Veeco Instruments (NASDAQ:VECO) Sets New 12-Month High – Here’s What Happened

Veeco Instruments Inc. (NASDAQ:VECO) shares reached a new 52-week high during trading on Wednesday . The stock traded as high as $36.24 and last traded at $36.45, with a volume of 240677 shares traded. The stock had previously closed at $34.39.

Wall Street Analyst Weigh In

VECO has been the topic of a number of recent research reports. Needham & Company LLC restated a “hold” rating on shares of Veeco Instruments in a research report on Thursday, February 26th. Zacks Research upgraded Veeco Instruments from a “hold” rating to a “strong-buy” rating in a report on Monday, March 2nd. Citigroup boosted their target price on Veeco Instruments from $36.00 to $40.00 and gave the company a “buy” rating in a research report on Thursday, February 26th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Veeco Instruments in a report on Wednesday, January 21st. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, Veeco Instruments has an average rating of “Moderate Buy” and an average price target of $28.17.

Veeco Instruments Trading Up 5.2%

The company’s 50 day simple moving average is $31.50 and its 200-day simple moving average is $30.22. The firm has a market cap of $2.19 billion, a P/E ratio of 61.29 and a beta of 1.17. The company has a quick ratio of 3.20, a current ratio of 4.75 and a debt-to-equity ratio of 0.26.

Insider Buying and Selling at Veeco Instruments

In related news, CEO William John Miller sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $31.62, for a total transaction of $1,581,000.00. Following the completion of the sale, the chief executive officer directly owned 414,543 shares of the company’s stock, valued at approximately $13,107,849.66. This trade represents a 10.76% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Veeco Instruments

Several hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. lifted its position in shares of Veeco Instruments by 0.8% during the third quarter. Vanguard Group Inc. now owns 7,663,310 shares of the semiconductor company’s stock worth $233,195,000 after purchasing an additional 62,016 shares during the last quarter. Wasatch Advisors LP grew its holdings in shares of Veeco Instruments by 4.9% in the second quarter. Wasatch Advisors LP now owns 3,396,804 shares of the semiconductor company’s stock worth $69,023,000 after purchasing an additional 157,978 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in Veeco Instruments by 9.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,215,031 shares of the semiconductor company’s stock worth $65,329,000 after buying an additional 284,716 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Veeco Instruments by 1.1% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,481,803 shares of the semiconductor company’s stock valued at $75,521,000 after buying an additional 26,248 shares in the last quarter. Finally, Paradigm Capital Management Inc. NY lifted its holdings in Veeco Instruments by 1.3% during the 2nd quarter. Paradigm Capital Management Inc. NY now owns 2,410,000 shares of the semiconductor company’s stock valued at $48,971,000 after buying an additional 30,000 shares in the last quarter. Institutional investors own 98.46% of the company’s stock.

Veeco Instruments Company Profile

Veeco Instruments Inc (NASDAQ: VECO) is a leading supplier of process equipment for the semiconductor, data storage, wireless communications, power electronics and advanced packaging industries. The company designs, manufactures and services precision tools used to grow, deposit and etch thin films on substrates, enabling the fabrication of chips, light-emitting diodes (LEDs), micro-electromechanical systems (MEMS) and high-density storage devices. Veeco’s platforms are deployed across fabrication facilities worldwide, where they support key processes in materials science and device manufacturing.

Veeco’s product portfolio spans molecular beam epitaxy (MBE), metal organic chemical vapor deposition (MOCVD), atomic layer deposition (ALD), ion beam etch and deposition, and high-precision wet and dry etch systems.