Zacks: Analysts Anticipate Veeco Instruments Inc. (NASDAQ:VECO) Will Post Earnings of $0.35 Per Share

Equities research analysts expect Veeco Instruments Inc. (NASDAQ:VECO) to announce $0.35 earnings per share for the current fiscal quarter, according to Zacks Investment Research. Three analysts have made estimates for Veeco Instruments’ earnings, with estimates ranging from $0.33 to $0.38. Veeco Instruments posted earnings per share of $0.22 in the same quarter last year, which suggests a positive year-over-year growth rate of 59.1%. The company is expected to report its next quarterly earnings results on Tuesday, October 26th.

According to Zacks, analysts expect that Veeco Instruments will report full year earnings of $1.29 per share for the current financial year, with EPS estimates ranging from $1.27 to $1.30. For the next financial year, analysts forecast that the business will report earnings of $1.58 per share, with EPS estimates ranging from $1.48 to $1.67. Zacks Investment Research’s EPS averages are an average based on a survey of sell-side research firms that follow Veeco Instruments.

Veeco Instruments (NASDAQ:VECO) last announced its quarterly earnings data on Tuesday, August 3rd. The semiconductor company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.19 by $0.16. Veeco Instruments had a net margin of 1.75% and a return on equity of 10.42%. The business had revenue of $146.34 million for the quarter, compared to analyst estimates of $136.87 million.

A number of equities research analysts have recently issued reports on VECO shares. The Goldman Sachs Group cut shares of Veeco Instruments from a “buy” rating to a “neutral” rating and cut their price objective for the company from $29.00 to $26.00 in a research note on Monday, September 13th. Zacks Investment Research lowered shares of Veeco Instruments from a “buy” rating to a “hold” rating in a report on Thursday, September 9th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Veeco Instruments has a consensus rating of “Buy” and an average target price of $26.00.

Veeco Instruments stock traded down $0.78 during midday trading on Wednesday, reaching $21.35. 3,021 shares of the stock were exchanged, compared to its average volume of 360,428. The company’s fifty day moving average is $22.24 and its 200-day moving average is $22.42. The company has a debt-to-equity ratio of 0.77, a quick ratio of 2.65 and a current ratio of 3.56. The firm has a market cap of $1.07 billion, a PE ratio of 122.94 and a beta of 1.43. Veeco Instruments has a 52 week low of $11.23 and a 52 week high of $25.70.

Several institutional investors and hedge funds have recently modified their holdings of VECO. Point72 Hong Kong Ltd purchased a new stake in shares of Veeco Instruments during the first quarter valued at $33,000. Shell Asset Management Co. bought a new position in Veeco Instruments in the first quarter worth about $85,000. Royal Bank of Canada increased its holdings in shares of Veeco Instruments by 82.2% during the second quarter. Royal Bank of Canada now owns 3,726 shares of the semiconductor company’s stock valued at $90,000 after acquiring an additional 1,681 shares in the last quarter. Mutual of America Capital Management LLC increased its holdings in shares of Veeco Instruments by 7.7% during the first quarter. Mutual of America Capital Management LLC now owns 6,640 shares of the semiconductor company’s stock valued at $138,000 after acquiring an additional 475 shares in the last quarter. Finally, Amundi acquired a new position in shares of Veeco Instruments during the second quarter valued at about $177,000. 98.90% of the stock is owned by hedge funds and other institutional investors.

About Veeco Instruments

Veeco Instruments, Inc engages in the development, manufacture, sale and support of semiconductor process equipment. Its technologies consists of metal organic chemical vapor deposition, advanced packaging lithography, wet etch and clean, laser annealing, ion beam, molecular beam epitaxy, wafer inspection, and atomic layer deposition systems.

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