Veeco Instruments (VECO) Upgraded by Zacks Investment Research to “Buy”

Veeco Instruments (NASDAQ:VECO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday. The brokerage presently has a $10.00 price target on the semiconductor company’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 15.61% from the stock’s current price.

According to Zacks, “Veeco Instruments Inc. is engaged in the design, development, manufacture and support of thin film process equipment, primarily sold to make electronic devices. Veeco’s process equipment solutions enable the manufacture of LEDs, power electronics, hard drives, MEMS and wireless chips. They are the market leader in MOCVD, MBE, Ion Beam and other advanced thin film process technologies. 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. The Company’s System products include Metal Organic Chemical Vapor Deposition Systems, Precision Surface Processing Systems, Ion Beam Etch and Deposition Systems, Molecular Beam Epitaxy Systems, and Other Deposition and Industrial Products. The Company’s original name Veeco stood for Vacuum Electronic Equipment Company. “

VECO has been the subject of a number of other research reports. BidaskClub lowered shares of Veeco Instruments from a “hold” rating to a “sell” rating in a report on Wednesday, July 25th. Benchmark reaffirmed a “hold” rating and set a $38.00 target price on shares of Veeco Instruments in a report on Friday, August 3rd. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $23.33.



NASDAQ:VECO opened at $8.65 on Wednesday. Veeco Instruments has a 12 month low of $8.50 and a 12 month high of $20.55. The company has a quick ratio of 2.20, a current ratio of 2.94 and a debt-to-equity ratio of 0.47. The company has a market cap of $449.37 million, a price-to-earnings ratio of -432.50 and a beta of 0.50.

Veeco Instruments (NASDAQ:VECO) last issued its quarterly earnings results on Thursday, August 2nd. The semiconductor company reported $0.15 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.13 by $0.02. Veeco Instruments had a positive return on equity of 1.26% and a negative net margin of 47.49%. The firm had revenue of $157.78 million during the quarter, compared to analysts’ expectations of $160.35 million. During the same period in the previous year, the business earned $0.15 earnings per share. The firm’s revenue for the quarter was up 40.6% on a year-over-year basis. Equities research analysts forecast that Veeco Instruments will post 0.19 earnings per share for the current year.

In related news, President William John Miller purchased 10,000 shares of the company’s stock in a transaction dated Tuesday, August 7th. The stock was acquired at an average cost of $11.80 per share, for a total transaction of $118,000.00. Following the completion of the transaction, the president now directly owns 115,997 shares of the company’s stock, valued at $1,368,764.60. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Shubham Maheshwari purchased 5,000 shares of the company’s stock in a transaction dated Thursday, August 23rd. The stock was bought at an average price of $10.05 per share, with a total value of $50,250.00. Following the completion of the transaction, the chief financial officer now directly owns 93,323 shares of the company’s stock, valued at $937,896.15. The disclosure for this purchase can be found here. Insiders bought 33,900 shares of company stock valued at $385,990 over the last 90 days. Company insiders own 2.60% of the company’s stock.

A number of large investors have recently modified their holdings of VECO. River & Mercantile Asset Management LLP grew its holdings in Veeco Instruments by 41.8% in the 2nd quarter. River & Mercantile Asset Management LLP now owns 2,034,760 shares of the semiconductor company’s stock valued at $29,046,000 after buying an additional 599,972 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Veeco Instruments by 5.4% in the second quarter. Dimensional Fund Advisors LP now owns 3,317,366 shares of the semiconductor company’s stock valued at $47,273,000 after purchasing an additional 169,886 shares during the period. Millennium Management LLC grew its holdings in shares of Veeco Instruments by 506.8% in the second quarter. Millennium Management LLC now owns 145,186 shares of the semiconductor company’s stock valued at $2,069,000 after purchasing an additional 121,258 shares during the period. Royce & Associates LP grew its holdings in shares of Veeco Instruments by 21.5% in the second quarter. Royce & Associates LP now owns 613,482 shares of the semiconductor company’s stock valued at $8,742,000 after purchasing an additional 108,563 shares during the period. Finally, Baillie Gifford & Co. grew its stake in shares of Veeco Instruments by 6.8% in the 2nd quarter. Baillie Gifford & Co. now owns 1,291,414 shares of the semiconductor company’s stock valued at $18,403,000 after buying an additional 82,104 shares during the period. Institutional investors own 94.63% of the company’s stock.

Veeco Instruments Company Profile

Veeco Instruments Inc, together with its subsidiaries, develops, manufactures, sells, and supports semiconductor process equipment worldwide. It offers metal organic chemical vapor deposition systems; packaging lithography equipment; precision surface processing systems; laser annealing systems; ion beam etch and deposition systems; molecular beam epitaxy systems; 3D wafer inspection systems; and atomic layer deposition and other deposition systems.

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