Shares of Veeco Instruments Inc. (NASDAQ:VECO) have been given an average recommendation of “Hold” by the twelve ratings firms that are presently covering the firm. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $24.50.
Several brokerages have recently weighed in on VECO. Needham & Company LLC reissued a “hold” rating on shares of Veeco Instruments in a research report on Wednesday, August 24th. Benchmark Co. upped their target price on shares of Veeco Instruments from $21.00 to $23.00 and gave the company a “buy” rating in a research report on Monday, September 12th. Pacific Crest reaffirmed an “overweight” rating and issued a $23.00 target price on shares of Veeco Instruments in a research report on Wednesday, June 8th. Deutsche Bank AG raised shares of Veeco Instruments from a “hold” rating to a “buy” rating and upped their target price for the company from $16.00 to $22.00 in a research report on Tuesday, August 2nd. Finally, Zacks Investment Research cut shares of Veeco Instruments from a “buy” rating to a “hold” rating in a research report on Saturday, July 30th.
Hedge funds have recently added to or reduced their stakes in the company. Jacobs Levy Equity Management Inc. purchased a new stake in Veeco Instruments during the first quarter worth $1,289,000. Renaissance Technologies LLC raised its stake in Veeco Instruments by 18.6% in the first quarter. Renaissance Technologies LLC now owns 1,290,500 shares of the company’s stock worth $25,139,000 after buying an additional 202,140 shares during the last quarter. Geode Capital Management LLC raised its stake in Veeco Instruments by 8.4% in the first quarter. Geode Capital Management LLC now owns 279,865 shares of the company’s stock worth $5,451,000 after buying an additional 21,694 shares during the last quarter. Springbank Value Partners LP raised its stake in Veeco Instruments by 71.4% in the first quarter. Springbank Value Partners LP now owns 12,000 shares of the company’s stock worth $234,000 after buying an additional 5,000 shares during the last quarter. Finally, Value Holdings LP raised its stake in Veeco Instruments by 38.7% in the first quarter. Value Holdings LP now owns 25,100 shares of the company’s stock worth $489,000 after buying an additional 7,000 shares during the last quarter. Hedge funds and other institutional investors own 94.95% of the company’s stock.
Veeco Instruments (NASDAQ:VECO) opened at 19.42 on Tuesday. The stock’s market cap is $789.19 million. The firm’s 50-day moving average is $19.95 and its 200-day moving average is $18.33. Veeco Instruments has a 52-week low of $15.26 and a 52-week high of $22.06.
Veeco Instruments (NASDAQ:VECO) last announced its quarterly earnings results on Monday, August 1st. The company reported ($0.19) earnings per share for the quarter, beating the consensus estimate of ($0.20) by $0.01. The firm had revenue of $75.30 million for the quarter, compared to analysts’ expectations of $76.30 million. Veeco Instruments had a negative net margin of 13.00% and a negative return on equity of 2.37%. The company’s revenue was down 42.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.20 EPS. Equities research analysts predict that Veeco Instruments will post ($0.54) earnings per share for the current year.
Veeco Instruments Company Profile
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.
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