BidaskClub Downgrades Veeco Instruments (VECO) to Hold

BidaskClub cut shares of Veeco Instruments (NASDAQ:VECO) from a buy rating to a hold rating in a research report report published on Wednesday, March 27th, BidAskClub reports.

VECO has been the topic of several other reports. Stifel Nicolaus lowered Veeco Instruments from a buy rating to a hold rating and set a $12.00 target price on the stock. in a research report on Wednesday, March 6th. Zacks Investment Research raised Veeco Instruments from a hold rating to a buy rating and set a $8.75 price objective on the stock in a research report on Saturday, January 5th. ValuEngine lowered Veeco Instruments from a hold rating to a sell rating in a research report on Wednesday, January 2nd. Finally, Benchmark reissued a hold rating on shares of Veeco Instruments in a research report on Tuesday, February 12th. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus price target of $20.67.

Shares of VECO traded down $0.13 during trading hours on Wednesday, hitting $12.65. The stock had a trading volume of 191,483 shares, compared to its average volume of 236,516. The company has a current ratio of 3.25, a quick ratio of 2.27 and a debt-to-equity ratio of 0.66. The firm has a market capitalization of $607.63 million, a P/E ratio of -316.25 and a beta of 1.26. Veeco Instruments has a 12-month low of $6.27 and a 12-month high of $19.50.

Veeco Instruments (NASDAQ:VECO) last issued its earnings results on Monday, February 11th. The semiconductor company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($0.01). The firm had revenue of $98.97 million during the quarter, compared to analysts’ expectations of $95.95 million. Veeco Instruments had a negative return on equity of 0.31% and a negative net margin of 75.10%. Sell-side analysts predict that Veeco Instruments will post -0.62 earnings per share for the current year.

Several hedge funds and other institutional investors have recently made changes to their positions in VECO. Russell Investments Group Ltd. raised its holdings in shares of Veeco Instruments by 443.6% during the 3rd quarter. Russell Investments Group Ltd. now owns 21,200 shares of the semiconductor company’s stock worth $217,000 after acquiring an additional 17,300 shares in the last quarter. Westpac Banking Corp raised its holdings in shares of Veeco Instruments by 10.5% during the 3rd quarter. Westpac Banking Corp now owns 297,840 shares of the semiconductor company’s stock worth $3,053,000 after acquiring an additional 28,400 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Veeco Instruments by 0.6% during the 3rd quarter. Dimensional Fund Advisors LP now owns 3,336,188 shares of the semiconductor company’s stock worth $34,196,000 after acquiring an additional 18,822 shares in the last quarter. Baillie Gifford & Co. raised its holdings in shares of Veeco Instruments by 15.9% during the 3rd quarter. Baillie Gifford & Co. now owns 1,497,372 shares of the semiconductor company’s stock worth $15,348,000 after acquiring an additional 205,958 shares in the last quarter. Finally, Royce & Associates LP raised its holdings in shares of Veeco Instruments by 36.6% during the 3rd quarter. Royce & Associates LP now owns 838,082 shares of the semiconductor company’s stock worth $8,590,000 after acquiring an additional 224,600 shares in the last quarter. 92.70% of the stock is currently owned by institutional investors and hedge funds.

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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