Veeco Instruments Inc. (NASDAQ:VECO)‘s stock had its “hold” rating restated by equities researchers at Needham & Company LLC in a report released on Friday.
A number of other equities research analysts have also issued reports on the stock. Deutsche Bank AG raised shares of Veeco Instruments from a “hold” rating to a “buy” rating and upped their price objective for the company from $16.00 to $22.00 in a report on Tuesday, August 2nd. Benchmark Co. dropped their price objective on shares of Veeco Instruments from $23.00 to $21.00 and set a “buy” rating for the company in a report on Tuesday, August 2nd. Finally, Zacks Investment Research lowered shares of Veeco Instruments from a “buy” rating to a “hold” rating in a report on Saturday, July 30th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $24.00.
Veeco Instruments (NASDAQ:VECO) opened at 22.02 on Friday. Veeco Instruments has a 52-week low of $15.26 and a 52-week high of $22.41. The stock’s market cap is $894.85 million. The firm’s 50-day moving average is $19.91 and its 200-day moving average is $18.44.
Veeco Instruments (NASDAQ:VECO) last announced its quarterly earnings data on Monday, August 1st. The company reported ($0.19) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.20) by $0.01. Veeco Instruments had a negative net margin of 13.00% and a negative return on equity of 2.37%. The firm earned $75.30 million during the quarter, compared to analyst estimates of $76.30 million. During the same quarter in the prior year, the firm posted $0.20 earnings per share. Veeco Instruments’s quarterly revenue was down 42.7% on a year-over-year basis. Equities research analysts predict that Veeco Instruments will post ($0.50) earnings per share for the current year.
Several hedge funds have recently modified their holdings of the company. Mason Street Advisors LLC acquired a new stake in shares of Veeco Instruments during the second quarter valued at about $129,000. BlackRock Inc. boosted its stake in shares of Veeco Instruments by 254.3% in the second quarter. BlackRock Inc. now owns 10,502 shares of the company’s stock valued at $174,000 after buying an additional 7,538 shares during the period. Quantitative Systematic Strategies LLC purchased a new stake in shares of Veeco Instruments during the second quarter valued at $186,000. BNP Paribas Arbitrage SA boosted its stake in shares of Veeco Instruments by 106.8% in the second quarter. BNP Paribas Arbitrage SA now owns 12,435 shares of the company’s stock valued at $206,000 after buying an additional 6,421 shares during the period. Finally, Springbok Capital Management LLC boosted its stake in shares of Veeco Instruments by 64.0% in the first quarter. Springbok Capital Management LLC now owns 10,985 shares of the company’s stock valued at $214,000 after buying an additional 4,285 shares during the period. 94.95% of the stock is currently owned by institutional investors and hedge funds.
About Veeco Instruments
Veeco Instruments Inc designs, manufactures, markets and supports thin film equipment. The Company’s equipment is used to make electronic devices, including light emitting diodes (LED), micro-electromechanical systems (MEMS), wireless devices, power electronics, hard disk drives (HDDs) and semiconductors.
Receive News & Ratings for Veeco Instruments Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Veeco Instruments Inc. and related companies with MarketBeat.com's FREE daily email newsletter.