$143.80 Million in Sales Expected for Veeco Instruments Inc. (VECO) This Quarter

Wall Street analysts forecast that Veeco Instruments Inc. (NASDAQ:VECO) will report sales of $143.80 million for the current fiscal quarter, Zacks reports. Three analysts have made estimates for Veeco Instruments’ earnings. The lowest sales estimate is $140.20 million and the highest is $146.00 million. Veeco Instruments posted sales of $93.61 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 53.6%. The firm is expected to report its next quarterly earnings results after the market closes on Monday, February 12th.

On average, analysts expect that Veeco Instruments will report full year sales of $143.80 million for the current year, with estimates ranging from $481.55 million to $487.30 million. For the next fiscal year, analysts forecast that the business will post sales of $643.51 million per share, with estimates ranging from $626.00 million to $654.53 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that follow Veeco Instruments.

Several equities research analysts have recently weighed in on VECO shares. Needham & Company LLC reiterated a “buy” rating and issued a $22.00 price objective on shares of Veeco Instruments in a research note on Friday, November 3rd. Zacks Investment Research upgraded Veeco Instruments from a “sell” rating to a “hold” rating in a research note on Saturday. BidaskClub lowered Veeco Instruments from a “sell” rating to a “strong sell” rating in a research note on Thursday, December 7th. Benchmark reiterated a “buy” rating and issued a $23.00 price objective on shares of Veeco Instruments in a research note on Friday, November 3rd. Finally, KeyCorp lowered Veeco Instruments to a “hold” rating in a research note on Wednesday, October 25th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the stock. Veeco Instruments has an average rating of “Hold” and a consensus target price of $28.67.

Shares of Veeco Instruments (NASDAQ:VECO) opened at $15.10 on Monday. Veeco Instruments has a 12 month low of $10.85 and a 12 month high of $34.38. The firm has a market capitalization of $729.36, a P/E ratio of -15.10 and a beta of 0.78. The company has a quick ratio of 2.11, a current ratio of 2.61 and a debt-to-equity ratio of 0.32.

Veeco Instruments announced that its board has approved a share buyback program on Monday, December 11th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the semiconductor company to repurchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

In other Veeco Instruments news, President William John Miller purchased 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 13th. The shares were acquired at an average cost of $13.75 per share, for a total transaction of $206,250.00. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO John R. Peeler purchased 36,200 shares of the firm’s stock in a transaction that occurred on Wednesday, December 13th. The shares were acquired at an average price of $13.81 per share, for a total transaction of $499,922.00. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 63,700 shares of company stock worth $877,472. 2.90% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in VECO. Vanguard Group Inc. grew its position in Veeco Instruments by 15.3% during the 2nd quarter. Vanguard Group Inc. now owns 4,167,222 shares of the semiconductor company’s stock worth $116,057,000 after acquiring an additional 554,206 shares during the last quarter. Baillie Gifford & Co. grew its position in Veeco Instruments by 58.9% during the 3rd quarter. Baillie Gifford & Co. now owns 927,683 shares of the semiconductor company’s stock worth $19,853,000 after acquiring an additional 343,839 shares during the last quarter. California Public Employees Retirement System grew its position in Veeco Instruments by 230.6% during the 4th quarter. California Public Employees Retirement System now owns 454,383 shares of the semiconductor company’s stock worth $6,748,000 after acquiring an additional 316,935 shares during the last quarter. River & Mercantile Asset Management LLP grew its position in Veeco Instruments by 115.5% during the 4th quarter. River & Mercantile Asset Management LLP now owns 543,800 shares of the semiconductor company’s stock worth $8,062,000 after acquiring an additional 291,440 shares during the last quarter. Finally, Boston Partners grew its position in Veeco Instruments by 111.7% during the 4th quarter. Boston Partners now owns 366,570 shares of the semiconductor company’s stock worth $5,443,000 after acquiring an additional 193,440 shares during the last quarter. Institutional investors and hedge funds own 98.59% 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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