Veeco Instruments (VECO) Updates Q1 Earnings Guidance

Veeco Instruments (NASDAQ:VECO) updated its first quarter earnings guidance on Monday. The company provided earnings per share guidance of ($0.04) to $0.14 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.01. The company issued revenue guidance of $140-$165 million, compared to the consensus revenue estimate of $157.66 million.

A number of analysts have recently issued reports on the stock. BidaskClub cut shares of Veeco Instruments from a sell rating to a strong sell rating in a research note on Thursday, December 7th. Needham & Company LLC restated a buy rating and set a $22.00 target price on shares of Veeco Instruments in a research note on Friday, November 3rd. Zacks Investment Research upgraded shares of Veeco Instruments from a sell rating to a hold rating in a research note on Saturday. KeyCorp cut shares of Veeco Instruments to a hold rating in a research note on Wednesday, October 25th. Finally, Benchmark restated a buy rating and set a $23.00 target price on shares of Veeco Instruments in a research note on Friday, November 3rd. Two equities 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 currently has a consensus rating of Hold and an average price target of $28.67.

Veeco Instruments (NASDAQ VECO) remained flat at $$15.10 during midday trading on Monday. The stock had a trading volume of 513,065 shares, compared to its average volume of 630,606. The company has a current ratio of 2.61, a quick ratio of 2.11 and a debt-to-equity ratio of 0.32. The company has a market cap of $729.36, a price-to-earnings ratio of -15.10 and a beta of 0.78. Veeco Instruments has a 52 week low of $10.85 and a 52 week high of $34.38.

Veeco Instruments (NASDAQ:VECO) last released its quarterly earnings results on Monday, February 12th. The semiconductor company reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.10. Veeco Instruments had a negative net margin of 10.16% and a negative return on equity of 0.73%. The business had revenue of $143.40 million for the quarter, compared to analyst estimates of $143.85 million. During the same period last year, the firm earned $0.09 earnings per share. Veeco Instruments’s revenue for the quarter was up 53.2% compared to the same quarter last year. equities research analysts forecast that Veeco Instruments will post -0.01 EPS for the current fiscal year.

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

In other news, CEO John R. Peeler bought 36,200 shares of the firm’s stock in a transaction on Wednesday, December 13th. The shares were purchased at an average cost of $13.81 per share, with a total value of $499,922.00. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP John P. Kiernan bought 5,000 shares of the firm’s stock in a transaction on Wednesday, December 13th. The stock was purchased at an average cost of $13.65 per share, for a total transaction of $68,250.00. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 63,700 shares of company stock worth $877,472. Insiders own 2.90% 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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