ValuEngine Downgrades Veeco Instruments (NASDAQ:VECO) to Sell

ValuEngine downgraded shares of Veeco Instruments (NASDAQ:VECO) from a hold rating to a sell rating in a research report released on Tuesday morning, ValuEngine reports.

VECO has been the subject of several other research reports. Zacks Investment Research lowered G1 Therapeutics from a buy rating to a hold rating in a report on Thursday, May 16th. Northland Securities restated a buy rating and issued a $14.00 price objective on shares of Veeco Instruments in a report on Monday, May 6th. BidaskClub upgraded Zillow Group from a buy rating to a strong-buy rating in a report on Tuesday, July 2nd. Finally, Benchmark restated a buy rating and issued a $305.00 price objective (up previously from $295.00) on shares of NetEase in a report on Thursday, May 16th. Two research analysts have rated the stock with a sell rating, one has given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of Hold and a consensus target price of $14.25.

Shares of Veeco Instruments stock opened at $11.86 on Tuesday. The company has a debt-to-equity ratio of 0.69, a quick ratio of 2.34 and a current ratio of 3.32. The firm has a market capitalization of $558.25 million, a price-to-earnings ratio of -296.50 and a beta of 1.25. The company has a fifty day moving average price of $11.71. Veeco Instruments has a fifty-two week low of $6.27 and a fifty-two week high of $16.30.

Veeco Instruments (NASDAQ:VECO) last announced its quarterly earnings data on Monday, May 6th. The semiconductor company reported ($0.21) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.30) by $0.09. The business had revenue of $99.37 million during the quarter, compared to analyst estimates of $96.75 million. Veeco Instruments had a negative return on equity of 3.17% and a negative net margin of 84.86%. The company’s revenue was down 37.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.20 earnings per share. As a group, equities research analysts expect that Veeco Instruments will post -0.41 EPS for the current year.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. River & Mercantile Asset Management LLP lifted its holdings in shares of Veeco Instruments by 3.5% during the fourth quarter. River & Mercantile Asset Management LLP now owns 2,948,949 shares of the semiconductor company’s stock valued at $21,837,000 after purchasing an additional 100,987 shares during the last quarter. Baillie Gifford & Co. lifted its holdings in shares of Veeco Instruments by 7.7% during the first quarter. Baillie Gifford & Co. now owns 1,634,793 shares of the semiconductor company’s stock valued at $17,720,000 after purchasing an additional 116,207 shares during the last quarter. D. E. Shaw & Co. Inc. lifted its holdings in shares of Veeco Instruments by 20.7% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 1,028,111 shares of the semiconductor company’s stock valued at $7,618,000 after purchasing an additional 176,063 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Veeco Instruments by 2.7% during the fourth quarter. Geode Capital Management LLC now owns 565,660 shares of the semiconductor company’s stock valued at $4,191,000 after purchasing an additional 15,139 shares during the last quarter. Finally, California Public Employees Retirement System lifted its holdings 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 valued at $4,812,000 after purchasing an additional 87,689 shares during the last quarter. 91.28% of the stock is owned by institutional investors and hedge funds.

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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