Veeco Instruments (VECO) Upgraded to “Sell” by BidaskClub

BidaskClub upgraded shares of Veeco Instruments (NASDAQ:VECO) from a strong sell rating to a sell rating in a research note released on Wednesday morning.

Several other equities analysts have also commented on the company. Zacks Investment Research lowered Veeco Instruments from a buy rating to a hold rating in a research report on Thursday, October 25th. Benchmark reiterated a hold rating on shares of Veeco Instruments in a research report on Wednesday, September 5th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company. The stock currently has an average rating of Hold and a consensus target price of $24.00.

NASDAQ:VECO opened at $8.80 on Wednesday. Veeco Instruments has a twelve month low of $6.61 and a twelve month high of $20.55. The stock has a market capitalization of $429.36 million, a price-to-earnings ratio of 29.33 and a beta of 0.69. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.20 and a current ratio of 3.15.

Veeco Instruments (NASDAQ:VECO) last released its quarterly earnings results on Thursday, November 1st. The semiconductor company reported $0.11 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.03. Veeco Instruments had a positive return on equity of 1.93% and a negative net margin of 45.70%. The firm had revenue of $126.76 million for the quarter, compared to analysts’ expectations of $135.50 million. During the same quarter last year, the firm posted $0.09 EPS. The company’s revenue was down 2.0% compared to the same quarter last year. As a group, research analysts expect that Veeco Instruments will post 0.19 earnings per share for the current fiscal year.

In related news, CFO Shubham Maheshwari purchased 8,900 shares of Veeco Instruments stock in a transaction that occurred on Thursday, August 9th. The shares were acquired at an average cost of $11.60 per share, for a total transaction of $103,240.00. Following the transaction, the chief financial officer now directly owns 88,323 shares in the company, valued at $1,024,546.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO John R. Peeler purchased 10,000 shares of Veeco Instruments stock in a transaction that occurred on Friday, August 10th. The shares were bought at an average price of $11.45 per share, for a total transaction of $114,500.00. Following the completion of the transaction, the chief executive officer now owns 393,162 shares in the company, valued at $4,501,704.90. The disclosure for this purchase can be found here. Insiders have bought a total of 33,900 shares of company stock worth $385,990 over the last quarter. Corporate insiders own 2.60% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of VECO. Northern Trust Corp grew its position in Veeco Instruments by 1.8% during the 1st quarter. Northern Trust Corp now owns 601,906 shares of the semiconductor company’s stock worth $10,231,000 after acquiring an additional 10,597 shares during the last quarter. Principal Financial Group Inc. grew its position in Veeco Instruments by 2.4% during the 1st quarter. Principal Financial Group Inc. now owns 370,226 shares of the semiconductor company’s stock worth $6,294,000 after acquiring an additional 8,777 shares during the last quarter. LPL Financial LLC grew its position in Veeco Instruments by 18.9% during the 1st quarter. LPL Financial LLC now owns 25,065 shares of the semiconductor company’s stock worth $426,000 after acquiring an additional 3,988 shares during the last quarter. Cubist Systematic Strategies LLC bought a new position in Veeco Instruments during the 1st quarter worth approximately $228,000. Finally, Millennium Management LLC grew its position in Veeco Instruments by 131.3% during the 1st quarter. Millennium Management LLC now owns 23,928 shares of the semiconductor company’s stock worth $407,000 after acquiring an additional 13,582 shares during the last quarter. Institutional investors and hedge funds own 94.02% of the company’s stock.

Veeco Instruments Company Profile

Veeco Instruments Inc, together with its subsidiaries, develops, manufactures, sells, and supports semiconductor process equipment worldwide. It offers metal organic chemical vapor deposition systems; packaging lithography equipment; precision surface processing systems; laser annealing systems; ion beam etch and deposition systems; molecular beam epitaxy systems; 3D wafer inspection systems; and atomic layer deposition and other deposition systems.

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