Veeco Instruments Inc. (NASDAQ:VECO) President William John Miller acquired 15,000 shares of Veeco Instruments stock in a transaction on Wednesday, December 13th. The shares were bought at an average price of $13.75 per share, with a total value of $206,250.00. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website.
Shares of Veeco Instruments Inc. (VECO) opened at $16.05 on Friday. The company has a market cap of $775.25, a P/E ratio of -16.05 and a beta of 0.73. Veeco Instruments Inc. has a 1 year low of $10.85 and a 1 year high of $34.38. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.61 and a quick ratio of 2.11.
Veeco Instruments (NASDAQ:VECO) last released its quarterly earnings results on Thursday, November 2nd. The semiconductor company reported $0.09 EPS for the quarter, beating the consensus estimate of ($0.07) by $0.16. Veeco Instruments had a negative net margin of 10.16% and a negative return on equity of 0.73%. The business had revenue of $131.87 million for the quarter, compared to analyst estimates of $134.97 million. During the same period in the prior year, the business earned ($0.05) earnings per share. The company’s quarterly revenue was up 54.3% on a year-over-year basis. sell-side analysts predict that Veeco Instruments Inc. will post -0.01 EPS for the current fiscal year.
Veeco Instruments announced that its Board of Directors has initiated a share buyback program on Monday, December 11th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the semiconductor company to reacquire shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Bank of Montreal Can boosted its position in Veeco Instruments by 4.8% during the second quarter. Bank of Montreal Can now owns 5,771 shares of the semiconductor company’s stock worth $161,000 after acquiring an additional 265 shares during the last quarter. Ameritas Investment Partners Inc. raised its stake in Veeco Instruments by 32.9% during the second quarter. Ameritas Investment Partners Inc. now owns 4,143 shares of the semiconductor company’s stock worth $115,000 after purchasing an additional 1,026 shares during the period. Teachers Retirement System of The State of Kentucky raised its stake in Veeco Instruments by 15.5% during the second quarter. Teachers Retirement System of The State of Kentucky now owns 12,702 shares of the semiconductor company’s stock worth $354,000 after purchasing an additional 1,702 shares during the period. Municipal Employees Retirement System of Michigan raised its stake in shares of Veeco Instruments by 22.6% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 11,338 shares of the semiconductor company’s stock valued at $316,000 after acquiring an additional 2,088 shares during the period. Finally, Arizona State Retirement System raised its stake in shares of Veeco Instruments by 18.6% in the 2nd quarter. Arizona State Retirement System now owns 25,040 shares of the semiconductor company’s stock valued at $697,000 after acquiring an additional 3,928 shares during the period. Hedge funds and other institutional investors own 98.60% of the company’s stock.
Several equities research analysts recently issued reports on VECO shares. Needham & Company LLC reiterated a “buy” rating and issued a $22.00 price objective on shares of Veeco Instruments in a report on Friday, November 3rd. BidaskClub lowered Veeco Instruments from a “sell” rating to a “strong sell” rating in a research report on Thursday, December 7th. Zacks Investment Research downgraded shares of Veeco Instruments from a “hold” rating to a “sell” rating in a research note on Saturday, January 6th. Benchmark reiterated a “buy” rating and set a $33.00 target price on shares of Veeco Instruments in a research note on Thursday, October 5th. Finally, KeyCorp downgraded shares of Veeco Instruments to a “hold” rating in a research note on Wednesday, October 25th. Three analysts have rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $29.22.
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About Veeco Instruments
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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