Share Buyback Program Initiated by Veeco Instruments (VECO) Board of Directors

Veeco Instruments (NASDAQ:VECO) declared that its Board of Directors has authorized a stock buyback plan, which allows the company to repurchase $100.00 million in outstanding shares on Monday, December 11th, EventVestor reports. This repurchase authorization allows the semiconductor company to buy shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s board believes its shares are undervalued.

Several equities analysts recently weighed in on VECO shares. Deutsche Bank set a $21.00 price target on shares of Veeco Instruments and gave the company a “hold” rating in a research report on Wednesday, August 30th. Benchmark reaffirmed a “buy” rating and issued a $33.00 price target on shares of Veeco Instruments in a research report on Thursday, October 5th. BidaskClub cut shares of Veeco Instruments from a “sell” rating to a “strong sell” rating in a research report on Thursday, August 17th. Zacks Investment Research raised shares of Veeco Instruments from a “sell” rating to a “hold” rating in a research report on Thursday, October 5th. Finally, KeyCorp cut shares of Veeco Instruments to a “hold” rating in a research report on Wednesday, October 25th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company. Veeco Instruments currently has an average rating of “Hold” and an average price target of $29.22.

Veeco Instruments (NASDAQ:VECO) traded up $0.80 during trading on Wednesday, hitting $13.30. 1,588,000 shares of the company’s stock traded hands, compared to its average volume of 564,831. Veeco Instruments has a 1 year low of $10.85 and a 1 year high of $34.38. The company has a current ratio of 2.61, a quick ratio of 2.11 and a debt-to-equity ratio of 0.32.

Veeco Instruments (NASDAQ:VECO) last posted its earnings results on Thursday, November 2nd. The semiconductor company reported $0.09 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.07) by $0.16. Veeco Instruments had a negative net margin of 10.16% and a negative return on equity of 0.73%. The firm had revenue of $131.87 million for the quarter, compared to analysts’ expectations of $134.97 million. During the same quarter last year, the firm earned ($0.05) EPS. The company’s quarterly revenue was up 54.3% compared to the same quarter last year. sell-side analysts expect that Veeco Instruments will post -0.01 earnings per share for the current fiscal year.

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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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