Veeco Instruments Inc. (VECO) Given Consensus Recommendation of “Buy” by Brokerages
Veeco Instruments Inc. (NASDAQ:VECO) has been assigned an average recommendation of “Buy” from the ten ratings firms that are presently covering the stock. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $33.17.
A number of brokerages have recently issued reports on VECO. Needham & Company LLC reiterated a “buy” rating and set a $36.00 price target (up from $30.00) on shares of Veeco Instruments in a research note on Monday, April 24th. Benchmark Co. reiterated a “buy” rating and set a $39.00 price target on shares of Veeco Instruments in a research note on Friday, April 21st. Zacks Investment Research lowered shares of Veeco Instruments from a “buy” rating to a “hold” rating in a research note on Thursday, April 20th. Stifel Nicolaus reiterated a “buy” rating and set a $36.00 price target on shares of Veeco Instruments in a research note on Sunday, April 23rd. Finally, Bank of America Corp upgraded shares of Veeco Instruments from a “neutral” rating to a “buy” rating and set a $32.00 price target on the stock in a research note on Friday, February 10th.
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Veeco Instruments (NASDAQ:VECO) traded up 0.16% during midday trading on Tuesday, hitting $31.65. 323,993 shares of the stock traded hands. Veeco Instruments has a one year low of $15.53 and a one year high of $34.38. The company’s market cap is $1.28 billion. The company’s 50 day moving average is $31.14 and its 200-day moving average is $28.50.
Veeco Instruments (NASDAQ:VECO) last issued its quarterly earnings results on Thursday, May 4th. The semiconductor company reported ($0.01) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.01). Veeco Instruments had a negative net margin of 36.77% and a negative return on equity of 4.59%. The business had revenue of $94.39 million for the quarter, compared to analyst estimates of $94.50 million. During the same period in the previous year, the business posted ($0.15) earnings per share. The business’s revenue was up 21.0% compared to the same quarter last year. On average, equities research analysts forecast that Veeco Instruments will post $0.72 EPS for the current fiscal year.
In related news, SVP John P. Kiernan sold 8,836 shares of the business’s stock in a transaction dated Monday, May 8th. The shares were sold at an average price of $32.44, for a total transaction of $286,639.84. Following the sale, the senior vice president now owns 23,211 shares of the company’s stock, valued at $752,964.84. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, President William John Miller sold 8,481 shares of the business’s stock in a transaction dated Friday, May 19th. The stock was sold at an average price of $31.51, for a total transaction of $267,236.31. Following the sale, the president now directly owns 69,792 shares in the company, valued at approximately $2,199,145.92. The disclosure for this sale can be found here. 2.70% of the stock is currently owned by insiders.
Hedge funds have recently added to or reduced their stakes in the company. UBS Asset Management Americas Inc. increased its stake in Veeco Instruments by 22.4% in the third quarter. UBS Asset Management Americas Inc. now owns 19,099 shares of the semiconductor company’s stock worth $375,000 after buying an additional 3,500 shares in the last quarter. BlackRock Fund Advisors increased its stake in Veeco Instruments by 9.7% in the third quarter. BlackRock Fund Advisors now owns 2,849,564 shares of the semiconductor company’s stock worth $55,937,000 after buying an additional 252,123 shares in the last quarter. Rhumbline Advisers increased its stake in Veeco Instruments by 4.9% in the third quarter. Rhumbline Advisers now owns 64,132 shares of the semiconductor company’s stock worth $1,259,000 after buying an additional 2,980 shares in the last quarter. Municipal Employees Retirement System of Michigan increased its stake in Veeco Instruments by 1.6% in the third quarter. Municipal Employees Retirement System of Michigan now owns 8,840 shares of the semiconductor company’s stock worth $174,000 after buying an additional 140 shares in the last quarter. Finally, SG Americas Securities LLC bought a new stake in Veeco Instruments during the third quarter worth approximately $220,000. 95.13% of the stock is currently owned by hedge funds and other institutional investors.
About Veeco Instruments
Veeco Instruments Inc is engaged in the design, development, manufacture and support of thin film process equipment, primarily sold to make electronic devices. The Company’s geographical segments include the United States; China; Europe, Middle East and Africa (EMEA), and Rest of World (ROW). The Company’s portfolio of technology solutions focus on market areas, including Lighting, Display & Power Electronics; Advanced Packaging, micro-electromechanical systems (MEMS) & radio frequency (RF); Scientific & Industrial, and Data Storage.
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