$106.55 Million in Sales Expected for Veeco Instruments Inc. (VECO) This Quarter
Equities research analysts predict that Veeco Instruments Inc. (NASDAQ:VECO) will announce sales of $106.55 million for the current quarter, according to Zacks Investment Research. Three analysts have issued estimates for Veeco Instruments’ earnings. The highest sales estimate is $116.50 million and the lowest is $94.16 million. Veeco Instruments reported sales of $75.35 million in the same quarter last year, which indicates a positive year-over-year growth rate of 41.4%. The business is scheduled to issue 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 sales of $106.55 million for the current financial year, with estimates ranging from $528.10 million to $559.00 million. For the next fiscal year, analysts anticipate that the company will post sales of $749.50 million per share, with estimates ranging from $704.00 million to $795.00 million. Zacks’ sales averages are an average based on a survey of analysts that cover Veeco Instruments.
Veeco Instruments (NASDAQ:VECO) last released its quarterly earnings results on Thursday, May 4th. The semiconductor company reported ($0.01) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.01). Veeco Instruments had a negative net margin of 30.27% and a negative return on equity of 2.77%. The business had revenue of $94.39 million for the quarter, compared to analysts’ expectations of $94.50 million. During the same period last year, the business earned ($0.15) EPS. The company’s revenue was up 21.0% compared to the same quarter last year.
A number of equities analysts have recently commented on the company. J P Morgan Chase & Co raised Veeco Instruments from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $35.00 to $39.00 in a research report on Tuesday, June 13th. Zacks Investment Research downgraded Veeco Instruments from a “hold” rating to a “sell” rating in a research report on Saturday, July 22nd. Stifel Nicolaus reissued a “buy” rating and set a $38.00 price objective (up from $36.00) on shares of Veeco Instruments in a research report on Friday, July 21st. Needham & Company LLC reissued a “buy” rating and set a $36.00 price objective (up from $30.00) on shares of Veeco Instruments in a research report on Monday, April 24th. Finally, Benchmark Co. reissued a “buy” rating and set a $39.00 price objective on shares of Veeco Instruments in a research report on Friday, April 21st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $34.22.
Veeco Instruments (NASDAQ:VECO) traded down 3.37% during mid-day trading on Thursday, hitting $31.50. 250,966 shares of the stock were exchanged. Veeco Instruments has a 12-month low of $16.37 and a 12-month high of $34.38. The firm’s market cap is $1.28 billion. The company has a 50 day moving average of $30.07 and a 200 day moving average of $29.47.
In other Veeco Instruments news, Director Peter J. Simone sold 4,257 shares of the business’s stock in a transaction that occurred on 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 owns 24,332 shares in the company, valued at $776,434.12. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, SVP John P. Kiernan sold 8,836 shares of the business’s stock in a transaction that occurred on Monday, May 8th. The shares were 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 approximately $752,964.84. The disclosure for this sale can be found here. In the last quarter, insiders sold 21,574 shares of company stock valued at $689,717. 2.90% of the stock is owned by company insiders.
Several large investors have recently added to or reduced their stakes in VECO. Point72 Asset Management L.P. bought a new stake in Veeco Instruments during the first quarter valued at approximately $13,116,000. Dimensional Fund Advisors LP boosted its stake in 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 valued at $73,980,000 after buying an additional 259,648 shares during the period. FMR LLC bought a new stake in Veeco Instruments during the first quarter valued at approximately $5,683,000. Canada Pension Plan Investment Board boosted its stake in 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 valued at $12,606,000 after buying an additional 181,600 shares during the period. Finally, Vanguard Group Inc. boosted its stake in Veeco Instruments by 5.2% in the first quarter. Vanguard Group Inc. now owns 3,613,016 shares of the semiconductor company’s stock valued at $107,848,000 after buying an additional 179,949 shares during the period. Institutional investors and hedge funds own 86.68% of the company’s stock.
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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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