Veeco Instruments Inc. (NASDAQ:VECO) CFO Shubham Maheshwari acquired 7,500 shares of the firm’s stock in a transaction on Wednesday, December 13th. The shares were bought at an average cost of $13.74 per share, with a total value of $103,050.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.
Veeco Instruments Inc. (NASDAQ VECO) remained flat at $$16.05 during midday trading on Friday. 425,473 shares of the stock traded hands, compared to its average volume of 674,211. 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 quick ratio of 2.11 and a current ratio of 2.61. The firm has a market capitalization of $775.25, a price-to-earnings ratio of -16.05 and a beta of 0.73.
Veeco Instruments (NASDAQ:VECO) last issued its quarterly earnings data on Thursday, November 2nd. The semiconductor company reported $0.09 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.07) by $0.16. The firm had revenue of $131.87 million for the quarter, compared to the consensus estimate of $134.97 million. Veeco Instruments had a negative net margin of 10.16% and a negative return on equity of 0.73%. Veeco Instruments’s quarterly revenue was up 54.3% compared to the same quarter last year. During the same period last year, the firm posted ($0.05) EPS. sell-side analysts expect that Veeco Instruments Inc. will post -0.01 earnings per share for the current year.
Veeco Instruments announced that its Board of Directors has authorized a stock buyback plan on Monday, December 11th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the semiconductor company to purchase shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
VECO has been the subject of several recent analyst reports. Zacks Investment Research raised shares of Veeco Instruments from a “sell” rating to a “hold” rating in a report on Thursday, October 5th. Benchmark reaffirmed a “buy” rating and issued a $33.00 price target 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 reaffirmed a “buy” rating and issued a $22.00 price target 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 analysts have rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $29.88.
A number of large investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in Veeco Instruments by 15.3% in the 2nd quarter. Vanguard Group Inc. now owns 4,167,222 shares of the semiconductor company’s stock valued at $116,057,000 after purchasing an additional 554,206 shares during the last quarter. Dimensional Fund Advisors LP lifted its position 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 purchasing an additional 92,897 shares during the last quarter. Eagle Asset Management Inc. lifted its position in Veeco Instruments by 0.8% in the 2nd quarter. Eagle Asset Management Inc. now owns 2,480,198 shares of the semiconductor company’s stock valued at $69,073,000 after purchasing an additional 18,713 shares during the last quarter. Renaissance Technologies LLC lifted its position in Veeco Instruments by 17.5% in the 2nd quarter. Renaissance Technologies LLC now owns 1,441,237 shares of the semiconductor company’s stock valued at $40,138,000 after purchasing an additional 214,477 shares during the last quarter. Finally, Neuberger Berman Group LLC lifted its position in Veeco Instruments by 7.0% in the 3rd quarter. Neuberger Berman Group LLC now owns 1,266,600 shares of the semiconductor company’s stock valued at $27,105,000 after purchasing an additional 83,135 shares during the last quarter. Hedge funds and other 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.
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