Zacks Investment Research cut shares of Veeco Instruments (NASDAQ:VECO) from a buy rating to a hold rating in a research report report published on Friday, 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. “
VECO has been the subject of a number of other research reports. ValuEngine upgraded shares of Veeco Instruments from a sell rating to a hold rating in a research report on Thursday. Northland Securities reiterated a buy rating and issued a $14.00 price objective on shares of Veeco Instruments in a research report on Monday, May 6th. BidaskClub downgraded shares of Veeco Instruments from a hold rating to a sell rating in a research report on Thursday, July 11th. Finally, Benchmark reiterated a buy rating and issued a $15.00 price objective on shares of Veeco Instruments in a research report on Thursday, May 16th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus price target of $14.25.
NASDAQ VECO traded down $0.17 on Friday, reaching $11.77. 215,690 shares of the company’s stock traded hands, compared to its average volume of 417,160. The stock has a market cap of $572.85 million, a price-to-earnings ratio of -294.25 and a beta of 1.24. The business has a 50 day moving average of $11.78. Veeco Instruments has a fifty-two week low of $6.27 and a fifty-two week high of $15.00. The company has a debt-to-equity ratio of 0.69, a quick ratio of 2.34 and a current ratio of 3.32.
Veeco Instruments (NASDAQ:VECO) last posted its earnings results on Monday, May 6th. The semiconductor company reported ($0.21) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.09. The company had revenue of $99.37 million during the quarter, compared to the consensus estimate of $96.75 million. Veeco Instruments had a negative net margin of 84.86% and a negative return on equity of 3.17%. The firm’s quarterly revenue was down 37.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.20 earnings per share. On average, analysts expect that Veeco Instruments will post -0.41 EPS for the current fiscal year.
Institutional investors have recently modified their holdings of the business. Swiss National Bank increased its stake in shares of Veeco Instruments by 2.6% during the second quarter. Swiss National Bank now owns 89,421 shares of the semiconductor company’s stock worth $1,093,000 after purchasing an additional 2,300 shares in the last quarter. Aperio Group LLC increased its stake in shares of Veeco Instruments by 7.5% during the second quarter. Aperio Group LLC now owns 18,886 shares of the semiconductor company’s stock worth $231,000 after purchasing an additional 1,310 shares in the last quarter. Arizona State Retirement System increased its stake in shares of Veeco Instruments by 1.9% during the second quarter. Arizona State Retirement System now owns 75,505 shares of the semiconductor company’s stock worth $923,000 after purchasing an additional 1,398 shares in the last quarter. First Trust Advisors LP increased its stake in shares of Veeco Instruments by 4.3% during the first quarter. First Trust Advisors LP now owns 46,775 shares of the semiconductor company’s stock worth $507,000 after purchasing an additional 1,945 shares in the last quarter. Finally, California Public Employees Retirement System increased its stake in shares of Veeco Instruments by 24.6% during the first quarter. California Public Employees Retirement System now owns 443,909 shares of the semiconductor company’s stock worth $4,812,000 after purchasing an additional 87,689 shares in the last quarter. Institutional investors and hedge funds own 91.24% of the company’s stock.
Veeco Instruments Company Profile
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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