Zacks Investment Research upgraded shares of Veeco Instruments (NASDAQ:VECO) from a sell rating to a hold rating in a research note released on Wednesday, Zacks.com reports.
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. “
A number of other equities research analysts have also issued reports on the stock. BidaskClub raised shares of Veeco Instruments from a hold rating to a buy rating in a report on Friday, April 5th. ValuEngine raised shares of Veeco Instruments from a sell rating to a hold rating in a report on Thursday, April 4th. Stifel Nicolaus cut shares of Veeco Instruments from a buy rating to a hold rating and set a $12.00 price target on the stock. in a research report on Wednesday, March 6th. Finally, Benchmark reaffirmed a hold rating on shares of Veeco Instruments in a research report on Tuesday, February 12th. Four equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus target price of $20.67.
Shares of NASDAQ VECO opened at $12.65 on Wednesday. Veeco Instruments has a one year low of $6.27 and a one year high of $19.50. The firm has a market capitalization of $607.63 million, a P/E ratio of -316.25 and a beta of 1.26. The company has a quick ratio of 2.27, a current ratio of 3.25 and a debt-to-equity ratio of 0.66.
Veeco Instruments (NASDAQ:VECO) last released its earnings results on Monday, February 11th. The semiconductor company reported ($0.24) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.23) by ($0.01). Veeco Instruments had a negative return on equity of 0.31% and a negative net margin of 75.10%. The business had revenue of $98.97 million for the quarter, compared to analysts’ expectations of $95.95 million. Equities research analysts expect that Veeco Instruments will post -0.62 earnings per share for the current year.
Hedge funds have recently added to or reduced their stakes in the stock. Royce & Associates LP increased its stake in shares of Veeco Instruments by 19.7% during the fourth quarter. Royce & Associates LP now owns 1,003,331 shares of the semiconductor company’s stock worth $7,435,000 after buying an additional 165,249 shares during the period. Fisher Asset Management LLC increased its stake in shares of Veeco Instruments by 1.0% during the fourth quarter. Fisher Asset Management LLC now owns 1,426,999 shares of the semiconductor company’s stock worth $10,574,000 after buying an additional 14,316 shares during the period. Russell Investments Group Ltd. increased its stake in shares of Veeco Instruments by 443.6% during the third quarter. Russell Investments Group Ltd. now owns 21,200 shares of the semiconductor company’s stock worth $217,000 after buying an additional 17,300 shares during the period. Neuberger Berman Group LLC increased its stake in shares of Veeco Instruments by 36.2% during the third quarter. Neuberger Berman Group LLC now owns 1,704,528 shares of the semiconductor company’s stock worth $17,472,000 after buying an additional 452,608 shares during the period. Finally, Assenagon Asset Management S.A. purchased a new stake in shares of Veeco Instruments during the fourth quarter worth approximately $538,000. Hedge funds and other institutional investors own 92.70% of the company’s stock.
About Veeco Instruments
Veeco Instruments Inc, together with its subsidiaries, develops, manufactures, sells, and supports semiconductor and thin film process equipment primarily to make electronic devices worldwide. It offers metal organic chemical vapor deposition systems; packaging lithography equipment; precision surface processing systems; laser annealing systems; ion beam deposition and etch systems; molecular beam epitaxy systems; 3D wafer inspection systems; and atomic layer deposition and other deposition systems.
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