Analysts Set Veeco Instruments Inc. (VECO) Price Target at $29.00
Veeco Instruments Inc. (NASDAQ:VECO) has been assigned an average recommendation of “Hold” from the twelve ratings firms that are presently covering the stock, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating on the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $29.00.
Several research firms have recently issued reports on VECO. BidaskClub cut Veeco Instruments from a “sell” rating to a “strong sell” rating in a research report on Thursday, December 7th. KeyCorp lowered their price objective on Veeco Instruments from $34.00 to $31.00 and set an “overweight” rating for the company in a research report on Friday, August 18th. Needham & Company LLC reaffirmed a “buy” rating and set a $22.00 price objective on shares of Veeco Instruments in a research report on Friday, November 3rd. ValuEngine cut Veeco Instruments from a “hold” rating to a “sell” rating in a research report on Friday, September 1st. Finally, Zacks Investment Research cut Veeco Instruments from a “hold” rating to a “sell” rating in a research report on Tuesday, November 7th.
Institutional investors have recently bought and sold shares of the company. Ameritas Investment Partners Inc. lifted its holdings in shares of Veeco Instruments by 32.9% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 4,143 shares of the semiconductor company’s stock valued at $115,000 after purchasing an additional 1,026 shares during the last quarter. Nisa Investment Advisors LLC lifted its holdings in shares of Veeco Instruments by 2,768.5% in the 2nd quarter. Nisa Investment Advisors LLC now owns 5,737 shares of the semiconductor company’s stock valued at $160,000 after purchasing an additional 5,537 shares during the last quarter. Bank of Montreal Can lifted its holdings in shares of Veeco Instruments by 4.8% in the 2nd quarter. Bank of Montreal Can now owns 5,771 shares of the semiconductor company’s stock valued at $161,000 after purchasing an additional 265 shares during the last quarter. Stifel Financial Corp purchased a new stake in shares of Veeco Instruments in the 2nd quarter valued at about $202,000. Finally, Capstone Asset Management Co. lifted its holdings in shares of Veeco Instruments by 7.1% in the 2nd quarter. Capstone Asset Management Co. now owns 8,367 shares of the semiconductor company’s stock valued at $233,000 after purchasing an additional 557 shares during the last quarter. 98.85% of the stock is owned by institutional investors and hedge funds.
Veeco Instruments (NASDAQ:VECO) last released its quarterly earnings data on Thursday, November 2nd. The semiconductor company reported $0.09 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.07) by $0.16. The business had revenue of $131.87 million during the quarter, compared to analysts’ expectations of $134.97 million. Veeco Instruments had a negative return on equity of 0.73% and a negative net margin of 10.16%. The business’s quarterly revenue was up 54.3% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.05) EPS. research analysts forecast that Veeco Instruments will post -0.01 EPS for the current fiscal year.
Veeco Instruments announced that its board has authorized a stock buyback plan on Monday, December 11th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the semiconductor company to repurchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its shares are undervalued.
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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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