Veeco Instruments (VECO) Stock Rating Upgraded by Zacks Investment Research

Zacks Investment Research upgraded shares of Veeco Instruments (NASDAQ:VECO) from a sell rating to a hold rating in a report issued on Tuesday.

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. “

VECO has been the subject of a number of other reports. BidaskClub downgraded Veeco Instruments from a sell rating to a strong sell rating in a research report on Thursday, December 7th. Needham & Company LLC reissued a buy rating and issued a $22.00 target price on shares of Veeco Instruments in a research report on Friday, November 3rd. KeyCorp downgraded Veeco Instruments to a hold rating in a research report on Wednesday, October 25th. Finally, Benchmark reissued a buy rating and issued a $23.00 target price on shares of Veeco Instruments in a research report on Friday, November 3rd. 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’s stock. The company has an average rating of Hold and a consensus target price of $28.67.

Shares of Veeco Instruments (NASDAQ VECO) opened at $18.35 on Tuesday. The company has a current ratio of 2.67, a quick ratio of 2.13 and a debt-to-equity ratio of 0.33. The company has a market capitalization of $886.34, a P/E ratio of -18.54 and a beta of 0.78. Veeco Instruments has a 52-week low of $10.85 and a 52-week high of $34.38.

Veeco Instruments (NASDAQ:VECO) last released its earnings results on Monday, February 12th. The semiconductor company reported $0.19 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.09 by $0.10. Veeco Instruments had a negative return on equity of 0.12% and a negative net margin of 9.24%. The business had revenue of $143.40 million during the quarter, compared to the consensus estimate of $143.85 million. During the same period last year, the business posted $0.09 earnings per share. The business’s revenue for the quarter was up 53.2% on a year-over-year basis. research analysts anticipate that Veeco Instruments will post 0.3 EPS for the current fiscal year.

Veeco Instruments announced that its board has initiated a share buyback program on Monday, December 11th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the semiconductor company to purchase shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

In related news, SVP John P. Kiernan purchased 5,000 shares of the business’s stock in a transaction dated Wednesday, December 13th. The stock was purchased at an average cost of $13.65 per share, with a total value of $68,250.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Shubham Maheshwari purchased 7,500 shares of the business’s stock in a transaction dated Wednesday, December 13th. The stock was bought at an average cost of $13.74 per share, with a total value of $103,050.00. The disclosure for this purchase can be found here. Insiders acquired 63,700 shares of company stock valued at $877,472 over the last three months. Company insiders own 2.90% of the company’s stock.

Several institutional investors have recently bought and sold shares of the company. Ameritas Investment Partners Inc. boosted its holdings in shares of 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 during the period. Teachers Retirement System of The State of Kentucky boosted its holdings in shares of Veeco Instruments by 15.5% in 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 acquiring an additional 1,702 shares during the period. Nationwide Fund Advisors boosted its holdings in shares of Veeco Instruments by 16.1% in the second quarter. Nationwide Fund Advisors now owns 30,766 shares of the semiconductor company’s stock worth $857,000 after acquiring an additional 4,269 shares during the period. California State Teachers Retirement System boosted its holdings in shares of Veeco Instruments by 6.8% in the second quarter. California State Teachers Retirement System now owns 83,597 shares of the semiconductor company’s stock worth $2,328,000 after acquiring an additional 5,308 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its holdings in shares of Veeco Instruments by 18.6% in the second quarter. The Manufacturers Life Insurance Company now owns 36,192 shares of the semiconductor company’s stock worth $1,008,000 after acquiring an additional 5,670 shares during the period. 98.36% of the stock is owned by hedge funds and other institutional investors.

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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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