Veeco Instruments (NASDAQ:VECO) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released 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 analysts have also weighed in on VECO. Benchmark reiterated a “buy” rating and set a $33.00 price objective on shares of Veeco Instruments in a report on Thursday, October 5th. KeyCorp lowered shares of Veeco Instruments to a “hold” rating in a report on Wednesday, October 25th. Needham & Company LLC reiterated a “buy” rating and set a $22.00 price objective on shares of Veeco Instruments in a report on Friday, November 3rd. Finally, BidaskClub lowered shares of Veeco Instruments from a “sell” rating to a “strong sell” rating in a report on Thursday, December 7th. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $29.22.

Veeco Instruments (NASDAQ VECO) opened at $16.30 on Friday. The firm has a market cap of $787.32, a PE ratio of -16.30 and a beta of 0.73. Veeco Instruments has a 1-year low of $10.85 and a 1-year high of $34.38. The company has a current ratio of 2.61, a quick ratio of 2.11 and a debt-to-equity ratio of 0.32.

Veeco Instruments (NASDAQ:VECO) last announced its quarterly earnings data on Thursday, November 2nd. The semiconductor company reported $0.09 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.07) by $0.16. The business had revenue of $131.87 million for the quarter, compared to analyst estimates of $134.97 million. Veeco Instruments had a negative net margin of 10.16% and a negative return on equity of 0.73%. The company’s revenue was up 54.3% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.05) EPS. research analysts anticipate that Veeco Instruments will post -0.01 earnings per share for the current year.

Veeco Instruments declared that its board has approved a stock buyback plan on Monday, December 11th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the semiconductor company to buy shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

In other Veeco Instruments news, SVP John P. Kiernan purchased 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 13th. The shares were purchased at an average price of $13.65 per share, for a total transaction of $68,250.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Shubham Maheshwari purchased 7,500 shares of the business’s stock in a transaction that occurred on Wednesday, December 13th. The stock was acquired at an average price of $13.74 per share, for a total transaction of $103,050.00. The disclosure for this purchase can be found here. Insiders purchased 63,700 shares of company stock worth $877,472 in the last 90 days. 2.90% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently bought and sold shares of VECO. Ameritas Investment Partners Inc. raised its stake in shares of Veeco Instruments by 32.9% during the second quarter. Ameritas Investment Partners Inc. now owns 4,143 shares of the semiconductor company’s stock valued at $115,000 after purchasing an additional 1,026 shares during the period. Stifel Financial Corp purchased a new stake in shares of Veeco Instruments during the second quarter valued at approximately $202,000. Aperio Group LLC purchased a new stake in shares of Veeco Instruments during the third quarter valued at approximately $218,000. Laurion Capital Management LP purchased a new stake in shares of Veeco Instruments during the second quarter valued at approximately $237,000. Finally, Quantbot Technologies LP purchased a new stake in shares of Veeco Instruments during the third quarter valued at approximately $257,000. Institutional investors own 98.60% of the company’s stock.

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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.

Analyst Recommendations for Veeco Instruments (NASDAQ:VECO)

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