Veeco Instruments (NASDAQ:VECO) Lifted to “Hold” at ValuEngine

ValuEngine upgraded shares of Veeco Instruments (NASDAQ:VECO) from a sell rating to a hold rating in a research note issued to investors on Thursday, ValuEngine reports.

A number of other brokerages have also recently weighed in on VECO. Benchmark reiterated a buy rating and issued a $15.00 price target on shares of Veeco Instruments in a research report on Thursday, May 16th. Zacks Investment Research upgraded Veeco Instruments from a hold rating to a strong-buy rating and set a $16.00 target price on the stock in a report on Thursday, May 16th. Northland Securities restated a buy rating and set a $14.00 target price on shares of Veeco Instruments in a report on Monday, May 6th. Finally, BidaskClub cut Veeco Instruments from a hold rating to a sell rating in a report on Thursday, July 11th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the stock. The company has a consensus rating of Hold and an average target price of $14.25.

Shares of NASDAQ VECO traded down $0.17 during trading hours on Thursday, reaching $11.77. The stock had a trading volume of 215,690 shares, compared to its average volume of 438,210. The stock has a fifty day moving average price of $11.78. The company has a current ratio of 3.32, a quick ratio of 2.34 and a debt-to-equity ratio of 0.69. Veeco Instruments has a twelve month low of $6.27 and a twelve month high of $15.00.

Veeco Instruments (NASDAQ:VECO) last announced its quarterly earnings results on Monday, May 6th. The semiconductor company reported ($0.21) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.09. Veeco Instruments had a negative return on equity of 3.17% and a negative net margin of 84.86%. The firm had revenue of $99.37 million for the quarter, compared to analysts’ expectations of $96.75 million. During the same period in the prior year, the business posted $0.20 earnings per share. The business’s revenue was down 37.3% compared to the same quarter last year. On average, research analysts anticipate that Veeco Instruments will post -0.41 earnings per share for the current fiscal year.

Hedge funds have recently made changes to their positions in the company. Bank of Montreal Can grew its holdings in shares of Veeco Instruments by 17.4% during the first quarter. Bank of Montreal Can now owns 8,998 shares of the semiconductor company’s stock worth $98,000 after purchasing an additional 1,333 shares during the last quarter. Municipal Employees Retirement System of Michigan bought a new position in Veeco Instruments in the fourth quarter valued at about $102,000. Metropolitan Life Insurance Co. NY boosted its holdings in Veeco Instruments by 387.8% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 15,672 shares of the semiconductor company’s stock valued at $116,000 after acquiring an additional 12,459 shares during the last quarter. Aperio Group LLC boosted 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 valued at $231,000 after acquiring an additional 1,310 shares during the last quarter. Finally, Squarepoint Ops LLC bought a new position in Veeco Instruments in the fourth quarter valued at about $230,000. Institutional investors 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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