Clearbridge LLC Acquires 68,540 Shares of Veeco Instruments Inc. (VECO)
Clearbridge LLC raised its holdings in Veeco Instruments Inc. (NASDAQ:VECO) by 10.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 747,390 shares of the semiconductor company’s stock after buying an additional 68,540 shares during the period. Clearbridge LLC’s holdings in Veeco Instruments were worth $11,099,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of the business. Dimensional Fund Advisors LP increased its stake in Veeco Instruments by 3.2% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,953,177 shares of the semiconductor company’s stock valued at $63,198,000 after buying an additional 92,897 shares during the last quarter. Frontier Capital Management Co. LLC increased its stake in shares of Veeco Instruments by 0.7% during the 4th quarter. Frontier Capital Management Co. LLC now owns 2,614,375 shares of the semiconductor company’s stock worth $38,823,000 after purchasing an additional 17,998 shares during the last quarter. OppenheimerFunds Inc. increased its stake in shares of Veeco Instruments by 14,387.2% during the 4th quarter. OppenheimerFunds Inc. now owns 2,019,224 shares of the semiconductor company’s stock worth $29,986,000 after purchasing an additional 2,005,286 shares during the last quarter. Carillon Tower Advisers Inc. acquired a new position in shares of Veeco Instruments during the 4th quarter worth about $24,236,000. Finally, Neuberger Berman Group LLC increased its stake in shares of Veeco Instruments by 7.0% during the 3rd quarter. Neuberger Berman Group LLC now owns 1,266,600 shares of the semiconductor company’s stock worth $27,105,000 after purchasing an additional 83,135 shares during the last quarter. Hedge funds and other institutional investors own 99.75% of the company’s stock.
Several research analysts have recently weighed in on VECO shares. Zacks Investment Research upgraded shares of Veeco Instruments from a “sell” rating to a “hold” rating in a research note on Tuesday, February 20th. BidaskClub lowered shares of Veeco Instruments from a “sell” rating to a “strong sell” rating in a research note on Thursday, December 7th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company. Veeco Instruments currently has a consensus rating of “Hold” and an average price target of $28.67.
Veeco Instruments (NASDAQ:VECO) last released its quarterly earnings data on Monday, February 12th. The semiconductor company reported $0.19 earnings per share for the quarter, topping the consensus estimate of $0.09 by $0.10. The company had revenue of $143.40 million for the quarter, compared to analyst estimates of $143.85 million. Veeco Instruments had a negative net margin of 9.24% and a negative return on equity of 0.12%. Veeco Instruments’s revenue for the quarter was up 53.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.09 EPS. research analysts predict that Veeco Instruments Inc. will post 0.3 earnings per share for the current fiscal year.
Veeco Instruments announced that its Board of Directors has approved a stock repurchase program on Monday, December 11th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the semiconductor company to reacquire shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.
In related news, CFO Shubham Maheshwari bought 7,500 shares of Veeco Instruments stock in a transaction that occurred on Wednesday, December 13th. The stock was acquired at an average price of $13.74 per share, with a total value of $103,050.00. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP John P. Kiernan bought 5,000 shares of Veeco Instruments stock in a transaction that occurred on Wednesday, December 13th. The shares were bought at an average cost of $13.65 per share, with a total value of $68,250.00. The disclosure for this purchase can be found here. Insiders have bought a total of 63,700 shares of company stock worth $877,472 over the last 90 days. 2.90% of the stock is owned by company insiders.
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Veeco Instruments 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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