Analysts Set Veeco Instruments Inc. (VECO) PT at $28.20

Shares of Veeco Instruments Inc. (NASDAQ:VECO) have been assigned an average recommendation of “Hold” from the ten ratings firms that are currently covering the company, MarketBeat reports. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $28.20.

A number of equities research analysts recently issued reports on the stock. TheStreet upgraded shares of Veeco Instruments from a “d+” rating to a “c” rating in a report on Monday, March 12th. Zacks Investment Research upgraded shares of Veeco Instruments from a “sell” rating to a “hold” rating in a report on Tuesday, February 20th. Finally, BidaskClub downgraded shares of Veeco Instruments from a “sell” rating to a “strong sell” rating in a report on Thursday, December 7th.

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Shares of VECO stock traded down $0.75 during midday trading on Wednesday, hitting $17.60. 714,782 shares of the stock were exchanged, compared to its average volume of 534,339. The stock has a market capitalization of $883.11, a P/E ratio of -17.78 and a beta of 0.64. Veeco Instruments has a 1-year low of $10.85 and a 1-year high of $34.38. The company has a current ratio of 2.67, a quick ratio of 2.13 and a debt-to-equity ratio of 0.33.

Veeco Instruments (NASDAQ:VECO) last released its earnings results on Monday, February 12th. The semiconductor company reported $0.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.09 by $0.10. Veeco Instruments had a negative net margin of 9.24% and a negative return on equity of 0.12%. The firm had revenue of $143.40 million during the quarter, compared to the consensus estimate of $143.85 million. During the same period in the previous year, the firm earned $0.09 earnings per share. Veeco Instruments’s revenue was up 53.2% compared to the same quarter last year. analysts expect that Veeco Instruments will post 0.3 EPS for the current fiscal year.

Veeco Instruments announced that its board has initiated a share repurchase plan on Monday, December 11th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the semiconductor company to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

A number of institutional investors have recently added to or reduced their stakes in VECO. Aperio Group LLC lifted its position in Veeco Instruments by 64.2% during the fourth quarter. Aperio Group LLC now owns 16,712 shares of the semiconductor company’s stock valued at $248,000 after buying an additional 6,533 shares in the last quarter. Cubist Systematic Strategies LLC lifted its position in Veeco Instruments by 71.8% during the third quarter. Cubist Systematic Strategies LLC now owns 16,414 shares of the semiconductor company’s stock valued at $351,000 after buying an additional 6,858 shares in the last quarter. Municipal Employees Retirement System of Michigan lifted its position in Veeco Instruments by 60.8% during the third quarter. Municipal Employees Retirement System of Michigan now owns 18,228 shares of the semiconductor company’s stock valued at $390,000 after buying an additional 6,890 shares in the last quarter. Geode Capital Management LLC lifted its position in Veeco Instruments by 2.3% during the fourth quarter. Geode Capital Management LLC now owns 439,767 shares of the semiconductor company’s stock valued at $6,530,000 after buying an additional 9,812 shares in the last quarter. Finally, Millennium Management LLC acquired a new position in Veeco Instruments during the fourth quarter valued at approximately $154,000. Hedge funds and other institutional investors own 99.79% of the company’s stock.

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About Veeco Instruments

Veeco Instruments Inc is engaged in the design, development, manufacture and support of thin film process equipment, primarily sold to make electronic devices. The Company’s geographical segments include the United States; China; Europe, Middle East and Africa (EMEA), and Rest of World (ROW). 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.

Analyst Recommendations for Veeco Instruments (NASDAQ:VECO)

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