Benchmark Reaffirms Buy Rating for Veeco Instruments (VECO)

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Benchmark restated their buy rating on shares of Veeco Instruments (NASDAQ:VECO) in a research note issued to investors on Thursday, AnalystRatings.com reports. Benchmark currently has a $15.00 target price on the semiconductor company’s stock.

“We hosted Veeco in mid-Atlantic investor meetings with Veeco CEO William Miller and head of investor relations Anthony Bencivenga.”,” Benchmark’s analyst wrote.

A number of other brokerages also recently issued reports on VECO. Zacks Investment Research downgraded Veeco Instruments from a buy rating to a hold rating in a research report on Saturday, February 16th. Northland Securities reiterated a buy rating and set a $14.00 price target on shares of Veeco Instruments in a research report on Monday, May 6th. ValuEngine upgraded Veeco Instruments from a sell rating to a hold rating in a research report on Monday, February 4th. Finally, BidaskClub upgraded Veeco Instruments from a buy rating to a strong-buy rating in a research report on Wednesday, February 20th. Two analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. Veeco Instruments presently has a consensus rating of Buy and a consensus target price of $14.25.

VECO stock traded down $0.16 during mid-day trading on Thursday, reaching $12.57. 7,486 shares of the company’s stock were exchanged, compared to its average volume of 304,640. The company has a market capitalization of $629.30 million, a P/E ratio of -313.00 and a beta of 1.31. The company has a current ratio of 3.32, a quick ratio of 2.34 and a debt-to-equity ratio of 0.69. Veeco Instruments has a 12-month low of $6.27 and a 12-month high of $18.70.

Veeco Instruments (NASDAQ:VECO) last issued its quarterly earnings results on Monday, May 6th. The semiconductor company reported ($0.21) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.09. The company had revenue of $99.37 million for the quarter, compared to the consensus estimate of $96.75 million. Veeco Instruments had a negative return on equity of 3.17% and a negative net margin of 84.86%. Veeco Instruments’s revenue for the quarter was down 37.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.20 earnings per share. On average, research analysts predict that Veeco Instruments will post -0.41 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Neuburgh Advisers LLC lifted its position in shares of Veeco Instruments by 47.2% in the fourth quarter. Neuburgh Advisers LLC now owns 7,040 shares of the semiconductor company’s stock valued at $52,000 after acquiring an additional 2,256 shares in the last quarter. Bank of Montreal Can lifted its position in shares of Veeco Instruments by 32.1% in the fourth quarter. Bank of Montreal Can now owns 7,665 shares of the semiconductor company’s stock valued at $57,000 after acquiring an additional 1,864 shares in the last quarter. SEI Investments Co lifted its position in shares of Veeco Instruments by 94.8% in the first quarter. SEI Investments Co now owns 7,888 shares of the semiconductor company’s stock valued at $86,000 after acquiring an additional 3,839 shares in the last quarter. Caxton Associates LP purchased a new position in shares of Veeco Instruments in the fourth quarter valued at approximately $90,000. Finally, Fox Run Management L.L.C. purchased a new position in shares of Veeco Instruments in the fourth quarter valued at approximately $91,000. Institutional investors and hedge funds own 92.19% of the company’s stock.

Veeco Instruments Company Profile

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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