ValuEngine Downgrades Veeco (VECO) to Strong Sell

Veeco (NASDAQ:VECO) was downgraded by equities researchers at ValuEngine from a “sell” rating to a “strong sell” rating in a research report issued to clients and investors on Friday.

A number of other equities analysts have also issued reports on the company. Zacks Investment Research raised Veeco from a “sell” rating to a “hold” rating in a report on Saturday, February 10th. TheStreet raised Veeco from a “d+” rating to a “c” rating in a report on Monday, March 12th. Finally, Northland Securities started coverage on Veeco in a report on Thursday, April 19th. They set an “outperform” rating on the stock. Two analysts have rated the stock with a sell rating, two have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $27.29.

Shares of NASDAQ VECO traded down $1.43 during midday trading on Friday, reaching $16.38. 680,058 shares of the company were exchanged, compared to its average volume of 593,652. The company has a quick ratio of 2.17, a current ratio of 2.80 and a debt-to-equity ratio of 0.34. Veeco has a 1 year low of $10.85 and a 1 year high of $33.40. The firm has a market cap of $835.07 million, a P/E ratio of -818.75 and a beta of 0.58.

Veeco (NASDAQ:VECO) last released its quarterly earnings results on Monday, May 7th. The semiconductor company reported $0.20 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.06 by $0.14. Veeco had a positive return on equity of 0.51% and a negative net margin of 11.24%. The firm had revenue of $158.57 million for the quarter, compared to analyst estimates of $151.62 million. During the same quarter last year, the company posted $0.09 earnings per share. The business’s revenue was up 67.8% on a year-over-year basis. analysts anticipate that Veeco will post 0.41 earnings per share for the current year.

A number of large investors have recently made changes to their positions in VECO. OppenheimerFunds Inc. lifted its position in Veeco by 14,387.2% in the fourth quarter. OppenheimerFunds Inc. now owns 2,019,224 shares of the semiconductor company’s stock valued at $29,986,000 after purchasing an additional 2,005,286 shares during the period. Carillon Tower Advisers Inc. acquired a new stake in Veeco in the fourth quarter valued at about $24,236,000. River & Mercantile Asset Management LLP lifted its position in Veeco by 163.8% in the first quarter. River & Mercantile Asset Management LLP now owns 1,434,788 shares of the semiconductor company’s stock valued at $24,356,000 after purchasing an additional 890,988 shares during the period. GCA Investment Management LLC acquired a new stake in Veeco in the fourth quarter valued at about $7,262,000. Finally, Two Sigma Investments LP lifted its position in Veeco by 2,081.1% in the fourth quarter. Two Sigma Investments LP now owns 488,609 shares of the semiconductor company’s stock valued at $7,256,000 after purchasing an additional 466,207 shares during the period. Hedge funds and other institutional investors own 98.52% of the company’s stock.

About Veeco

Veeco Instruments Inc, together with its subsidiaries, develops, manufactures, sells, and supports semiconductor process equipment worldwide. It offers metal organic chemical vapor deposition systems; packaging lithography equipment; precision surface processing systems; laser annealing systems; ion beam etch and deposition systems; molecular beam epitaxy systems; 3D wafer inspection systems; and atomic layer deposition and other deposition systems.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Veeco (NASDAQ:VECO)

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