Veeco Instruments (VECO) Stock Rating Upgraded by Zacks Investment Research

Veeco Instruments (NASDAQ:VECO) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Thursday, Zacks.com reports. The firm presently has a $16.00 price target on the semiconductor company’s stock. Zacks Investment Research‘s price target points to a potential upside of 23.93% from the company’s current price.

According to Zacks, “Veeco Instruments Inc. is engaged in the design, development, manufacture and support of thin film process equipment, primarily sold to make electronic devices. Veeco’s process equipment solutions enable the manufacture of LEDs, power electronics, hard drives, MEMS and wireless chips. They are the market leader in MOCVD, MBE, Ion Beam and other advanced thin film process technologies. 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. The Company’s System products include Metal Organic Chemical Vapor Deposition Systems, Precision Surface Processing Systems, Ion Beam Etch and Deposition Systems, Molecular Beam Epitaxy Systems, and Other Deposition and Industrial Products. The Company’s original name Veeco stood for Vacuum Electronic Equipment Company. “

VECO has been the topic of several other research reports. BidaskClub raised Veeco Instruments from a “buy” rating to a “strong-buy” rating in a research report on Thursday, May 9th. Stifel Nicolaus lowered Veeco Instruments from a “buy” rating to a “hold” rating and set a $12.00 price target on the stock. in a research report on Wednesday, March 6th. ValuEngine raised Veeco Instruments from a “sell” rating to a “hold” rating in a research report on Thursday, April 4th. Finally, Benchmark raised Veeco Instruments from a “hold” rating to a “buy” rating and set a $14.75 price target on the stock in a research report on Tuesday, May 7th. Two investment analysts have rated the stock with a hold rating, two have assigned a buy rating and two have given a strong buy rating to the stock. Veeco Instruments currently has an average rating of “Buy” and an average target price of $14.25.

NASDAQ VECO traded down $0.07 during trading on Thursday, hitting $12.91. The stock had a trading volume of 4,867 shares, compared to its average volume of 333,068. The stock has a market capitalization of $614.28 million, a price-to-earnings ratio of -322.75 and a beta of 1.31. The company has a debt-to-equity ratio of 0.69, a quick ratio of 2.34 and a current ratio of 3.32. Veeco Instruments has a 12 month low of $6.27 and a 12 month high of $18.70.

Veeco Instruments (NASDAQ:VECO) last posted its quarterly earnings results on Monday, May 6th. The semiconductor company reported ($0.21) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.30) by $0.09. The firm had revenue of $99.37 million for the quarter, compared to analyst estimates of $96.75 million. Veeco Instruments had a negative return on equity of 3.17% and a negative net margin of 84.86%. The business’s quarterly revenue was down 37.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.20 EPS. On average, equities research analysts forecast that Veeco Instruments will post -0.41 EPS for the current year.

Large investors have recently bought and sold shares of the business. Comerica Bank increased its holdings in shares of Veeco Instruments by 2.4% during the 1st quarter. Comerica Bank now owns 47,535 shares of the semiconductor company’s stock worth $573,000 after acquiring an additional 1,129 shares during the last quarter. Bank of Montreal Can increased its holdings in shares of Veeco Instruments by 17.4% during the 1st quarter. Bank of Montreal Can now owns 8,998 shares of the semiconductor company’s stock worth $98,000 after acquiring an additional 1,333 shares during the last quarter. Texas Permanent School Fund increased its holdings in shares of Veeco Instruments by 4.3% during the 1st quarter. Texas Permanent School Fund now owns 32,618 shares of the semiconductor company’s stock worth $354,000 after acquiring an additional 1,343 shares during the last quarter. First Trust Advisors LP increased its holdings in shares of Veeco Instruments by 4.3% during the 1st quarter. First Trust Advisors LP now owns 46,775 shares of the semiconductor company’s stock worth $507,000 after acquiring an additional 1,945 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its holdings in shares of Veeco Instruments by 6.4% during the 1st quarter. The Manufacturers Life Insurance Company now owns 32,199 shares of the semiconductor company’s stock worth $349,000 after acquiring an additional 1,945 shares during the last quarter. 92.19% of the stock is currently owned by hedge funds and other institutional investors.

About Veeco Instruments

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

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