Zacks Investment Research upgraded shares of Veeco Instruments (NASDAQ:VECO) from a sell rating to a hold rating in a research report report published on Saturday morning, 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. “
Other analysts also recently issued reports about the stock. BidaskClub downgraded shares of Veeco Instruments from a buy rating to a hold rating in a report on Tuesday, October 1st. Northland Securities set a $19.00 price objective on shares of Veeco Instruments and gave the company a buy rating in a report on Monday, September 30th. Finally, ValuEngine downgraded shares of Veeco Instruments from a sell rating to a strong sell rating in a report on Thursday. One analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. Veeco Instruments presently has a consensus rating of Hold and a consensus price target of $15.50.
VECO stock traded down $0.34 during mid-day trading on Friday, hitting $11.26. 97,379 shares of the company were exchanged, compared to its average volume of 257,483. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.36 and a current ratio of 3.29. The firm has a market cap of $549.95 million, a P/E ratio of -281.50 and a beta of 1.36. The firm’s 50 day simple moving average is $10.86 and its 200 day simple moving average is $11.63. Veeco Instruments has a 1-year low of $6.27 and a 1-year high of $15.00.
Veeco Instruments (NASDAQ:VECO) last announced its earnings results on Monday, August 5th. The semiconductor company reported ($0.16) EPS for the quarter, missing the consensus estimate of ($0.14) by ($0.02). The company had revenue of $97.80 million for the quarter, compared to analyst estimates of $101.43 million. Veeco Instruments had a negative return on equity of 5.61% and a negative net margin of 44.39%. The business’s quarterly revenue was down 38.0% on a year-over-year basis. During the same quarter last year, the business posted $0.15 earnings per share. On average, equities research analysts predict that Veeco Instruments will post -0.44 EPS for the current fiscal year.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. State of Alaska Department of Revenue raised its holdings in shares of Veeco Instruments by 127.0% in the third quarter. State of Alaska Department of Revenue now owns 37,556 shares of the semiconductor company’s stock valued at $438,000 after purchasing an additional 21,013 shares during the last quarter. Susquehanna International Group LLP raised its holdings in shares of Veeco Instruments by 75.9% in the second quarter. Susquehanna International Group LLP now owns 19,525 shares of the semiconductor company’s stock valued at $239,000 after purchasing an additional 8,425 shares during the last quarter. Nuveen Asset Management LLC acquired a new stake in shares of Veeco Instruments in the second quarter valued at approximately $2,243,000. UBS Asset Management Americas Inc. raised its holdings in shares of Veeco Instruments by 9.9% in the second quarter. UBS Asset Management Americas Inc. now owns 28,381 shares of the semiconductor company’s stock valued at $347,000 after purchasing an additional 2,550 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. raised its holdings in shares of Veeco Instruments by 7.4% in the second quarter. D. E. Shaw & Co. Inc. now owns 1,212,306 shares of the semiconductor company’s stock valued at $14,814,000 after purchasing an additional 83,300 shares during the last quarter. Institutional investors own 88.23% 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.
Further Reading: What are different types of coverage ratios?
Get a free copy of the Zacks research report on Veeco Instruments (VECO)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Veeco Instruments Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Veeco Instruments and related companies with MarketBeat.com's FREE daily email newsletter.