Veeco Instruments (VECO) Shares Down 10%
Veeco Instruments Inc. (NASDAQ:VECO) fell 10% during trading on Monday . The company traded as low as $14.80 and last traded at $14.85. 964,912 shares traded hands during trading, an increase of 59% from the average session volume of 605,101 shares. The stock had previously closed at $16.50.
A number of research firms have commented on VECO. Benchmark reissued a “buy” rating and set a $23.00 price target on shares of Veeco Instruments in a report on Friday, November 3rd. KeyCorp cut Veeco Instruments to a “hold” rating in a report on Wednesday, October 25th. Zacks Investment Research cut Veeco Instruments from a “hold” rating to a “sell” rating in a report on Tuesday, November 7th. Needham & Company LLC restated a “buy” rating and set a $22.00 price objective on shares of Veeco Instruments in a research report on Friday, November 3rd. Finally, BidaskClub lowered Veeco Instruments from a “sell” rating to a “strong sell” rating in a research report on Thursday, December 7th. Three research analysts have rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $29.14.
The firm has a market capitalization of $717.28, a PE ratio of -14.85 and a beta of 0.78. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.11 and a current ratio of 2.61.
In related news, President William John Miller purchased 15,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 13th. The stock was bought at an average price of $13.75 per share, for a total transaction of $206,250.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO John R. Peeler purchased 36,200 shares of the company’s stock in a transaction that occurred on Wednesday, December 13th. The stock was bought at an average price of $13.81 per share, with a total value of $499,922.00. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 63,700 shares of company stock valued at $877,472. Company insiders own 2.90% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in VECO. Ameritas Investment Partners Inc. grew its position in 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 acquiring an additional 1,026 shares in the last quarter. Stifel Financial Corp purchased a new position in Veeco Instruments in the second quarter worth about $202,000. Quantitative Systematic Strategies LLC purchased a new position in Veeco Instruments in the fourth quarter worth about $205,000. Aperio Group LLC purchased a new position in Veeco Instruments in the third quarter worth about $218,000. Finally, Crossmark Global Holdings Inc. purchased a new position in Veeco Instruments in the fourth quarter worth about $229,000. Institutional investors own 98.59% of the company’s stock.
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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