Veeco Instruments Inc. (NASDAQ:VECO) was downgraded by equities researchers at KeyCorp to a “hold” rating in a report released on Wednesday.
A number of other equities research analysts have also weighed in on the company. Stifel Nicolaus restated a “buy” rating and set a $38.00 price target (up previously from $36.00) on shares of Veeco Instruments in a research note on Friday, July 21st. Zacks Investment Research lowered Veeco Instruments from a “hold” rating to a “sell” rating in a research note on Saturday, July 22nd. BidaskClub upgraded Veeco Instruments from a “sell” rating to a “hold” rating in a research report on Thursday, July 13th. Deutsche Bank AG lowered Veeco Instruments from a “buy” rating to a “hold” rating and dropped their target price for the company from $35.00 to $30.00 in a research report on Friday, August 4th. Finally, Benchmark Co. reiterated a “buy” rating and issued a $33.00 target price on shares of Veeco Instruments in a research report on Thursday, October 5th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company’s stock. Veeco Instruments currently has a consensus rating of “Hold” and a consensus price target of $30.89.
Shares of Veeco Instruments (NASDAQ:VECO) opened at 17.60 on Wednesday. The stock’s 50 day moving average is $20.74 and its 200-day moving average is $26.46. The company’s market cap is $852.19 million. Veeco Instruments has a one year low of $17.50 and a one year high of $34.38.
Veeco Instruments (NASDAQ:VECO) last posted its earnings results on Thursday, August 3rd. The semiconductor company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.03. Veeco Instruments had a negative return on equity of 1.33% and a negative net margin of 23.65%. The company had revenue of $115.07 million for the quarter, compared to analyst estimates of $110.87 million. During the same quarter in the previous year, the firm earned ($0.19) earnings per share. The firm’s quarterly revenue was up 52.7% compared to the same quarter last year. Equities research analysts forecast that Veeco Instruments will post $0.45 earnings per share for the current year.
Hedge funds have recently made changes to their positions in the company. Ameritas Investment Partners Inc. increased its position in shares of Veeco Instruments by 32.9% during the second quarter. Ameritas Investment Partners Inc. now owns 4,143 shares of the semiconductor company’s stock worth $115,000 after purchasing an additional 1,026 shares in the last quarter. FNY Partners Fund LP purchased a new stake in shares of Veeco Instruments during the first quarter worth approximately $126,000. Nisa Investment Advisors LLC increased its position in shares of Veeco Instruments by 2,768.5% during the second quarter. Nisa Investment Advisors LLC now owns 5,737 shares of the semiconductor company’s stock worth $160,000 after purchasing an additional 5,537 shares in the last quarter. Bank of Montreal Can increased its position in shares of Veeco Instruments by 4.8% during the second quarter. Bank of Montreal Can now owns 5,771 shares of the semiconductor company’s stock worth $161,000 after purchasing an additional 265 shares in the last quarter. Finally, Stifel Financial Corp purchased a new stake in shares of Veeco Instruments during the second quarter worth approximately $202,000. 95.41% of the stock is owned by institutional investors and hedge funds.
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.