-$0.09 Earnings Per Share Expected for Veeco Instruments Inc. (VECO) This Quarter
Equities analysts expect that Veeco Instruments Inc. (NASDAQ:VECO) will report ($0.09) earnings per share for the current quarter, Zacks reports. Five analysts have made estimates for Veeco Instruments’ earnings. The highest EPS estimate is ($0.07) and the lowest is ($0.11). Veeco Instruments posted earnings per share of ($0.15) during the same quarter last year, which would suggest a positive year over year growth rate of 40%. The business is scheduled to report its next earnings results on Tuesday, November 7th.
On average, analysts expect that Veeco Instruments will report full year earnings of ($0.01) per share for the current fiscal year, with EPS estimates ranging from ($0.04) to $0.02. For the next year, analysts anticipate that the company will report earnings of $1.65 per share, with EPS estimates ranging from $1.41 to $1.90. Zacks’ earnings per share calculations are an average based on a survey of sell-side research firms that cover Veeco Instruments.
Veeco Instruments (NASDAQ:VECO) last announced its quarterly earnings data on Thursday, August 3rd. The semiconductor company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.03. Veeco Instruments had a negative net margin of 23.65% and a negative return on equity of 1.33%. The company had revenue of $115.07 million during the quarter, compared to analysts’ expectations of $110.87 million. During the same quarter in the prior year, the company earned ($0.19) EPS. Veeco Instruments’s revenue was up 52.7% compared to the same quarter last year.
A number of equities analysts have issued reports on the stock. Stifel Nicolaus restated a “buy” rating and set a $36.00 target price (down previously from $38.00) on shares of Veeco Instruments in a research report on Wednesday. BidaskClub cut shares of Veeco Instruments from a “hold” rating to a “sell” rating in a research report on Saturday, August 5th. Deutsche Bank AG cut shares of Veeco Instruments from a “buy” rating to a “hold” rating and cut their target price for the stock from $35.00 to $30.00 in a research report on Friday, August 4th. Zacks Investment Research cut shares of Veeco Instruments from a “hold” rating to a “sell” rating in a research report on Saturday, July 22nd. Finally, J P Morgan Chase & Co upgraded shares of Veeco Instruments from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $35.00 to $39.00 in a research report on Tuesday, June 13th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $33.78.
Shares of Veeco Instruments (VECO) traded up 0.49% during mid-day trading on Friday, reaching $20.55. 784,610 shares of the company traded hands. The company’s market capitalization is $995.03 million. The stock’s 50-day moving average is $28.64 and its 200-day moving average is $29.29. Veeco Instruments has a 52 week low of $18.60 and a 52 week high of $34.38.
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In other news, Director Peter J. Simone sold 4,257 shares of Veeco Instruments stock in a transaction dated Tuesday, May 30th. The shares were sold at an average price of $31.91, for a total transaction of $135,840.87. Following the completion of the sale, the director now directly owns 24,332 shares in the company, valued at $776,434.12. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, President William John Miller sold 8,481 shares of Veeco Instruments stock in a transaction dated Friday, May 19th. The stock was sold at an average price of $31.51, for a total transaction of $267,236.31. Following the sale, the president now owns 69,792 shares of the company’s stock, valued at $2,199,145.92. The disclosure for this sale can be found here. Insiders own 2.90% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in Veeco Instruments by 15.3% in the second quarter. Vanguard Group Inc. now owns 4,167,222 shares of the semiconductor company’s stock worth $116,057,000 after buying an additional 554,206 shares during the last quarter. Frontier Capital Management Co. LLC increased its stake in 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 worth $72,451,000 after buying an additional 506,595 shares during the last quarter. Point72 Asset Management L.P. bought a new stake in Veeco Instruments during the first quarter worth about $13,116,000. Dimensional Fund Advisors LP increased its stake in Veeco Instruments by 15.4% in the second quarter. Dimensional Fund Advisors LP now owns 2,860,280 shares of the semiconductor company’s stock worth $79,659,000 after buying an additional 381,884 shares during the last quarter. Finally, Renaissance Technologies LLC increased its stake in Veeco Instruments by 17.5% in the second quarter. Renaissance Technologies LLC now owns 1,441,237 shares of the semiconductor company’s stock worth $40,138,000 after buying an additional 214,477 shares during the last quarter. Hedge funds and other institutional investors own 87.07% 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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