California State Teachers Retirement System Decreases Position in Veeco Instruments Inc. (VECO)

California State Teachers Retirement System cut its holdings in shares of Veeco Instruments Inc. (NASDAQ:VECO) by 9.6% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 75,549 shares of the semiconductor company’s stock after selling 8,048 shares during the period. California State Teachers Retirement System owned about 0.16% of Veeco Instruments worth $1,617,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Ameritas Investment Partners Inc. lifted its position in Veeco Instruments by 32.9% during the second quarter. Ameritas Investment Partners Inc. now owns 4,143 shares of the semiconductor company’s stock valued at $115,000 after purchasing an additional 1,026 shares during the period. Teachers Retirement System of The State of Kentucky raised its position in shares of Veeco Instruments by 15.5% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 12,702 shares of the semiconductor company’s stock worth $354,000 after acquiring an additional 1,702 shares during the period. Nationwide Fund Advisors raised its position in shares of Veeco Instruments by 16.1% in the second quarter. Nationwide Fund Advisors now owns 30,766 shares of the semiconductor company’s stock worth $857,000 after acquiring an additional 4,269 shares during the period. The Manufacturers Life Insurance Company raised its position in shares of Veeco Instruments by 18.6% in the second quarter. The Manufacturers Life Insurance Company now owns 36,192 shares of the semiconductor company’s stock worth $1,008,000 after acquiring an additional 5,670 shares during the period. Finally, State of Tennessee Treasury Department raised its position in shares of Veeco Instruments by 15.5% in the second quarter. State of Tennessee Treasury Department now owns 43,749 shares of the semiconductor company’s stock worth $1,218,000 after acquiring an additional 5,875 shares during the period. Institutional investors own 98.60% of the company’s stock.

In related news, SVP John P. Kiernan purchased 5,000 shares of Veeco Instruments stock in a transaction that occurred on Wednesday, December 13th. The stock was purchased at an average price of $13.65 per share, for a total transaction of $68,250.00. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Shubham Maheshwari purchased 7,500 shares of Veeco Instruments stock in a transaction that occurred on Wednesday, December 13th. The shares were bought at an average price of $13.74 per share, with a total value of $103,050.00. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 63,700 shares of company stock valued at $877,472. Insiders own 2.90% of the company’s stock.

A number of research analysts have weighed in on VECO shares. Benchmark reiterated a “buy” rating and issued a $33.00 price objective on shares of Veeco Instruments in a research report on Thursday, October 5th. Zacks Investment Research upgraded shares of Veeco Instruments from a “sell” rating to a “hold” rating in a research report on Thursday, October 5th. KeyCorp downgraded shares of Veeco Instruments to a “hold” rating in a research report on Wednesday, October 25th. Needham & Company LLC reiterated a “buy” rating and issued a $22.00 price objective on shares of Veeco Instruments in a research report on Friday, November 3rd. Finally, BidaskClub downgraded shares of Veeco Instruments from a “sell” rating to a “strong sell” rating in a research report on Thursday, December 7th. Three research analysts have rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $29.88.

Veeco Instruments Inc. (NASDAQ:VECO) opened at $16.95 on Friday. Veeco Instruments Inc. has a 1 year low of $10.85 and a 1 year high of $34.38. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.11 and a current ratio of 2.61. The firm has a market cap of $821.14, a PE ratio of -16.95 and a beta of 0.73.

Veeco Instruments (NASDAQ:VECO) last released its quarterly earnings results on Thursday, November 2nd. The semiconductor company reported $0.09 earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.16. Veeco Instruments had a negative net margin of 10.16% and a negative return on equity of 0.73%. The firm had revenue of $131.87 million during the quarter, compared to the consensus estimate of $134.97 million. During the same quarter in the prior year, the firm earned ($0.05) EPS. The company’s revenue for the quarter was up 54.3% on a year-over-year basis. analysts forecast that Veeco Instruments Inc. will post -0.01 earnings per share for the current year.

Veeco Instruments announced that its Board of Directors has initiated a stock repurchase plan on Monday, December 11th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the semiconductor company to buy shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

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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.

Institutional Ownership by Quarter for Veeco Instruments (NASDAQ:VECO)

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