Shares of Veeco Instruments Inc. (NASDAQ:VECO) have been assigned a consensus rating of “Hold” from the twelve analysts that are currently covering the company. One research analyst has rated the stock with a sell recommendation, six have given a hold recommendation and five have assigned a buy recommendation to the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $24.50.
Several equities research analysts have recently weighed in on VECO shares. Zacks Investment Research raised shares of Veeco Instruments from a “hold” rating to a “buy” rating and set a $19.00 target price on the stock in a research note on Tuesday, July 12th. Benchmark Co. cut their price target on shares of Veeco Instruments from $23.00 to $21.00 and set a “buy” rating on the stock in a report on Tuesday, August 2nd. Deutsche Bank AG upgraded shares of Veeco Instruments from a “hold” rating to a “buy” rating and upped their price target for the stock from $16.00 to $22.00 in a report on Tuesday, August 2nd. Needham & Company LLC restated a “hold” rating on shares of Veeco Instruments in a report on Wednesday, August 24th. Finally, JPMorgan Chase & Co. restated a “hold” rating on shares of Veeco Instruments in a report on Tuesday, May 24th.
Several hedge funds have recently added to or reduced their stakes in VECO. Mason Street Advisors LLC purchased a new stake in Veeco Instruments during the second quarter worth $129,000. Schwab Charles Investment Management Inc. boosted its stake in Veeco Instruments by 9.2% in the second quarter. Schwab Charles Investment Management Inc. now owns 226,072 shares of the company’s stock worth $3,744,000 after buying an additional 18,962 shares in the last quarter. Arizona State Retirement System boosted its stake in Veeco Instruments by 1.0% in the second quarter. Arizona State Retirement System now owns 20,712 shares of the company’s stock worth $343,000 after buying an additional 200 shares in the last quarter. Penn Capital Management Co. Inc. boosted its stake in Veeco Instruments by 168.8% in the second quarter. Penn Capital Management Co. Inc. now owns 418,771 shares of the company’s stock worth $6,935,000 after buying an additional 262,951 shares in the last quarter. Finally, Thrivent Financial for Lutherans boosted its stake in Veeco Instruments by 4.6% in the second quarter. Thrivent Financial for Lutherans now owns 19,070 shares of the company’s stock worth $316,000 after buying an additional 830 shares in the last quarter. Institutional investors and hedge funds own 94.95% of the company’s stock.
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Shares of Veeco Instruments (NASDAQ:VECO) traded down 0.37% on Tuesday, reaching $18.68. 48,726 shares of the company’s stock traded hands. Veeco Instruments has a 12-month low of $15.26 and a 12-month high of $22.06. The stock has a 50-day moving average price of $19.86 and a 200-day moving average price of $18.32. The company’s market cap is $759.12 million.
Veeco Instruments (NASDAQ:VECO) last announced its earnings results on Monday, August 1st. The company reported ($0.19) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.20) by $0.01. Veeco Instruments had a negative net margin of 13.00% and a negative return on equity of 2.37%. The business had revenue of $75.30 million for the quarter, compared to the consensus estimate of $76.30 million. During the same quarter in the prior year, the firm posted $0.20 earnings per share. The business’s revenue for the quarter was down 42.7% on a year-over-year basis. Equities research analysts anticipate that Veeco Instruments will post ($0.54) EPS for the current fiscal year.
Veeco Instruments Company Profile
Veeco Instruments Inc designs, manufactures, markets and supports thin film equipment. The Company’s equipment is used to make electronic devices, including light emitting diodes (LED), micro-electromechanical systems (MEMS), wireless devices, power electronics, hard disk drives (HDDs) and semiconductors.
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