Veeco Instruments (VECO) Cut to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of Veeco Instruments (NASDAQ:VECO) from a buy rating to a hold rating in a research report released on Thursday morning.

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. “

Several other equities research analysts have also recently issued reports on VECO. BidaskClub upgraded Veeco Instruments from a strong sell rating to a sell rating in a report on Saturday, July 7th. Benchmark reiterated a hold rating and issued a $38.00 target price on shares of Veeco Instruments in a report on Friday, August 3rd. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the stock. The company has a consensus rating of Hold and a consensus target price of $23.33.



VECO stock opened at $8.58 on Thursday. Veeco Instruments has a 52-week low of $8.24 and a 52-week high of $20.55. The company has a debt-to-equity ratio of 0.47, a quick ratio of 2.20 and a current ratio of 2.94. The firm has a market cap of $422.05 million, a PE ratio of -429.00 and a beta of 0.50.

Veeco Instruments (NASDAQ:VECO) last posted its quarterly earnings data on Thursday, August 2nd. The semiconductor company reported $0.15 earnings per share (EPS) for the quarter, topping the 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 business had revenue of $157.78 million for the quarter, compared to analysts’ expectations of $160.35 million. During the same quarter last year, the firm earned $0.15 earnings per share. The business’s revenue was up 40.6% on a year-over-year basis. As a group, equities research analysts predict that Veeco Instruments will post 0.19 EPS for the current fiscal year.

In other news, President William John Miller bought 10,000 shares of Veeco Instruments stock in a transaction that occurred on Tuesday, August 7th. The shares were purchased at an average price of $11.80 per share, for a total transaction of $118,000.00. Following the completion of the acquisition, the president now owns 115,997 shares of the company’s stock, valued at $1,368,764.60. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Shubham Maheshwari bought 5,000 shares of Veeco Instruments stock in a transaction that occurred on Thursday, August 23rd. The stock was purchased at an average price of $10.05 per share, for a total transaction of $50,250.00. Following the acquisition, the chief financial officer now directly owns 93,323 shares of the company’s stock, valued at approximately $937,896.15. The disclosure for this purchase can be found here. Insiders purchased 33,900 shares of company stock worth $385,990 in the last quarter. 2.60% of the stock is owned by insiders.

A number of institutional investors have recently modified their holdings of VECO. Northern Trust Corp boosted its holdings in Veeco Instruments by 1.8% in the first quarter. Northern Trust Corp now owns 601,906 shares of the semiconductor company’s stock valued at $10,231,000 after acquiring an additional 10,597 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in Veeco Instruments by 2.4% in the first quarter. Principal Financial Group Inc. now owns 370,226 shares of the semiconductor company’s stock valued at $6,294,000 after acquiring an additional 8,777 shares during the last quarter. LPL Financial LLC boosted its holdings in Veeco Instruments by 18.9% in the first quarter. LPL Financial LLC now owns 25,065 shares of the semiconductor company’s stock valued at $426,000 after acquiring an additional 3,988 shares during the last quarter. Cubist Systematic Strategies LLC acquired a new position in Veeco Instruments in the first quarter valued at $228,000. Finally, Verition Fund Management LLC acquired a new position in Veeco Instruments in the first quarter valued at $221,000. Hedge funds and other 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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