Veeco Instruments Inc. (VECO) Shares Bought by Royce & Associates LP
Royce & Associates LP raised its position in shares of Veeco Instruments Inc. (NASDAQ:VECO) by 63.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 492,577 shares of the semiconductor company’s stock after buying an additional 191,500 shares during the quarter. Royce & Associates LP owned about 1.02% of Veeco Instruments worth $10,541,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Boston Partners purchased a new position in Veeco Instruments during the 2nd quarter valued at approximately $3,485,000. Piedmont Investment Advisors LLC bought a new stake in shares of Veeco Instruments in the 2nd quarter valued at approximately $289,000. California Public Employees Retirement System lifted its stake in shares of Veeco Instruments by 13.2% in the 2nd quarter. California Public Employees Retirement System now owns 140,840 shares of the semiconductor company’s stock valued at $3,922,000 after purchasing an additional 16,440 shares during the last quarter. Candriam Luxembourg S.C.A. lifted its stake in shares of Veeco Instruments by 100.6% in the 3rd quarter. Candriam Luxembourg S.C.A. now owns 230,368 shares of the semiconductor company’s stock valued at $4,930,000 after purchasing an additional 115,505 shares during the last quarter. Finally, Symphony Asset Management LLC lifted its stake in shares of Veeco Instruments by 66.8% in the 2nd quarter. Symphony Asset Management LLC now owns 46,404 shares of the semiconductor company’s stock valued at $1,292,000 after purchasing an additional 18,582 shares during the last quarter. Institutional investors and hedge funds own 98.85% of the company’s stock.
Shares of Veeco Instruments Inc. (NASDAQ:VECO) opened at $13.15 on Thursday. Veeco Instruments Inc. has a one year low of $10.85 and a one year high of $34.38. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.11 and a current ratio of 2.61.
Veeco Instruments (NASDAQ:VECO) last issued its quarterly earnings results 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. Veeco Instruments had a negative return on equity of 0.73% and a negative net margin of 10.16%. The firm had revenue of $131.87 million during the quarter, compared to analyst estimates of $134.97 million. During the same period last year, the company earned ($0.05) EPS. Veeco Instruments’s quarterly revenue was up 54.3% compared to the same quarter last year. analysts predict that Veeco Instruments Inc. will post -0.01 earnings per share for the current fiscal year.
Veeco Instruments announced that its Board of Directors has initiated a share buyback program on Monday, December 11th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the semiconductor company to repurchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.
Several equities research analysts have recently issued reports on the company. Benchmark reaffirmed a “buy” rating and issued a $23.00 price objective on shares of Veeco Instruments in a research note on Friday, November 3rd. KeyCorp lowered Veeco Instruments to a “hold” rating in a research note on Wednesday, October 25th. Needham & Company LLC lowered their price objective on Veeco Instruments from $36.00 to $27.00 and set a “buy” rating for the company in a research note on Wednesday, August 30th. BidaskClub lowered Veeco Instruments from a “sell” rating to a “strong sell” rating in a research note on Thursday, August 17th. Finally, Zacks Investment Research raised Veeco Instruments from a “sell” rating to a “hold” rating in a research note on Thursday, October 5th. Three research analysts have rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average 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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