Veeco Instruments (NASDAQ:VECO) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Saturday.

According to Zacks, “Veeco Instruments Inc. is engaged in the design, development, manufacture and support of thin film process equipment, primarily sold to make electronic devices. Veeco’s process equipment solutions enable the manufacture of LEDs, power electronics, hard drives, MEMS and wireless chips. They are the market leader in MOCVD, MBE, Ion Beam and other advanced thin film process technologies. 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. The Company’s System products include Metal Organic Chemical Vapor Deposition Systems, Precision Surface Processing Systems, Ion Beam Etch and Deposition Systems, Molecular Beam Epitaxy Systems, and Other Deposition and Industrial Products. The Company’s original name Veeco stood for Vacuum Electronic Equipment Company. “

Several other research firms have also issued reports on VECO. Benchmark reaffirmed a “buy” rating and issued a $23.00 price objective on shares of Veeco Instruments in a research note on Friday, November 3rd. KeyCorp lowered shares of Veeco Instruments to a “hold” rating in a research note on Wednesday, October 25th. Needham & Company LLC reaffirmed a “buy” rating and issued a $22.00 price objective on shares of Veeco Instruments in a research note on Friday, November 3rd. Finally, BidaskClub lowered shares of Veeco Instruments from a “sell” rating to a “strong sell” rating in a research note on Thursday, December 7th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company’s stock. Veeco Instruments currently has a consensus rating of “Hold” and a consensus target price of $29.14.

Veeco Instruments (VECO) traded up $0.35 during mid-day trading on Friday, hitting $15.10. 794,086 shares of the company traded hands, compared to its average volume of 636,207. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.11 and a current ratio of 2.61. Veeco Instruments has a 1-year low of $10.85 and a 1-year high of $34.38. The firm has a market cap of $712.45, a price-to-earnings ratio of -15.10 and a beta of 0.78.

Veeco Instruments declared that its Board of Directors has approved a stock repurchase program on Monday, December 11th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the semiconductor company to buy shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

In other news, CFO Shubham Maheshwari bought 7,500 shares of the company’s stock in a transaction that occurred on Wednesday, December 13th. The shares were purchased at an average price of $13.74 per share, for a total transaction of $103,050.00. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP John P. Kiernan acquired 5,000 shares of the company’s stock in a transaction dated Wednesday, December 13th. The shares were bought at an average price of $13.65 per share, for a total transaction of $68,250.00. The disclosure for this purchase can be found here. Insiders purchased a total of 63,700 shares of company stock worth $877,472 in the last quarter. Insiders own 2.90% of the company’s stock.

Several large investors have recently bought and sold shares of VECO. Vanguard Group Inc. increased its holdings in shares of Veeco Instruments by 15.3% during the 2nd quarter. Vanguard Group Inc. now owns 4,167,222 shares of the semiconductor company’s stock worth $116,057,000 after purchasing an additional 554,206 shares during the period. Baillie Gifford & Co. increased its holdings in shares of Veeco Instruments by 58.9% during the 3rd quarter. Baillie Gifford & Co. now owns 927,683 shares of the semiconductor company’s stock worth $19,853,000 after purchasing an additional 343,839 shares during the period. California Public Employees Retirement System increased its holdings in shares of Veeco Instruments by 230.6% during the 4th quarter. California Public Employees Retirement System now owns 454,383 shares of the semiconductor company’s stock worth $6,748,000 after purchasing an additional 316,935 shares during the period. River & Mercantile Asset Management LLP increased its holdings in shares of Veeco Instruments by 115.5% during the 4th quarter. River & Mercantile Asset Management LLP now owns 543,800 shares of the semiconductor company’s stock worth $8,062,000 after purchasing an additional 291,440 shares during the period. Finally, Boston Partners increased its holdings in shares of Veeco Instruments by 111.7% during the 4th quarter. Boston Partners now owns 366,570 shares of the semiconductor company’s stock worth $5,443,000 after purchasing an additional 193,440 shares during the period. Institutional investors own 98.59% of the company’s stock.

ILLEGAL ACTIVITY NOTICE: This report was originally published by Daily Political and is the sole property of of Daily Political. If you are reading this report on another domain, it was illegally stolen and republished in violation of international copyright & trademark laws. The legal version of this report can be viewed at https://www.dailypolitical.com/2018/02/10/veeco-instruments-veco-rating-increased-to-hold-at-zacks-investment-research.html.

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.

Get a free copy of the Zacks research report on Veeco Instruments (VECO)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Veeco Instruments (NASDAQ:VECO)

Receive News & Ratings for Veeco Instruments Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Veeco Instruments and related companies with MarketBeat.com's FREE daily email newsletter.