ValuEngine Lowers Veeco Instruments (NASDAQ:VECO) to Strong Sell

ValuEngine downgraded shares of Veeco Instruments (NASDAQ:VECO) from a sell rating to a strong sell rating in a research note released on Thursday, ValuEngine reports.

Other research analysts have also recently issued reports about the stock. BidaskClub cut shares of Veeco Instruments from a buy rating to a hold rating in a research report on Tuesday, October 1st. Northland Securities set a $19.00 target price on shares of Veeco Instruments and gave the stock a buy rating in a research report on Monday, September 30th. Finally, Zacks Investment Research cut shares of Veeco Instruments from a hold rating to a sell rating in a research report on Saturday, October 5th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus price target of $15.50.

Shares of NASDAQ VECO traded down $0.34 during trading on Thursday, reaching $11.26. 97,379 shares of the stock were exchanged, compared to its average volume of 257,483. The business’s 50-day moving average price is $10.78 and its 200 day moving average price is $11.62. Veeco Instruments has a twelve month low of $6.27 and a twelve month high of $15.00. The company has a quick ratio of 2.36, a current ratio of 3.29 and a debt-to-equity ratio of 0.71. The company has a market capitalization of $549.95 million, a price-to-earnings ratio of -281.50 and a beta of 1.36.

Veeco Instruments (NASDAQ:VECO) last posted its earnings results on Monday, August 5th. The semiconductor company reported ($0.16) EPS for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.02). Veeco Instruments had a negative return on equity of 5.61% and a negative net margin of 44.39%. The firm had revenue of $97.80 million for the quarter, compared to analyst estimates of $101.43 million. During the same period in the previous year, the firm posted $0.15 earnings per share. The company’s revenue for the quarter was down 38.0% on a year-over-year basis. As a group, sell-side analysts expect that Veeco Instruments will post -0.44 earnings per share for the current fiscal year.

Several large investors have recently modified their holdings of VECO. Glen Harbor Capital Management LLC increased its stake in Veeco Instruments by 11.2% during the second quarter. Glen Harbor Capital Management LLC now owns 11,374 shares of the semiconductor company’s stock valued at $139,000 after purchasing an additional 1,144 shares during the last quarter. Aperio Group LLC lifted its holdings in Veeco Instruments by 7.5% in 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 during the period. Arizona State Retirement System lifted its holdings in Veeco Instruments by 1.9% in 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 during the period. Elkfork Partners LLC lifted its holdings in Veeco Instruments by 11.2% in the second quarter. Elkfork Partners LLC now owns 14,476 shares of the semiconductor company’s stock worth $177,000 after purchasing an additional 1,456 shares during the period. Finally, Meadow Creek Investment Management LLC lifted its holdings in Veeco Instruments by 11.2% in the second quarter. Meadow Creek Investment Management LLC now owns 17,578 shares of the semiconductor company’s stock worth $215,000 after purchasing an additional 1,768 shares during the period. Institutional investors and hedge funds own 88.23% 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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