Zacks: Brokerages Anticipate Veeco Instruments Inc. (NASDAQ:VECO) to Announce -$0.10 Earnings Per Share
Wall Street brokerages expect Veeco Instruments Inc. (NASDAQ:VECO) to report ($0.10) earnings per share for the current quarter, Zacks reports. Three analysts have issued estimates for Veeco Instruments’ earnings, with estimates ranging from ($0.11) to ($0.09). Veeco Instruments reported earnings per share of ($0.29) during the same quarter last year, which would indicate a positive year over year growth rate of 65.5%. The company is scheduled to report its next quarterly earnings report after the market closes on Thursday, August 3rd.
According to Zacks, analysts expect that Veeco Instruments will report full year earnings of $0.43 per share for the current financial year. For the next year, analysts anticipate that the business will report earnings of $1.92 per share. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of analysts that follow Veeco Instruments.
Veeco Instruments (NASDAQ:VECO) last released its earnings results on Thursday, May 4th. The semiconductor company reported ($0.01) earnings per share for the quarter, meeting the consensus estimate of ($0.01). The firm had revenue of $94.39 million during the quarter, compared to analyst estimates of $94.50 million. Veeco Instruments had a negative net margin of 30.27% and a negative return on equity of 2.77%. The firm’s revenue for the quarter was up 21.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.15) earnings per share.
A number of analysts have recently weighed in on VECO shares. BidaskClub lowered Veeco Instruments from a “hold” rating to a “sell” rating in a research note on Saturday, June 17th. Zacks Investment Research upgraded Veeco Instruments from a “hold” rating to a “buy” rating and set a $33.00 target price for the company in a research note on Tuesday, April 4th. J P Morgan Chase & Co upgraded Veeco Instruments from a “neutral” rating to an “overweight” rating and raised their target price for the company from $35.00 to $39.00 in a research note on Tuesday, June 13th. Stifel Nicolaus restated a “buy” rating and issued a $36.00 target price on shares of Veeco Instruments in a research note on Sunday, April 23rd. Finally, Needham & Company LLC restated a “buy” rating and issued a $36.00 target price (up from $30.00) on shares of Veeco Instruments in a research note on Monday, April 24th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the company’s stock. Veeco Instruments presently has an average rating of “Buy” and an average target price of $34.22.
In related news, Director Peter J. Simone sold 4,257 shares of Veeco Instruments stock in a transaction dated Tuesday, May 30th. The stock was sold at an average price of $31.91, for a total value of $135,840.87. Following the completion of the sale, the director now directly owns 24,332 shares in the company, valued at $776,434.12. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP John P. Kiernan sold 8,836 shares of Veeco Instruments stock in a transaction dated Monday, May 8th. The stock was sold at an average price of $32.44, for a total value of $286,639.84. Following the completion of the sale, the senior vice president now owns 23,211 shares of the company’s stock, valued at $752,964.84. The disclosure for this sale can be found here. Over the last quarter, insiders sold 21,574 shares of company stock valued at $689,717. Corporate insiders own 2.90% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the company. Point72 Asset Management L.P. purchased a new stake in shares of Veeco Instruments during the first quarter worth approximately $13,116,000. Dimensional Fund Advisors LP raised its stake in shares of Veeco Instruments by 11.7% in the first quarter. Dimensional Fund Advisors LP now owns 2,478,396 shares of the semiconductor company’s stock worth $73,980,000 after buying an additional 259,648 shares during the last quarter. FMR LLC purchased a new stake in shares of Veeco Instruments during the first quarter worth approximately $5,683,000. Canada Pension Plan Investment Board raised its stake in shares of Veeco Instruments by 75.4% in the first quarter. Canada Pension Plan Investment Board now owns 422,300 shares of the semiconductor company’s stock worth $12,606,000 after buying an additional 181,600 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of Veeco Instruments by 5.2% in the first quarter. Vanguard Group Inc. now owns 3,613,016 shares of the semiconductor company’s stock worth $107,848,000 after buying an additional 179,949 shares during the last quarter. Hedge funds and other institutional investors own 86.68% of the company’s stock.
Veeco Instruments (NASDAQ:VECO) opened at 32.40 on Tuesday. The stock’s 50 day moving average is $29.99 and its 200 day moving average is $29.42. Veeco Instruments has a 52-week low of $16.37 and a 52-week high of $34.38. The company’s market cap is $1.31 billion.
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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