Veeco Instruments (NASDAQ:VECO) Upgraded to “Hold” by BidaskClub

BidaskClub upgraded shares of Veeco Instruments (NASDAQ:VECO) from a sell rating to a hold rating in a research note released on Monday, BidAskClub reports.

Several other research firms have also recently commented on VECO. Zacks Investment Research cut Veeco Instruments from a hold rating to a sell rating in a research report on Friday, September 13th. ValuEngine cut Veeco Instruments from a hold rating to a sell rating in a research report on Wednesday, September 11th. Finally, Northland Securities set a $19.00 target price on Veeco Instruments and gave the stock a buy rating in a research report on Friday, September 6th. Two analysts have rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average target price of $15.50.

Shares of NASDAQ VECO opened at $11.63 on Monday. The stock has a market cap of $569.53 million, a PE ratio of -290.75 and a beta of 1.31. Veeco Instruments has a fifty-two week low of $6.27 and a fifty-two week high of $15.00. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.36 and a current ratio of 3.29. The stock has a fifty day moving average of $10.64 and a 200-day moving average of $11.59.

Veeco Instruments (NASDAQ:VECO) last posted its earnings results on Monday, August 5th. The semiconductor company reported ($0.16) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.14) by ($0.02). Veeco Instruments had a negative return on equity of 5.61% and a negative net margin of 44.39%. The business had revenue of $97.80 million for the quarter, compared to analysts’ expectations of $101.43 million. During the same quarter in the previous year, the firm earned $0.15 earnings per share. Veeco Instruments’s quarterly revenue was down 38.0% compared to the same quarter last year. On average, sell-side analysts predict that Veeco Instruments will post -0.44 EPS for the current year.

A number of institutional investors have recently bought and sold shares of VECO. Invesco Ltd. grew its position in Veeco Instruments by 720.1% during the second quarter. Invesco Ltd. now owns 4,759,206 shares of the semiconductor company’s stock worth $58,157,000 after buying an additional 4,178,877 shares in the last quarter. Nuveen Asset Management LLC purchased a new position in Veeco Instruments during the second quarter worth about $2,243,000. Renaissance Technologies LLC lifted its stake in Veeco Instruments by 25.5% during the second quarter. Renaissance Technologies LLC now owns 887,213 shares of the semiconductor company’s stock worth $10,842,000 after purchasing an additional 180,100 shares during the last quarter. Morgan Stanley lifted its stake in Veeco Instruments by 68.1% during the second quarter. Morgan Stanley now owns 328,825 shares of the semiconductor company’s stock worth $4,018,000 after purchasing an additional 133,241 shares during the last quarter. Finally, Panagora Asset Management Inc. lifted its stake in Veeco Instruments by 12,976.3% during the second quarter. Panagora Asset Management Inc. now owns 94,934 shares of the semiconductor company’s stock worth $1,160,000 after purchasing an additional 94,208 shares during the last quarter. Institutional investors and hedge funds own 83.34% of the company’s stock.

Veeco Instruments Company Profile

Veeco Instruments Inc, together with its subsidiaries, develops, manufactures, sells, and supports semiconductor and thin film process equipment primarily to make electronic devices worldwide. It offers metal organic chemical vapor deposition systems; packaging lithography equipment; precision surface processing systems; laser annealing systems; ion beam deposition and etch systems; molecular beam epitaxy systems; 3D wafer inspection systems; and atomic layer deposition and other deposition systems.

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