Veeco Instruments (VECO) Issues Earnings Results

Veeco Instruments (NASDAQ:VECO) released its quarterly earnings results on Monday. The semiconductor company reported $0.19 EPS for the quarter, beating analysts’ consensus estimates of $0.09 by $0.10, Briefing.com reports. Veeco Instruments had a negative return on equity of 0.73% and a negative net margin of 10.16%. The company had revenue of $143.40 million during the quarter, compared to analysts’ expectations of $143.85 million. During the same period last year, the business posted $0.09 earnings per share. The firm’s revenue was up 53.2% compared to the same quarter last year. Veeco Instruments updated its Q1 guidance to ($0.04) to $0.14 EPS.

Veeco Instruments (NASDAQ:VECO) remained flat at $$15.10 during trading on Monday. The stock had a trading volume of 508,168 shares, compared to its average volume of 630,437. The stock has a market capitalization of $729.36, a price-to-earnings ratio of -15.10 and a beta of 0.78. Veeco Instruments has a one year low of $10.85 and a one year high of $34.38. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.61 and a quick ratio of 2.11.

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

A number of research firms have commented on VECO. Benchmark reiterated a “buy” rating and issued a $23.00 price target on shares of Veeco Instruments in a research note on Friday, November 3rd. KeyCorp lowered Veeco Instruments to a “hold” rating in a report on Wednesday, October 25th. Zacks Investment Research lowered Veeco Instruments from a “hold” rating to a “sell” rating in a report on Tuesday, November 7th. Needham & Company LLC reissued a “buy” rating and issued a $22.00 price objective on shares of Veeco Instruments in a report on Friday, November 3rd. Finally, BidaskClub lowered Veeco Instruments from a “sell” rating to a “strong sell” rating in a report on Thursday, December 7th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $28.67.

In related news, SVP John P. Kiernan bought 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 13th. The shares were purchased at an average cost of $13.65 per share, with a total value of $68,250.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Shubham Maheshwari bought 7,500 shares of the company’s stock in a transaction that occurred on Wednesday, December 13th. The shares were bought at an average cost of $13.74 per share, for a total transaction of $103,050.00. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 63,700 shares of company stock worth $877,472. 2.90% of the stock is owned by corporate insiders.

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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.

Earnings History for Veeco Instruments (NASDAQ:VECO)

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