Veeco Instruments’ (VECO) “Hold” Rating Reaffirmed at Needham & Company LLC
Other equities research analysts have also issued research reports about the company. Zacks Investment Research lowered Veeco Instruments from a buy rating to a hold rating in a research note on Saturday, July 30th. Benchmark Co. raised their price objective on Veeco Instruments from $21.00 to $23.00 and gave the company a buy rating in a research note on Monday, September 12th. Finally, Deutsche Bank AG upgraded Veeco Instruments from a hold rating to a buy rating and raised their price objective for the company from $16.00 to $22.00 in a research note on Tuesday, August 2nd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus price target of $24.00.
Veeco Instruments (NASDAQ:VECO) traded up 0.23% on Friday, hitting $21.99. The stock had a trading volume of 106,287 shares. The company’s market cap is $893.63 million. The company’s 50 day moving average price is $19.87 and its 200-day moving average price is $18.42. Veeco Instruments has a 12-month low of $15.26 and a 12-month high of $22.41.
Veeco Instruments (NASDAQ:VECO) last posted its earnings results on Monday, August 1st. The company reported ($0.19) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.01. Veeco Instruments had a negative return on equity of 2.37% and a negative net margin of 13.00%. The business earned $75.30 million during the quarter, compared to analyst estimates of $76.30 million. During the same quarter last year, the firm earned $0.20 earnings per share. The company’s revenue for the quarter was down 42.7% compared to the same quarter last year. Equities research analysts anticipate that Veeco Instruments will post ($0.50) EPS for the current year.
Several hedge funds have recently made changes to their positions in VECO. Vanguard Group Inc. increased its stake in shares of Veeco Instruments by 1.5% in the second quarter. Vanguard Group Inc. now owns 3,197,162 shares of the company’s stock valued at $52,945,000 after buying an additional 46,902 shares during the period. BlackRock Fund Advisors increased its stake in shares of Veeco Instruments by 3.1% in the second quarter. BlackRock Fund Advisors now owns 2,597,441 shares of the company’s stock valued at $43,014,000 after buying an additional 77,473 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Veeco Instruments by 16.2% in the second quarter. Dimensional Fund Advisors LP now owns 1,892,382 shares of the company’s stock valued at $31,337,000 after buying an additional 263,766 shares during the period. First Pacific Advisors LLC increased its stake in shares of Veeco Instruments by 8.4% in the second quarter. First Pacific Advisors LLC now owns 1,886,986 shares of the company’s stock valued at $31,248,000 after buying an additional 146,166 shares during the period. Finally, Renaissance Technologies LLC increased its stake in shares of Veeco Instruments by 18.6% in the first quarter. Renaissance Technologies LLC now owns 1,290,500 shares of the company’s stock valued at $25,139,000 after buying an additional 202,140 shares during the period. 94.95% of the stock is currently owned by institutional investors and hedge funds.
About Veeco Instruments
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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