First Mercantile Trust Co. reduced its stake in Veeco Instruments Inc. (NASDAQ:VECO) by 5.3% during the second quarter, Holdings Channel reports. The firm owned 20,055 shares of the company’s stock after selling 1,114 shares during the period. First Mercantile Trust Co.’s holdings in Veeco Instruments were worth $332,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently bought and sold shares of VECO. Quantitative Systematic Strategies LLC bought a new position in Veeco Instruments during the second quarter valued at approximately $186,000. BNP Paribas Arbitrage SA increased its position in 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. Springbok Capital Management LLC increased its position in 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. Springbank Value Partners LP increased its position in Veeco Instruments by 71.4% in the first quarter. Springbank Value Partners LP now owns 12,000 shares of the company’s stock valued at $234,000 after buying an additional 5,000 shares during the period. Finally, Arizona State Retirement System increased its position in Veeco Instruments by 2.0% in the first quarter. Arizona State Retirement System now owns 20,512 shares of the company’s stock valued at $400,000 after buying an additional 400 shares during the period. 94.95% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Veeco Instruments Inc. (NASDAQ:VECO) opened at 19.37 on Friday. The company’s market cap is $787.16 million. The firm has a 50-day moving average price of $19.88 and a 200-day moving average price of $18.35. Veeco Instruments Inc. has a 1-year low of $15.26 and a 1-year high of $22.06.
Veeco Instruments (NASDAQ:VECO) last released its earnings results 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. The firm earned $75.30 million during the quarter, compared to analyst estimates of $76.30 million. Veeco Instruments had a negative return on equity of 2.37% and a negative net margin of 13.00%. Veeco Instruments’s revenue was down 42.7% compared to the same quarter last year. During the same period last year, the business posted $0.20 earnings per share. On average, equities analysts expect that Veeco Instruments Inc. will post ($0.52) EPS for the current year.
Several research firms have recently commented on VECO. Zacks Investment Research downgraded Veeco Instruments from a “buy” rating to a “hold” rating in a research note on Saturday, July 30th. Benchmark Co. lifted their target price on Veeco Instruments from $21.00 to $23.00 and gave the company a “buy” rating in a research note on Monday, September 12th. Pacific Crest reissued an “overweight” rating and set a $23.00 target price on shares of Veeco Instruments in a research note on Wednesday, June 8th. Needham & Company LLC reissued a “hold” rating on shares of Veeco Instruments in a research note on Wednesday, August 24th. Finally, Deutsche Bank AG raised Veeco Instruments from a “hold” rating to a “buy” rating and lifted their target price for the company from $16.00 to $22.00 in a research note on Tuesday, August 2nd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the stock. Veeco Instruments has a consensus rating of “Hold” and an average price target of $23.40.
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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