Veeco Instruments (NASDAQ:VECO) was upgraded by TheStreet from a “d+” rating to a “c” rating in a research report issued to clients and investors on Monday.
Several other research firms have also recently commented on VECO. Zacks Investment Research upgraded shares of Veeco Instruments from a “sell” rating to a “hold” rating in a research note on Tuesday, February 20th. BidaskClub cut shares of Veeco Instruments from a “sell” rating to a “strong sell” rating in a research note on Thursday, December 7th. 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 company’s stock. The company has an average rating of “Hold” and an average price target of $28.67.
Veeco Instruments (VECO) opened at $19.75 on Monday. Veeco Instruments has a one year low of $10.85 and a one year high of $34.38. The company has a quick ratio of 2.13, a current ratio of 2.67 and a debt-to-equity ratio of 0.33.
Veeco Instruments declared that its Board of Directors has initiated a share repurchase plan on Monday, December 11th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the semiconductor company to reacquire shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
Several hedge funds have recently made changes to their positions in VECO. OppenheimerFunds Inc. raised its stake in shares of Veeco Instruments by 14,387.2% in the 4th quarter. OppenheimerFunds Inc. now owns 2,019,224 shares of the semiconductor company’s stock valued at $29,986,000 after buying an additional 2,005,286 shares in the last quarter. Carillon Tower Advisers Inc. acquired a new position in shares of Veeco Instruments in the 4th quarter valued at $24,236,000. GCA Investment Management LLC acquired a new position in shares of Veeco Instruments in the 4th quarter valued at $7,262,000. Two Sigma Investments LP raised its stake in shares of Veeco Instruments by 2,081.1% in the 4th quarter. Two Sigma Investments LP now owns 488,609 shares of the semiconductor company’s stock valued at $7,256,000 after buying an additional 466,207 shares in the last quarter. Finally, California Public Employees Retirement System raised its stake in shares of Veeco Instruments by 230.6% in the 4th quarter. California Public Employees Retirement System now owns 454,383 shares of the semiconductor company’s stock valued at $6,748,000 after buying an additional 316,935 shares in the last quarter. Institutional investors own 99.79% 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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