Veeco Instruments (NASDAQ:VECO) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Saturday.
According to Zacks, “Veeco Instruments Inc. is engaged in the design, development, manufacture and support of thin film process equipment, primarily sold to make electronic devices. Veeco’s process equipment solutions enable the manufacture of LEDs, power electronics, hard drives, MEMS and wireless chips. They are the market leader in MOCVD, MBE, Ion Beam and other advanced thin film process technologies. 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. The Company’s System products include Metal Organic Chemical Vapor Deposition Systems, Precision Surface Processing Systems, Ion Beam Etch and Deposition Systems, Molecular Beam Epitaxy Systems, and Other Deposition and Industrial Products. The Company’s original name Veeco stood for Vacuum Electronic Equipment Company. “
VECO has been the subject of several other research reports. Needham & Company LLC reissued a “buy” rating and set a $22.00 price target on shares of Veeco Instruments in a research report on Friday, November 3rd. BidaskClub cut shares of Veeco Instruments from a “sell” rating to a “strong sell” rating in a research report on Thursday, December 7th. Benchmark restated a “buy” rating and issued a $23.00 price objective on shares of Veeco Instruments in a report on Friday, November 3rd. Finally, KeyCorp lowered shares of Veeco Instruments to a “hold” rating in a report on Wednesday, October 25th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company’s stock. Veeco Instruments has an average rating of “Hold” and a consensus target price of $29.14.
Veeco Instruments declared that its Board of Directors has approved a stock buyback program on Monday, December 11th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the semiconductor company to purchase shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.
In related news, SVP John P. Kiernan acquired 5,000 shares of the firm’s stock in a transaction on Wednesday, December 13th. The stock was acquired at an average cost of $13.65 per share, for a total transaction of $68,250.00. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, CEO John R. Peeler acquired 36,200 shares of the firm’s stock in a transaction on Wednesday, December 13th. The stock was bought at an average price of $13.81 per share, with a total value of $499,922.00. The disclosure for this purchase can be found here. Insiders acquired a total of 63,700 shares of company stock valued at $877,472 over the last 90 days. Company insiders own 2.90% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the business. Ameritas Investment Partners Inc. increased its stake in shares of Veeco Instruments by 32.9% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 4,143 shares of the semiconductor company’s stock worth $115,000 after acquiring an additional 1,026 shares in the last quarter. Stifel Financial Corp bought a new position in shares of Veeco Instruments in the 2nd quarter worth about $202,000. Cubist Systematic Strategies LLC bought a new position in shares of Veeco Instruments in the 2nd quarter worth about $266,000. Aperio Group LLC bought a new position in shares of Veeco Instruments in the 3rd quarter worth about $218,000. Finally, Piedmont Investment Advisors LLC bought a new position in shares of Veeco Instruments in the 2nd quarter worth about $289,000. Institutional investors and hedge funds own 98.59% of the company’s stock.
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Veeco Instruments Company Profile
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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