Zacks Investment Research Lowers Veeco Instruments Inc. (VECO) to Sell
Veeco Instruments Inc. (NASDAQ:VECO) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Saturday.
According to Zacks, “VEECO INSTRUMENTS INC. (DE) designs, manufactures, markets and services a broad line of precision beam etching and surface measurement systems used in the manufacture of microelectronic products. It sells its products worldwide to many of the leading semiconductor and data storage manufacturers. In addition, it sells its products to companies in the flat panel display and high frequency device industries, as well as to other industries, research and development centers and universities. “
A number of other research analysts have also recently issued reports on the stock. Stifel Nicolaus reissued a “buy” rating and issued a $38.00 price objective (up from $36.00) on shares of Veeco Instruments in a research note on Friday. BidaskClub raised shares of Veeco Instruments from a “sell” rating to a “hold” rating in a research note on Thursday, July 13th. J P Morgan Chase & Co raised shares of Veeco Instruments from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $35.00 to $39.00 in a research note on Tuesday, June 13th. Needham & Company LLC reissued a “buy” rating and issued a $36.00 price objective (up from $30.00) on shares of Veeco Instruments in a research note on Monday, April 24th. Finally, Benchmark Co. restated a “buy” rating and issued a $39.00 target price on shares of Veeco Instruments in a research report on Friday, April 21st. One research analyst has rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $34.22.
Veeco Instruments (VECO) opened at 32.25 on Friday. The stock has a 50 day moving average price of $29.90 and a 200 day moving average price of $29.38. The firm’s market capitalization is $1.31 billion. Veeco Instruments has a one year low of $16.37 and a one year high of $34.38.
Veeco Instruments (NASDAQ:VECO) last announced its quarterly earnings data on Thursday, May 4th. The semiconductor company reported ($0.01) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.01). The business had revenue of $94.39 million for the quarter, compared to analysts’ expectations of $94.50 million. Veeco Instruments had a negative net margin of 30.27% and a negative return on equity of 2.77%. The firm’s quarterly revenue was up 21.0% compared to the same quarter last year. During the same period last year, the firm posted ($0.15) earnings per share. On average, equities analysts predict that Veeco Instruments will post $1.06 EPS for the current fiscal year.
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In other news, SVP John P. Kiernan sold 8,836 shares of Veeco Instruments stock in a transaction on Monday, May 8th. The shares were sold at an average price of $32.44, for a total transaction of $286,639.84. Following the transaction, the senior vice president now owns 23,211 shares in the company, valued at $752,964.84. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Peter J. Simone sold 4,257 shares of Veeco Instruments stock in a transaction on Tuesday, May 30th. The stock was sold at an average price of $31.91, for a total transaction of $135,840.87. Following the transaction, the director now owns 24,332 shares in the company, valued at approximately $776,434.12. The disclosure for this sale can be found here. In the last quarter, insiders have sold 21,574 shares of company stock worth $689,717. 2.90% of the stock is owned by company insiders.
Institutional investors have recently modified their holdings of the company. Russell Investments Group Ltd. purchased a new position in Veeco Instruments during the fourth quarter valued at about $1,586,000. State Street Corp raised its position in Veeco Instruments by 9.9% in the fourth quarter. State Street Corp now owns 871,543 shares of the semiconductor company’s stock valued at $25,404,000 after buying an additional 78,545 shares during the last quarter. Thrivent Financial for Lutherans raised its position in Veeco Instruments by 4.7% in the fourth quarter. Thrivent Financial for Lutherans now owns 21,850 shares of the semiconductor company’s stock valued at $637,000 after buying an additional 990 shares during the last quarter. Norges Bank purchased a new position in Veeco Instruments during the fourth quarter valued at about $1,731,000. Finally, USA Financial Portformulas Corp purchased a new position in Veeco Instruments during the fourth quarter valued at about $526,000. Institutional investors own 86.73% of the company’s stock.
About Veeco Instruments
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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