Veeco Instruments Inc. (VECO) Earns Hold Rating from Needham & Company LLC
Veeco Instruments Inc. (NASDAQ:VECO)‘s stock had its “hold” rating reaffirmed by equities research analysts at Needham & Company LLC in a research note issued to investors on Friday.
VECO has been the subject of a number of other reports. Benchmark Co. raised their price objective on shares of Veeco Instruments from $21.00 to $23.00 and gave the stock a “buy” rating in a report on Monday, September 12th. Deutsche Bank AG raised shares of Veeco Instruments from a “hold” rating to a “buy” rating and raised their price objective for the stock from $16.00 to $22.00 in a report on Tuesday, August 2nd. Finally, Zacks Investment Research raised shares of Veeco Instruments from a “hold” rating to a “buy” rating and set a $19.00 price objective for the company in a report on Tuesday, July 12th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $23.40.
Shares of Veeco Instruments (NASDAQ:VECO) traded up 0.23% during mid-day trading on Friday, hitting $21.94. 257,916 shares of the stock were exchanged. The company’s 50-day moving average is $19.82 and its 200-day moving average is $18.40. The firm’s market cap is $891.60 million. Veeco Instruments has a 1-year low of $15.26 and a 1-year high of $22.09.
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Veeco Instruments (NASDAQ:VECO) last released its quarterly earnings data on Monday, August 1st. The company reported ($0.19) EPS for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.01. The company earned $75.30 million during the quarter, compared to the consensus estimate of $76.30 million. Veeco Instruments had a negative net margin of 13.00% and a negative return on equity of 2.37%. The firm’s revenue for the quarter was down 42.7% compared to the same quarter last year. During the same period last year, the firm earned $0.20 EPS. Equities research analysts anticipate that Veeco Instruments will post ($0.50) earnings per share for the current fiscal year.
A number of large investors have recently bought and sold shares of VECO. Renaissance Technologies LLC boosted its stake in Veeco Instruments by 18.6% in the first quarter. Renaissance Technologies LLC now owns 1,290,500 shares of the company’s stock valued at $25,139,000 after buying an additional 202,140 shares during the last quarter. Prudential Financial Inc. boosted its stake in Veeco Instruments by 0.7% in the first quarter. Prudential Financial Inc. now owns 95,573 shares of the company’s stock valued at $1,862,000 after buying an additional 700 shares during the last quarter. Canada Pension Plan Investment Board bought a new stake in Veeco Instruments during the first quarter valued at $1,999,000. BlackRock Group LTD boosted its stake in Veeco Instruments by 0.5% in the first quarter. BlackRock Group LTD now owns 752,718 shares of the company’s stock valued at $14,662,000 after buying an additional 3,757 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. bought a new stake in Veeco Instruments during the first quarter valued at $1,289,000. Hedge funds and other institutional investors own 94.95% of the company’s stock.
About Veeco Instruments
Veeco Instruments Inc designs, manufactures, markets and supports thin film equipment. The Company’s equipment is used to make electronic devices, including light emitting diodes (LED), micro-electromechanical systems (MEMS), wireless devices, power electronics, hard disk drives (HDDs) and semiconductors.
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