First Mercantile Trust Co. trimmed its holdings in Veeco Instruments Inc. (NASDAQ:VECO) by 25.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 17,194 shares of the semiconductor company’s stock after selling 5,927 shares during the period. First Mercantile Trust Co.’s holdings in Veeco Instruments were worth $176,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new stake in Veeco Instruments in the 2nd quarter valued at about $147,000. Trexquant Investment LP acquired a new stake in Veeco Instruments in the 2nd quarter valued at about $201,000. GSA Capital Partners LLP acquired a new stake in Veeco Instruments in the 2nd quarter valued at about $257,000. Alambic Investment Management L.P. acquired a new stake in Veeco Instruments in the 2nd quarter valued at about $272,000. Finally, Russell Investments Group Ltd. grew its stake in Veeco Instruments by 443.6% in the 3rd quarter. Russell Investments Group Ltd. now owns 21,200 shares of the semiconductor company’s stock valued at $217,000 after acquiring an additional 17,300 shares during the last quarter. 87.68% of the stock is currently owned by hedge funds and other institutional investors.

In other news, CFO Shubham Maheshwari purchased 5,000 shares of the firm’s stock in a transaction on Thursday, August 23rd. The shares were bought at an average cost of $10.05 per share, with a total value of $50,250.00. Following the purchase, the chief financial officer now directly owns 93,323 shares of the company’s stock, valued at $937,896.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.60% of the stock is owned by company insiders.

A number of brokerages recently commented on VECO. BidaskClub cut shares of Veeco Instruments from a “hold” rating to a “sell” rating in a research note on Wednesday, July 25th. Benchmark reaffirmed a “hold” rating and set a $38.00 price target on shares of Veeco Instruments in a research note on Friday, August 3rd. ValuEngine raised shares of Veeco Instruments from a “strong sell” rating to a “sell” rating in a research note on Tuesday, November 6th. Finally, Zacks Investment Research raised shares of Veeco Instruments from a “hold” rating to a “buy” rating and set a $10.00 price target on the stock in a research note on Wednesday, October 24th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $24.00.

Veeco Instruments stock opened at $8.15 on Tuesday. Veeco Instruments Inc. has a 12-month low of $6.61 and a 12-month high of $20.55. The stock has a market cap of $394.77 million, a price-to-earnings ratio of -408.00 and a beta of 0.69. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.28 and a current ratio of 3.15.

Veeco Instruments (NASDAQ:VECO) last released its quarterly earnings results on Thursday, November 1st. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.08 by $0.03. Veeco Instruments had a negative net margin of 45.70% and a positive return on equity of 1.93%. The company had revenue of $126.76 million for the quarter, compared to analysts’ expectations of $135.50 million. During the same period last year, the company earned $0.09 EPS. The firm’s revenue for the quarter was down 2.0% compared to the same quarter last year. As a group, equities research analysts expect that Veeco Instruments Inc. will post -0.01 EPS for the current fiscal year.

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About Veeco Instruments

Veeco Instruments Inc, together with its subsidiaries, develops, manufactures, sells, and supports semiconductor process equipment worldwide. It offers metal organic chemical vapor deposition systems; packaging lithography equipment; precision surface processing systems; laser annealing systems; ion beam etch and deposition systems; molecular beam epitaxy systems; 3D wafer inspection systems; and atomic layer deposition and other deposition systems.

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Institutional Ownership by Quarter for Veeco Instruments (NASDAQ:VECO)

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