Veeco Instruments Inc. (VECO) Expected to Post Earnings of $0.08 Per Share

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Brokerages forecast that Veeco Instruments Inc. (NASDAQ:VECO) will report earnings per share of $0.08 for the current fiscal quarter, Zacks reports. Two analysts have provided estimates for Veeco Instruments’ earnings, with estimates ranging from $0.07 to $0.09. Veeco Instruments posted earnings of $0.09 per share in the same quarter last year, which would suggest a negative year-over-year growth rate of 11.1%. The business is scheduled to announce its next earnings results on Thursday, November 1st.

On average, analysts expect that Veeco Instruments will report full year earnings of $0.57 per share for the current fiscal year. For the next fiscal year, analysts forecast that the business will post earnings of $1.15 per share, with EPS estimates ranging from $1.00 to $1.30. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of sell-side research analysts that cover Veeco Instruments.

Veeco Instruments (NASDAQ:VECO) last released its quarterly earnings results on Thursday, August 2nd. The semiconductor company reported $0.15 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $157.78 million for the quarter, compared to analysts’ expectations of $160.35 million. During the same period in the prior year, the firm earned $0.15 earnings per share. The firm’s revenue was up 40.6% compared to the same quarter last year.

VECO has been the topic of several analyst reports. BidaskClub cut Veeco Instruments from a “hold” rating to a “sell” rating in a research note on Wednesday, July 25th. Benchmark reiterated a “hold” rating and issued a $38.00 price objective on shares of Veeco Instruments in a research note on Friday, August 3rd. Two research analysts have rated the stock with a sell rating, two have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $26.33.

In other Veeco Instruments news, President William John Miller bought 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 7th. The shares were purchased at an average price of $11.80 per share, with a total value of $118,000.00. Following the completion of the acquisition, the president now directly owns 115,997 shares of the company’s stock, valued at approximately $1,368,764.60. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Shubham Maheshwari bought 5,000 shares of the company’s stock in a transaction that occurred on Thursday, August 23rd. The stock was acquired at an average cost 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 $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 three months. 2.60% of the stock is currently owned by corporate insiders.

Hedge funds have recently modified their holdings of the business. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new position in Veeco Instruments during the 2nd quarter valued at about $147,000. Verition Fund Management LLC acquired a new position in shares of Veeco Instruments in the first quarter valued at $221,000. Cubist Systematic Strategies LLC acquired a new position in shares of Veeco Instruments in the first quarter valued at $228,000. Trexquant Investment LP acquired a new position in shares of Veeco Instruments in the second quarter valued at about $201,000. Finally, Quadrature Capital Ltd acquired a new position in shares of Veeco Instruments in the first quarter valued at about $248,000. 94.91% of the stock is currently owned by institutional investors.

NASDAQ:VECO traded up $0.24 during trading hours on Monday, reaching $9.30. 499,549 shares of the stock were exchanged, compared to its average volume of 551,127. The company has a quick ratio of 2.20, a current ratio of 2.94 and a debt-to-equity ratio of 0.47. Veeco Instruments has a twelve month low of $9.03 and a twelve month high of $22.35. The stock has a market capitalization of $500.11 million, a price-to-earnings ratio of -465.00 and a beta of 0.50.

About Veeco Instruments

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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