Zacks: Brokerages Expect Veeco Instruments Inc. (NASDAQ:VECO) Will Post Earnings of $0.07 Per Share

Equities analysts forecast that Veeco Instruments Inc. (NASDAQ:VECO) will report earnings per share of $0.07 for the current fiscal quarter, according to Zacks. Two analysts have issued estimates for Veeco Instruments’ earnings. The highest EPS estimate is $0.08 and the lowest is $0.05. Veeco Instruments reported earnings per share of ($0.16) during the same quarter last year, which would suggest a positive year over year growth rate of 143.8%. The company is expected to issue its next quarterly earnings report on Monday, February 10th.

According to Zacks, analysts expect that Veeco Instruments will report full year earnings of ($0.08) per share for the current fiscal year, with EPS estimates ranging from ($0.10) to ($0.06). For the next year, analysts expect that the firm will report earnings of $0.76 per share, with EPS estimates ranging from $0.65 to $0.86. Zacks’ EPS averages are an average based on a survey of sell-side research analysts that follow Veeco Instruments.

Veeco Instruments (NASDAQ:VECO) last issued its quarterly earnings data on Monday, November 4th. The semiconductor company reported $0.05 EPS for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.06. The firm had revenue of $108.95 million for the quarter, compared to analyst estimates of $104.37 million. Veeco Instruments had a negative net margin of 47.03% and a negative return on equity of 6.97%. The company’s revenue was down 14.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.11 EPS.

VECO has been the subject of a number of research reports. Zacks Investment Research raised shares of Veeco Instruments from a “hold” rating to a “buy” rating and set a $18.00 price target for the company in a report on Friday, November 8th. Northland Securities reiterated a “buy” rating and issued a $19.00 price objective on shares of Veeco Instruments in a research report on Friday. BidaskClub lowered Veeco Instruments from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, November 12th. ValuEngine cut Veeco Instruments from a “sell” rating to a “strong sell” rating in a research note on Monday, November 11th. Finally, Benchmark restated a “buy” rating and set a $18.00 target price (up previously from $15.00) on shares of Veeco Instruments in a research report on Tuesday, November 5th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $16.75.

In other news, Director Peter J. Simone sold 4,549 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $16.46, for a total value of $74,876.54. Following the transaction, the director now owns 36,757 shares of the company’s stock, valued at approximately $605,020.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.00% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently bought and sold shares of VECO. Invesco Ltd. lifted its holdings in Veeco Instruments by 720.1% in the second quarter. Invesco Ltd. now owns 4,759,206 shares of the semiconductor company’s stock valued at $58,157,000 after buying an additional 4,178,877 shares during the period. State of New Jersey Common Pension Fund D acquired a new stake in Veeco Instruments during the 3rd quarter worth $2,266,000. Nuveen Asset Management LLC bought a new stake in shares of Veeco Instruments during the 2nd quarter valued at $2,243,000. Renaissance Technologies LLC raised its position in shares of Veeco Instruments by 25.5% during the 2nd quarter. Renaissance Technologies LLC now owns 887,213 shares of the semiconductor company’s stock valued at $10,842,000 after acquiring an additional 180,100 shares during the last quarter. Finally, Morgan Stanley lifted its stake in shares of Veeco Instruments by 68.1% in the 2nd quarter. Morgan Stanley now owns 328,825 shares of the semiconductor company’s stock valued at $4,018,000 after purchasing an additional 133,241 shares during the period. 85.94% of the stock is owned by institutional investors and hedge funds.

Shares of VECO stock remained flat at $$13.13 during trading hours on Tuesday. 180,246 shares of the stock were exchanged, compared to its average volume of 308,389. Veeco Instruments has a 12 month low of $6.27 and a 12 month high of $17.23. The company has a debt-to-equity ratio of 0.75, a quick ratio of 2.47 and a current ratio of 3.42. The business has a fifty day moving average price of $13.85 and a two-hundred day moving average price of $12.00. The firm has a market cap of $669.48 million, a P/E ratio of -328.25 and a beta of 1.37.

About Veeco Instruments

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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