Symphony Asset Management LLC raised its holdings in shares of Veeco Instruments Inc. (NASDAQ:VECO) by 66.8% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 46,404 shares of the semiconductor company’s stock after acquiring an additional 18,582 shares during the quarter. Symphony Asset Management LLC owned approximately 0.11% of Veeco Instruments worth $1,292,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Louisiana State Employees Retirement System lifted its position in Veeco Instruments by 1.2% during the 1st quarter. Louisiana State Employees Retirement System now owns 16,500 shares of the semiconductor company’s stock worth $493,000 after acquiring an additional 200 shares during the period. Arizona State Retirement System lifted its position in Veeco Instruments by 1.0% during the 1st quarter. Arizona State Retirement System now owns 21,112 shares of the semiconductor company’s stock worth $630,000 after acquiring an additional 200 shares during the period. Bank of Montreal Can lifted its position in Veeco Instruments by 4.8% during the 2nd quarter. Bank of Montreal Can now owns 5,771 shares of the semiconductor company’s stock worth $161,000 after acquiring an additional 265 shares during the period. Janney Montgomery Scott LLC lifted its position in Veeco Instruments by 1.6% during the 2nd quarter. Janney Montgomery Scott LLC now owns 22,912 shares of the semiconductor company’s stock worth $638,000 after acquiring an additional 370 shares during the period. Finally, Capstone Asset Management Co. lifted its position in Veeco Instruments by 7.1% during the 2nd quarter. Capstone Asset Management Co. now owns 8,367 shares of the semiconductor company’s stock worth $233,000 after acquiring an additional 557 shares during the period. 96.00% of the stock is owned by hedge funds and other institutional investors.
Several equities analysts recently weighed in on the company. BidaskClub raised Veeco Instruments from a “sell” rating to a “hold” rating in a research note on Saturday, June 10th. J P Morgan Chase & Co upgraded Veeco Instruments from a “neutral” rating to an “overweight” rating and increased their target price for the company from $35.00 to $39.00 in a report on Tuesday, June 13th. Stifel Nicolaus reiterated a “buy” rating and set a $38.00 target price (up previously from $36.00) on shares of Veeco Instruments in a report on Friday, July 21st. Zacks Investment Research cut Veeco Instruments from a “hold” rating to a “sell” rating in a report on Saturday, July 22nd. Finally, Deutsche Bank AG cut Veeco Instruments from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $35.00 to $30.00 in a report on Friday, August 4th. Three analysts have rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $31.70.
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Shares of Veeco Instruments Inc. (NASDAQ VECO) remained flat at $21.15 during mid-day trading on Wednesday. 25,698 shares of the stock were exchanged. The firm has a 50-day moving average price of $20.83 and a 200-day moving average price of $27.97. The stock’s market capitalization is $1.02 billion. Veeco Instruments Inc. has a 52-week low of $18.30 and a 52-week high of $34.38.
Veeco Instruments (NASDAQ:VECO) last released its quarterly earnings data on Thursday, August 3rd. The semiconductor company reported ($0.07) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.10) by $0.03. Veeco Instruments had a negative net margin of 23.65% and a negative return on equity of 1.33%. The business had revenue of $115.07 million during the quarter, compared to analysts’ expectations of $110.87 million. During the same period in the prior year, the company earned ($0.19) EPS. The firm’s quarterly revenue was up 52.7% compared to the same quarter last year. On average, analysts anticipate that Veeco Instruments Inc. will post $0.47 earnings per share for the current year.
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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