Veeco Instruments Inc. (VECO) Given Consensus Rating of “Hold” by Brokerages
Veeco Instruments Inc. (NASDAQ:VECO) has earned a consensus recommendation of “Hold” from the fourteen ratings firms that are covering the stock, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a sell recommendation, three have assigned a hold recommendation and seven have given a buy recommendation to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $31.56.
Several analysts have commented on the company. J P Morgan Chase & Co raised Veeco Instruments from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $35.00 to $39.00 in a report on Tuesday, June 13th. Needham & Company LLC dropped their price objective on Veeco Instruments from $36.00 to $27.00 and set a “buy” rating on the stock in a report on Wednesday. Stifel Nicolaus reissued a “buy” rating and issued a $38.00 price objective (up from $36.00) on shares of Veeco Instruments in a report on Friday, July 21st. BidaskClub lowered Veeco Instruments from a “sell” rating to a “strong sell” rating in a report on Thursday, August 17th. Finally, KeyCorp dropped their price objective on Veeco Instruments from $34.00 to $31.00 and set an “overweight” rating on the stock in a report on Friday, August 18th.
Several hedge funds have recently modified their holdings of VECO. Piedmont Investment Advisors LLC purchased a new stake in shares of Veeco Instruments during the second quarter worth about $289,000. Ameritas Investment Partners Inc. raised its stake in shares of Veeco Instruments by 32.9% in the second quarter. Ameritas Investment Partners Inc. now owns 4,143 shares of the semiconductor company’s stock worth $115,000 after buying an additional 1,026 shares in the last quarter. California State Teachers Retirement System raised its stake in shares of Veeco Instruments by 6.8% in the second quarter. California State Teachers Retirement System now owns 83,597 shares of the semiconductor company’s stock worth $2,328,000 after buying an additional 5,308 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Veeco Instruments by 18.6% in the second quarter. The Manufacturers Life Insurance Company now owns 36,192 shares of the semiconductor company’s stock worth $1,008,000 after buying an additional 5,670 shares in the last quarter. Finally, Cubist Systematic Strategies LLC purchased a new stake in shares of Veeco Instruments during the second quarter worth about $266,000. 96.16% of the stock is currently owned by hedge funds and other institutional investors.
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Veeco Instruments (VECO) traded up 2.65% on Friday, reaching $19.40. The company had a trading volume of 446,853 shares. The stock’s 50 day moving average is $24.66 and its 200-day moving average is $28.55. The stock’s market capitalization is $939.35 million. Veeco Instruments has a 1-year low of $18.30 and a 1-year high of $34.38.
Veeco Instruments (NASDAQ:VECO) last issued its quarterly earnings data on Thursday, August 3rd. The semiconductor company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.03. Veeco Instruments had a negative return on equity of 9.61% and a negative net margin of 15.98%. The company had revenue of $115.07 million for the quarter, compared to analyst estimates of $110.87 million. During the same period last year, the company earned ($0.19) earnings per share. Veeco Instruments’s quarterly revenue was up 52.7% compared to the same quarter last year. On average, equities analysts predict that Veeco Instruments will post $0.48 EPS for the current fiscal year.
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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