instruments by 53.6% in the 1st quarter. Voya Investment Management LLC now owns 47,710 shares of the semiconductor company's stock worth $958,000 after purchasing an additional 16,643 shares in the last quarter. 98.46% of the stock is currently owned by institutional investors.

Veeco Instruments Company 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.

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