Veeco Instruments (NASDAQ:VECO) declared that its board has authorized a share buyback program, which authorizes the company to repurchase $100.00 million in outstanding shares on Monday, December 11th, EventVestor reports. This repurchase authorization authorizes the semiconductor company to purchase shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Shares of Veeco Instruments (NASDAQ VECO) opened at $15.90 on Monday. Veeco Instruments has a fifty-two week low of $10.85 and a fifty-two week high of $34.38. The company has a quick ratio of 2.11, a current ratio of 2.61 and a debt-to-equity ratio of 0.32.

Veeco Instruments (NASDAQ:VECO) last issued its quarterly earnings data on Thursday, November 2nd. The semiconductor company reported $0.09 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.07) by $0.16. The firm had revenue of $131.87 million during the quarter, compared to analysts’ expectations of $134.97 million. Veeco Instruments had a negative net margin of 10.16% and a negative return on equity of 0.73%. Veeco Instruments’s revenue for the quarter was up 54.3% on a year-over-year basis. During the same period in the prior year, the company posted ($0.05) earnings per share. analysts forecast that Veeco Instruments will post -0.01 EPS for the current fiscal year.

A number of research firms have recently weighed in on VECO. BidaskClub downgraded shares of Veeco Instruments from a “sell” rating to a “strong sell” rating in a research note on Thursday, December 7th. Zacks Investment Research downgraded shares of Veeco Instruments from a “hold” rating to a “sell” rating in a research note on Tuesday, November 7th. Needham & Company LLC reaffirmed a “buy” rating and issued a $22.00 price target on shares of Veeco Instruments in a research note on Friday, November 3rd. Benchmark reaffirmed a “buy” rating and issued a $23.00 price target on shares of Veeco Instruments in a research note on Friday, November 3rd. Finally, KeyCorp downgraded shares of Veeco Instruments to a “hold” rating in a research note on Wednesday, October 25th. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the stock. Veeco Instruments presently has a consensus rating of “Hold” and a consensus price target of $29.22.

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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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