Assenagon Asset Management S.A. Sells 84,036 Shares of Veeco Instruments Inc. $VECO

Assenagon Asset Management S.A. reduced its holdings in Veeco Instruments Inc. (NASDAQ:VECO) by 45.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 99,890 shares of the semiconductor company’s stock after selling 84,036 shares during the period. Assenagon Asset Management S.A.’s holdings in Veeco Instruments were worth $2,855,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of VECO. Vanguard Group Inc. grew its holdings in Veeco Instruments by 0.8% during the 3rd quarter. Vanguard Group Inc. now owns 7,663,310 shares of the semiconductor company’s stock worth $233,195,000 after acquiring an additional 62,016 shares during the period. Wasatch Advisors LP lifted its stake in shares of Veeco Instruments by 4.9% in the 2nd quarter. Wasatch Advisors LP now owns 3,396,804 shares of the semiconductor company’s stock valued at $69,023,000 after purchasing an additional 157,978 shares during the period. The Manufacturers Life Insurance Company boosted its position in shares of Veeco Instruments by 9.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,215,031 shares of the semiconductor company’s stock worth $65,329,000 after purchasing an additional 284,716 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Veeco Instruments by 1.1% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,481,803 shares of the semiconductor company’s stock worth $75,521,000 after purchasing an additional 26,248 shares during the last quarter. Finally, Paradigm Capital Management Inc. NY grew its stake in shares of Veeco Instruments by 1.3% during the second quarter. Paradigm Capital Management Inc. NY now owns 2,410,000 shares of the semiconductor company’s stock worth $48,971,000 after purchasing an additional 30,000 shares during the period. 98.46% of the stock is owned by institutional investors.

Insider Activity

In related news, CEO William John Miller sold 50,000 shares of the stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $31.62, for a total transaction of $1,581,000.00. Following the completion of the transaction, the chief executive officer directly owned 414,543 shares in the company, valued at approximately $13,107,849.66. This trade represents a 10.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 2.70% of the company’s stock.

Veeco Instruments Stock Performance

VECO opened at $32.83 on Tuesday. The business’s 50-day moving average price is $31.66 and its two-hundred day moving average price is $30.51. Veeco Instruments Inc. has a 1 year low of $16.92 and a 1 year high of $37.23. The company has a market capitalization of $1.98 billion, a price-to-earnings ratio of 55.65 and a beta of 1.17. The company has a debt-to-equity ratio of 0.26, a current ratio of 4.75 and a quick ratio of 3.20.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Weiss Ratings reiterated a “hold (c)” rating on shares of Veeco Instruments in a report on Wednesday, January 21st. Zacks Research upgraded Veeco Instruments from a “hold” rating to a “strong-buy” rating in a report on Monday, March 2nd. Needham & Company LLC restated a “hold” rating on shares of Veeco Instruments in a research report on Thursday, February 26th. Finally, Citigroup upped their price target on Veeco Instruments from $36.00 to $40.00 and gave the company a “buy” rating in a research note on Thursday, February 26th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, Veeco Instruments presently has a consensus rating of “Moderate Buy” and an average target price of $28.17.

About Veeco Instruments

Veeco Instruments Inc (NASDAQ: VECO) is a leading supplier of process equipment for the semiconductor, data storage, wireless communications, power electronics and advanced packaging industries. The company designs, manufactures and services precision tools used to grow, deposit and etch thin films on substrates, enabling the fabrication of chips, light-emitting diodes (LEDs), micro-electromechanical systems (MEMS) and high-density storage devices. Veeco’s platforms are deployed across fabrication facilities worldwide, where they support key processes in materials science and device manufacturing.

Veeco’s product portfolio spans molecular beam epitaxy (MBE), metal organic chemical vapor deposition (MOCVD), atomic layer deposition (ALD), ion beam etch and deposition, and high-precision wet and dry etch systems.