Zacks Investment Research cut shares of Veeco Instruments Inc. (NASDAQ:VECO) from a hold rating to a sell rating in a research report released on Tuesday morning.

According to Zacks, “Veeco Instruments Inc. is engaged in the design, development, manufacture and support of thin film process equipment, primarily sold to make electronic devices. Veeco’s process equipment solutions enable the manufacture of LEDs, power electronics, hard drives, MEMS and wireless chips. They are the market leader in MOCVD, MBE, Ion Beam and other advanced thin film process technologies. 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. The Company’s System products include Metal Organic Chemical Vapor Deposition Systems, Precision Surface Processing Systems, Ion Beam Etch and Deposition Systems, Molecular Beam Epitaxy Systems, and Other Deposition and Industrial Products. The Company’s original name Veeco stood for Vacuum Electronic Equipment Company. “

Other analysts have also issued research reports about the stock. Needham & Company LLC cut their price objective on shares of Veeco Instruments from $36.00 to $27.00 and set a buy rating on the stock in a research note on Wednesday, August 30th. Stifel Nicolaus reiterated a buy rating and issued a $36.00 price objective (down previously from $38.00) on shares of Veeco Instruments in a research note on Wednesday, August 9th. Benchmark Co. reiterated a buy rating and issued a $33.00 price objective on shares of Veeco Instruments in a research note on Thursday, October 5th. Deutsche Bank AG lowered shares of Veeco Instruments from a buy rating to a hold rating and cut their price objective for the stock from $35.00 to $30.00 in a research note on Friday, August 4th. Finally, KeyCorp lowered 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, four have issued a hold rating and seven have issued a buy rating to the stock. Veeco Instruments presently has a consensus rating of Hold and an average target price of $29.22.

Veeco Instruments (NASDAQ:VECO) traded up $0.30 during trading hours on Tuesday, hitting $15.80. 743,700 shares of the stock were exchanged, compared to its average volume of 520,473. Veeco Instruments has a 1 year low of $15.35 and a 1 year high of $34.38. The company has a current ratio of 2.61, a quick ratio of 2.11 and a debt-to-equity ratio of 0.32.

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

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Hedge funds have recently added to or reduced their stakes in the stock. Ameritas Investment Partners Inc. grew its position in Veeco Instruments by 32.9% during the second quarter. Ameritas Investment Partners Inc. now owns 4,143 shares of the semiconductor company’s stock valued at $115,000 after buying an additional 1,026 shares during the period. Nisa Investment Advisors LLC lifted its holdings in 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 valued at $160,000 after purchasing an additional 5,537 shares in the last quarter. Bank of Montreal Can lifted its holdings in Veeco Instruments by 4.8% during the second 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 in the last quarter. Stifel Financial Corp purchased a new position in Veeco Instruments during the second quarter valued at $202,000. Finally, Capstone Asset Management Co. lifted its holdings in Veeco Instruments by 7.1% during the second 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 in the last quarter. Institutional investors own 96.47% of the company’s stock.

Veeco Instruments Company Profile

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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Analyst Recommendations for Veeco Instruments (NASDAQ:VECO)

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