Veeco Instruments (VECO) Stock Price Up -1.3%

Veeco Instruments Inc. (NASDAQ:VECO) shares rose 1.3% on Tuesday . The company traded as high as $16.45 and last traded at $14.85. Approximately 526,700 shares were traded during trading, a decline of 10% from the average daily volume of 586,143 shares. The stock had previously closed at $15.05.

VECO has been the subject of several recent analyst reports. Zacks Investment Research raised Veeco Instruments from a “sell” rating to a “hold” rating in a report on Thursday, October 5th. Benchmark reissued a “buy” rating and set a $33.00 price objective on shares of Veeco Instruments in a report on Thursday, October 5th. KeyCorp lowered Veeco Instruments to a “hold” rating in a report on Wednesday, October 25th. Needham & Company LLC reissued a “buy” rating and set a $22.00 price objective on shares of Veeco Instruments in a report on Friday, November 3rd. Finally, BidaskClub lowered Veeco Instruments from a “sell” rating to a “strong sell” rating in a report on Thursday, December 7th. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $29.22.

The company has a quick ratio of 2.11, a current ratio of 2.61 and a debt-to-equity ratio of 0.32. The firm has a market cap of $777.66, a price-to-earnings ratio of -16.10 and a beta of 0.73.

Veeco Instruments (NASDAQ:VECO) last issued its quarterly earnings data on Thursday, November 2nd. The semiconductor company reported $0.09 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.07) by $0.16. Veeco Instruments had a negative return on equity of 0.73% and a negative net margin of 10.16%. The company had revenue of $131.87 million during the quarter, compared to analyst estimates of $134.97 million. During the same quarter in the previous year, the firm earned ($0.05) earnings per share. Veeco Instruments’s revenue was up 54.3% on a year-over-year basis. sell-side analysts predict that Veeco Instruments Inc. will post -0.01 EPS for the current year.

Veeco Instruments announced that its board has authorized a share buyback program on Monday, December 11th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the semiconductor company to buy shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

In other news, SVP John P. Kiernan bought 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 13th. The stock was bought at an average price of $13.65 per share, for a total transaction of $68,250.00. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, President William John Miller bought 15,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 13th. The stock was purchased at an average price of $13.75 per share, with a total value of $206,250.00. The disclosure for this purchase can be found here. Insiders purchased a total of 63,700 shares of company stock valued at $877,472 in the last 90 days. 2.90% of the stock is currently owned by corporate insiders.

Large investors have recently added to or reduced their stakes in the stock. Piedmont Investment Advisors LLC bought a new stake in Veeco Instruments in the 2nd quarter worth approximately $289,000. California Public Employees Retirement System lifted its position in Veeco Instruments by 13.2% in the 2nd quarter. California Public Employees Retirement System now owns 140,840 shares of the semiconductor company’s stock worth $3,922,000 after buying an additional 16,440 shares during the last quarter. Candriam Luxembourg S.C.A. lifted its position in Veeco Instruments by 100.6% in the 3rd quarter. Candriam Luxembourg S.C.A. now owns 230,368 shares of the semiconductor company’s stock worth $4,930,000 after buying an additional 115,505 shares during the last quarter. Symphony Asset Management LLC lifted its position in Veeco Instruments by 66.8% in the 2nd quarter. Symphony Asset Management LLC now owns 46,404 shares of the semiconductor company’s stock worth $1,292,000 after buying an additional 18,582 shares during the last quarter. Finally, New York State Common Retirement Fund lifted its position in Veeco Instruments by 12.1% in the 2nd quarter. New York State Common Retirement Fund now owns 495,797 shares of the semiconductor company’s stock worth $13,808,000 after buying an additional 53,346 shares during the last quarter. Institutional investors own 98.60% 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.

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