Veeco Instruments (NASDAQ:VECO) Downgraded by Zacks Investment Research

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Zacks Investment Research lowered shares of Veeco Instruments (NASDAQ:VECO) from a buy rating to a hold rating in a research note issued to investors on Friday morning, Zacks.com reports.

According to Zacks, “Veeco Instruments Inc. is engaged in the design, development, manufacture and support of thin film process equipment, primarily sold to make electronic devices. Veeco’s process equipment solutions enable the manufacture of LEDs, power electronics, hard drives, MEMS and wireless chips. They are the market leader in MOCVD, MBE, Ion Beam and other advanced thin film process technologies. 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. The Company’s System products include Metal Organic Chemical Vapor Deposition Systems, Precision Surface Processing Systems, Ion Beam Etch and Deposition Systems, Molecular Beam Epitaxy Systems, and Other Deposition and Industrial Products. The Company’s original name Veeco stood for Vacuum Electronic Equipment Company. “

A number of other research analysts also recently commented on VECO. BidaskClub downgraded Veeco Instruments from a hold rating to a sell rating in a report on Thursday, July 11th. Northland Securities reissued a buy rating and issued a $14.00 price target on shares of Veeco Instruments in a report on Monday, May 6th. Benchmark reissued a buy rating and issued a $15.00 price target on shares of Veeco Instruments in a report on Thursday, May 16th. Finally, ValuEngine raised Veeco Instruments from a sell rating to a hold rating in a report on Thursday, August 1st. One analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company. The stock currently has an average rating of Hold and an average price target of $14.25.

VECO stock opened at $10.96 on Friday. 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 1 year low of $6.27 and a 1 year high of $15.00. The firm has a market capitalization of $528.07 million, a price-to-earnings ratio of -274.00 and a beta of 1.24. The company has a 50-day moving average of $11.81.

Veeco Instruments (NASDAQ:VECO) last posted its earnings results on Monday, August 5th. The semiconductor company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.08. The business had revenue of $97.80 million during the quarter, compared to analyst estimates of $101.43 million. Veeco Instruments had a negative return on equity of 3.17% and a negative net margin of 84.86%. The company’s revenue for the quarter was down 38.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.15 earnings per share. As a group, research analysts expect that Veeco Instruments will post -0.41 EPS for the current fiscal year.

A number of large investors have recently added to or reduced their stakes in the business. Comerica Bank lifted its holdings in Veeco Instruments by 2.4% during the 1st quarter. Comerica Bank now owns 47,535 shares of the semiconductor company’s stock worth $573,000 after buying an additional 1,129 shares during the last quarter. Aperio Group LLC lifted its holdings in shares of Veeco Instruments by 7.5% in the 2nd quarter. Aperio Group LLC now owns 18,886 shares of the semiconductor company’s stock worth $231,000 after purchasing an additional 1,310 shares during the last quarter. Bank of Montreal Can lifted its holdings in shares of Veeco Instruments by 17.4% in the 1st 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. Texas Permanent School Fund lifted its holdings in shares of Veeco Instruments by 4.3% in the 1st quarter. Texas Permanent School Fund now owns 32,618 shares of the semiconductor company’s stock worth $354,000 after purchasing an additional 1,343 shares during the last quarter. Finally, Arizona State Retirement System lifted its holdings in shares of Veeco Instruments by 1.9% in the 2nd quarter. Arizona State Retirement System now owns 75,505 shares of the semiconductor company’s stock worth $923,000 after purchasing an additional 1,398 shares during the last quarter. 91.24% of the stock is currently owned by institutional investors.

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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