Veeco Instruments Inc. (VECO) Stock Price Up 0.8%
Veeco Instruments Inc. (NASDAQ:VECO)’s share price rose 0.8% during trading on Wednesday . The company traded as high as $17.51 and last traded at $17.21, with a volume of 70,878 shares. The stock had previously closed at $17.07.
VECO has been the subject of a number of recent research reports. Berenberg Bank set a $41.00 price objective on shares of Veeco Instruments and gave the stock a “buy” rating in a research note on Monday, April 4th. Summit Research raised shares of Veeco Instruments from a “sell” rating to a “hold” rating and lifted their price target for the stock from $12.00 to $23.00 in a research note on Monday, April 4th. Pacific Crest assumed coverage on shares of Veeco Instruments in a research note on Friday, May 13th. They set an “overweight” rating and a $23.00 price target for the company. Zacks Investment Research raised shares of Veeco Instruments from a “hold” rating to a “buy” rating and set a $22.00 price target for the company in a research note on Wednesday, April 27th. Finally, JPMorgan Chase & Co. reaffirmed a “hold” rating on shares of Veeco Instruments in a research note on Tuesday, May 24th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the company. Veeco Instruments has a consensus rating of “Hold” and an average target price of $23.45.
The company’s 50 day moving average is $17.07 and its 200-day moving average is $18.06. The firm’s market capitalization is $687.69 million.
Veeco Instruments (NASDAQ:VECO) last issued its earnings results on Wednesday, May 4th. The company reported ($0.15) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.26) by $0.11. The business earned $78 million during the quarter, compared to analyst estimates of $76.17 million. Veeco Instruments’s quarterly revenue was down 20.7% on a year-over-year basis. During the same quarter last year, the company earned ($0.01) earnings per share. Equities research analysts expect that Veeco Instruments Inc. will post ($0.61) earnings per share for the current year.
Several large investors have modified their holdings of the stock. Boston Partners acquired a new stake in shares of Veeco Instruments during the fourth quarter worth approximately $1,268,000. Rhumbline Advisers boosted its stake in shares of Veeco Instruments by 3.6% in the fourth quarter. Rhumbline Advisers now owns 67,493 shares of the company’s stock worth $1,388,000 after buying an additional 2,335 shares during the period. California State Teachers Retirement System boosted its stake in shares of Veeco Instruments by 1.7% in the fourth quarter. California State Teachers Retirement System now owns 74,821 shares of the company’s stock worth $1,538,000 after buying an additional 1,265 shares during the period. Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in shares of Veeco Instruments during the fourth quarter worth approximately $1,804,000. Finally, Pinnacle Advisory Group Inc. boosted its stake in shares of Veeco Instruments by 111.6% in the fourth quarter. Pinnacle Advisory Group Inc. now owns 189,585 shares of the company’s stock worth $3,897,000 after buying an additional 100,000 shares during the period.
Veeco Instruments Inc designs, manufactures, markets and supports thin film equipment. The Company’s equipment is used to make electronic devices, including light emitting diodes (LED), micro-electromechanical systems (MEMS), wireless devices, power electronics, hard disk drives (HDDs) and semiconductors.
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