BlackRock Advisors LLC Raises Position in Veeco Instruments Inc. (VECO)
BlackRock Advisors LLC boosted its position in shares of Veeco Instruments Inc. (NASDAQ:VECO) by 49.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 327,643 shares of the company’s stock after buying an additional 108,783 shares during the period. BlackRock Advisors LLC owned approximately 0.81% of Veeco Instruments worth $5,426,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in the stock. River & Mercantile Asset Management LLP increased its stake in Veeco Instruments by 172.3% in the second quarter. River & Mercantile Asset Management LLP now owns 75,550 shares of the company’s stock worth $1,249,000 after buying an additional 47,800 shares in the last quarter. BNP Paribas Arbitrage SA increased its stake in Veeco Instruments by 106.8% in the second quarter. BNP Paribas Arbitrage SA now owns 12,435 shares of the company’s stock worth $206,000 after buying an additional 6,421 shares in the last quarter. Springbok Capital Management LLC increased its stake in Veeco Instruments by 64.0% in the first quarter. Springbok Capital Management LLC now owns 10,985 shares of the company’s stock worth $214,000 after buying an additional 4,285 shares in the last quarter. Jacobs Levy Equity Management Inc. purchased a new stake in Veeco Instruments during the first quarter worth $1,289,000. Finally, Renaissance Technologies LLC increased its stake in Veeco Instruments by 18.6% in the first quarter. Renaissance Technologies LLC now owns 1,290,500 shares of the company’s stock worth $25,139,000 after buying an additional 202,140 shares in the last quarter. 94.98% of the stock is owned by institutional investors and hedge funds.
Veeco Instruments Inc. (NASDAQ:VECO) opened at 21.90 on Monday. Veeco Instruments Inc. has a 1-year low of $15.26 and a 1-year high of $22.41. The company’s market cap is $889.97 million. The stock has a 50 day moving average price of $20.07 and a 200 day moving average price of $18.54.
Veeco Instruments (NASDAQ:VECO) last announced its quarterly earnings results on Monday, August 1st. The company reported ($0.19) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate 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 had revenue of $75.30 million for the quarter, compared to the consensus estimate of $76.30 million. During the same period last year, the business posted $0.20 EPS. The business’s revenue was down 42.7% compared to the same quarter last year. On average, equities research analysts anticipate that Veeco Instruments Inc. will post ($0.50) EPS for the current fiscal year.
A number of analysts have weighed in on the stock. Zacks Investment Research raised shares of Veeco Instruments from a “hold” rating to a “buy” rating and set a $25.00 target price for the company in a research report on Saturday, October 8th. Needham & Company LLC reissued a “hold” rating on shares of Veeco Instruments in a research report on Friday, October 7th. Benchmark Co. increased their target price on shares of Veeco Instruments from $21.00 to $23.00 and gave the company a “buy” rating in a research report on Monday, September 12th. Finally, Deutsche Bank AG raised shares of Veeco Instruments from a “hold” rating to a “buy” rating and raised their price objective for the stock from $16.00 to $22.00 in a research report on Tuesday, August 2nd. One research analyst has rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $24.00.
Veeco Instruments Company Profile
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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