Veeco Instruments (NASDAQ:VECO) Upgraded to “Sell” at ValuEngine

ValuEngine upgraded shares of Veeco Instruments (NASDAQ:VECO) from a strong sell rating to a sell rating in a report released on Tuesday morning, ValuEngine reports.

Several other research firms also recently issued reports on VECO. Northland Securities set a $19.00 price objective on shares of Veeco Instruments and gave the company a buy rating in a report on Monday, September 30th. BidaskClub upgraded shares of Veeco Instruments from a buy rating to a strong-buy rating in a report on Friday, November 1st. Zacks Investment Research upgraded shares of Veeco Instruments from a sell rating to a hold rating in a report on Saturday, October 12th. Finally, Benchmark restated a buy rating and set a $18.00 price objective (up previously from $15.00) on shares of Veeco Instruments in a report on Tuesday. One research analyst has rated the stock with a sell rating, one has given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of Buy and an average target price of $16.75.

VECO opened at $15.56 on Tuesday. Veeco Instruments has a 52-week low of $6.27 and a 52-week high of $17.23. The company has a quick ratio of 2.36, a current ratio of 3.42 and a debt-to-equity ratio of 0.75. The company has a market cap of $824.02 million, a P/E ratio of -389.00 and a beta of 1.38. The firm’s 50-day moving average price is $12.57 and its 200-day moving average price is $11.85.

Veeco Instruments (NASDAQ:VECO) last posted its quarterly earnings data on Monday, November 4th. The semiconductor company reported $0.05 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.01) by $0.06. Veeco Instruments had a negative net margin of 47.03% and a negative return on equity of 6.97%. The firm had revenue of $108.95 million for the quarter, compared to the consensus estimate of $104.37 million. During the same quarter in the prior year, the company posted $0.11 earnings per share. The company’s revenue for the quarter was down 14.0% compared to the same quarter last year. On average, research analysts anticipate that Veeco Instruments will post -0.44 EPS for the current fiscal year.

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In related news, Director Peter J. Simone sold 4,549 shares of the stock in a transaction that occurred on 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 in the company, valued at approximately $605,020.22. The sale was disclosed in a filing with the SEC, which is available through this link. 3.00% of the stock is currently owned by corporate insiders.

Large investors have recently modified their holdings of the stock. Glen Harbor Capital Management LLC increased its holdings in Veeco Instruments by 11.2% in the 2nd quarter. Glen Harbor Capital Management LLC now owns 11,374 shares of the semiconductor company’s stock worth $139,000 after buying an additional 1,144 shares during the period. Bank of Montreal Can increased its holdings in Veeco Instruments by 43.9% in the 2nd quarter. Bank of Montreal Can now owns 12,945 shares of the semiconductor company’s stock worth $158,000 after buying an additional 3,947 shares during the period. Elkfork Partners LLC increased its holdings in Veeco Instruments by 11.2% in the 2nd quarter. Elkfork Partners LLC now owns 14,476 shares of the semiconductor company’s stock worth $177,000 after buying an additional 1,456 shares during the period. Meadow Creek Investment Management LLC increased its holdings in Veeco Instruments by 11.2% in the 2nd quarter. Meadow Creek Investment Management LLC now owns 17,578 shares of the semiconductor company’s stock worth $215,000 after buying an additional 1,768 shares during the period. Finally, Aperio Group LLC increased its holdings in Veeco Instruments by 7.5% in the 2nd quarter. Aperio Group LLC now owns 18,886 shares of the semiconductor company’s stock worth $231,000 after buying an additional 1,310 shares during the period. Institutional investors own 88.05% of the company’s stock.

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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