Veeco Instruments Inc. (NASDAQ:VECO) Cut to “Hold” at Deutsche Bank AG
Deutsche Bank AG lowered shares of Veeco Instruments Inc. (NASDAQ:VECO) from a buy rating to a hold rating in a research report sent to investors on Friday morning, Marketbeat Ratings reports. The brokerage currently has $30.00 target price on the semiconductor company’s stock, down from their previous target price of $35.00.
A number of other analysts also recently issued reports on the company. Zacks Investment Research downgraded Veeco Instruments from a hold rating to a sell rating in a research report on Saturday, July 22nd. Stifel Nicolaus reiterated a buy rating and set a $38.00 price target (up previously from $36.00) on shares of Veeco Instruments in a research report on Friday, July 21st. BidaskClub upgraded Veeco Instruments from a sell rating to a hold rating in a research report on Thursday, July 13th. J P Morgan Chase & Co upgraded Veeco Instruments from a neutral rating to an overweight rating and lifted their price target for the company from $35.00 to $39.00 in a research report on Tuesday, June 13th. Finally, Needham & Company LLC reiterated a buy rating and set a $36.00 price target (up previously from $30.00) on shares of Veeco Instruments in a research report on Monday, April 24th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the company. The stock has a consensus rating of Hold and a consensus price target of $34.00.
Veeco Instruments (VECO) traded up 4.12% on Friday, hitting $22.75. 491,416 shares of the stock were exchanged. Veeco Instruments has a 52-week low of $18.23 and a 52-week high of $34.38. The firm’s market cap is $923.15 million. The company has a 50-day moving average price of $30.08 and a 200-day moving average price of $29.56.
Veeco Instruments (NASDAQ:VECO) last issued its quarterly earnings results on Thursday, August 3rd. The semiconductor company reported ($0.07) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.10) by $0.03. The firm had revenue of $115.07 million during the quarter, compared to the consensus estimate of $110.87 million. Veeco Instruments had a negative return on equity of 1.33% and a negative net margin of 23.65%. The company’s revenue for the quarter was up 52.7% on a year-over-year basis. During the same quarter last year, the company posted ($0.19) EPS. On average, equities research analysts anticipate that Veeco Instruments will post $0.77 EPS for the current fiscal year.
In related news, Director Peter J. Simone sold 4,257 shares of the business’s stock in a transaction that occurred on Tuesday, May 30th. The stock was sold at an average price of $31.91, for a total value of $135,840.87. Following the completion of the sale, the director now owns 24,332 shares in the company, valued at approximately $776,434.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, President William John Miller sold 8,481 shares of the business’s stock in a transaction that occurred on Friday, May 19th. The stock was sold at an average price of $31.51, for a total value of $267,236.31. Following the completion of the sale, the president now owns 69,792 shares of the company’s stock, valued at approximately $2,199,145.92. The disclosure for this sale can be found here. Insiders own 2.90% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the company. Frontier Capital Management Co. LLC boosted its stake in shares of Veeco Instruments by 24.2% in the second quarter. Frontier Capital Management Co. LLC now owns 2,601,473 shares of the semiconductor company’s stock valued at $72,451,000 after buying an additional 506,595 shares in the last quarter. Point72 Asset Management L.P. acquired a new stake in shares of Veeco Instruments during the first quarter valued at approximately $13,116,000. Dimensional Fund Advisors LP boosted its stake in shares of Veeco Instruments by 11.7% in the first quarter. Dimensional Fund Advisors LP now owns 2,478,396 shares of the semiconductor company’s stock valued at $73,980,000 after buying an additional 259,648 shares in the last quarter. FMR LLC acquired a new stake in shares of Veeco Instruments during the first quarter valued at approximately $5,683,000. Finally, Canada Pension Plan Investment Board boosted its stake in shares of Veeco Instruments by 75.4% in the first quarter. Canada Pension Plan Investment Board now owns 422,300 shares of the semiconductor company’s stock valued at $12,606,000 after buying an additional 181,600 shares in the last quarter. Institutional investors own 87.07% of the company’s stock.
Veeco Instruments Company Profile
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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