Zacks: Brokerages Expect Veeco Instruments Inc. (NASDAQ:VECO) Will Post Quarterly Sales of $101.20 Million

Equities analysts forecast that Veeco Instruments Inc. (NASDAQ:VECO) will report $101.20 million in sales for the current quarter, Zacks Investment Research reports. Two analysts have provided estimates for Veeco Instruments’ earnings, with the highest sales estimate coming in at $102.00 million and the lowest estimate coming in at $100.40 million. Veeco Instruments posted sales of $157.78 million during the same quarter last year, which suggests a negative year-over-year growth rate of 35.9%. The company is scheduled to issue its next earnings results on Thursday, August 1st.

According to Zacks, analysts expect that Veeco Instruments will report full-year sales of $419.70 million for the current year, with estimates ranging from $418.00 million to $421.40 million. For the next fiscal year, analysts anticipate that the company will report sales of $490.00 million, with estimates ranging from $485.00 million to $495.00 million. Zacks Investment Research’s sales averages are a mean average based on a survey of research firms that that provide coverage for Veeco Instruments.

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

Several research firms have weighed in on VECO. Northland Securities restated a “buy” rating and set a $14.00 price objective on shares of Veeco Instruments in a report on Monday, May 6th. Benchmark restated a “buy” rating and set a $305.00 price objective (up previously from $295.00) on shares of NetEase in a report on Thursday, May 16th. ValuEngine upgraded shares of XCel Brands from a “sell” rating to a “hold” rating in a report on Tuesday, July 9th. BidaskClub downgraded shares of Zynerba Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Thursday, July 11th. Finally, Zacks Investment Research downgraded shares of G1 Therapeutics from a “buy” rating to a “hold” rating in a report on Thursday, May 16th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $14.25.

NASDAQ VECO traded up $0.24 on Friday, hitting $11.89. 5,446 shares of the company were exchanged, compared to its average volume of 336,363. The stock has a market capitalization of $567.01 million, a P/E ratio of -297.50 and a beta of 1.25. Veeco Instruments has a 12 month low of $6.27 and a 12 month high of $16.30. The stock’s fifty day moving average is $11.72. The company has a debt-to-equity ratio of 0.69, a quick ratio of 2.34 and a current ratio of 3.32.

A number of hedge funds and other institutional investors have recently bought and sold shares of VECO. D. E. Shaw & Co. Inc. boosted its position in Veeco Instruments by 20.7% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 1,028,111 shares of the semiconductor company’s stock worth $7,618,000 after purchasing an additional 176,063 shares during the period. Baillie Gifford & Co. boosted its position in Veeco Instruments by 7.7% during the first quarter. Baillie Gifford & Co. now owns 1,634,793 shares of the semiconductor company’s stock worth $17,720,000 after purchasing an additional 116,207 shares during the period. River & Mercantile Asset Management LLP boosted its position in Veeco Instruments by 3.5% during the fourth quarter. River & Mercantile Asset Management LLP now owns 2,948,949 shares of the semiconductor company’s stock worth $21,837,000 after purchasing an additional 100,987 shares during the period. California Public Employees Retirement System boosted its position in Veeco Instruments by 24.6% during the first quarter. California Public Employees Retirement System now owns 443,909 shares of the semiconductor company’s stock worth $4,812,000 after purchasing an additional 87,689 shares during the period. Finally, Two Sigma Investments LP boosted its position in Veeco Instruments by 197.3% during the fourth quarter. Two Sigma Investments LP now owns 124,389 shares of the semiconductor company’s stock worth $922,000 after purchasing an additional 82,553 shares during the period. Institutional investors and hedge funds own 91.28% of the company’s stock.

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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