Veeco Instruments Inc. (NASDAQ:VECO) dropped 5.1% during trading on Wednesday . The company traded as low as $18.55 and last traded at $18.75. Approximately 561,347 shares traded hands during mid-day trading, a decline of 18% from the average daily volume of 684,845 shares. The stock had previously closed at $19.75.
VECO has been the subject of a number of recent analyst reports. BidaskClub downgraded Veeco Instruments from a “sell” rating to a “strong sell” rating in a research report on Thursday, December 7th. Zacks Investment Research raised Veeco Instruments from a “sell” rating to a “hold” rating in a research report on Saturday, February 10th. Finally, TheStreet raised Veeco Instruments from a “d+” rating to a “c” rating in a research report on Monday. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $28.67.
The firm has a market capitalization of $975.18, a PE ratio of -18.94 and a beta of 0.64. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.13 and a current ratio of 2.67.
Veeco Instruments (NASDAQ:VECO) last posted its quarterly earnings results on Monday, February 12th. The semiconductor company reported $0.19 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.09 by $0.10. Veeco Instruments had a negative return on equity of 0.12% and a negative net margin of 9.24%. The firm had revenue of $143.40 million during the quarter, compared to the consensus estimate of $143.85 million. During the same quarter in the previous year, the business earned $0.09 earnings per share. The firm’s quarterly revenue was up 53.2% compared to the same quarter last year. sell-side analysts predict that Veeco Instruments Inc. will post 0.3 EPS for the current year.
Veeco Instruments announced that its board has initiated a share buyback plan on Monday, December 11th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the semiconductor company to reacquire shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.
Hedge funds have recently bought and sold shares of the business. Millennium Management LLC purchased a new stake in Veeco Instruments during the fourth quarter valued at about $154,000. Quantitative Systematic Strategies LLC purchased a new stake in Veeco Instruments during the fourth quarter valued at about $205,000. Aperio Group LLC purchased a new stake in Veeco Instruments during the third quarter valued at about $218,000. Crossmark Global Holdings Inc. purchased a new stake in Veeco Instruments during the fourth quarter valued at about $229,000. Finally, Teacher Retirement System of Texas purchased a new stake in Veeco Instruments during the fourth quarter valued at about $251,000. 99.79% of the stock is owned by hedge funds and other institutional investors.
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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