Veeco Instruments (NASDAQ:VECO) Downgraded by BidaskClub to Strong Sell

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BidaskClub downgraded shares of Veeco Instruments (NASDAQ:VECO) from a sell rating to a strong sell rating in a research note issued to investors on Friday morning, BidAskClub reports.

VECO has been the topic of a number of other research reports. Northland Securities reaffirmed a buy rating and issued a $14.00 target price on shares of Veeco Instruments in a report on Monday, May 6th. Benchmark reissued a buy rating and set a $15.00 price objective on shares of Veeco Instruments in a report on Thursday, May 16th. Zacks Investment Research raised Veeco Instruments from a sell rating to a hold rating in a report on Tuesday, August 20th. Finally, ValuEngine raised Veeco Instruments from a sell rating to a hold rating in a report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average price target of $14.25.

VECO opened at $9.91 on Friday. The firm has a market capitalization of $503.92 million, a P/E ratio of -247.75 and a beta of 1.24. The stock’s 50 day moving average price is $11.58 and its two-hundred day moving average price is $11.74. The company has a quick ratio of 2.36, a current ratio of 3.29 and a debt-to-equity ratio of 0.71. Veeco Instruments has a 12-month low of $6.27 and a 12-month high of $15.00.

Veeco Instruments (NASDAQ:VECO) last released its earnings results on Monday, August 5th. The semiconductor company reported ($0.16) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.14) by ($0.02). The business had revenue of $97.80 million during the quarter, compared to analyst estimates of $101.43 million. Veeco Instruments had a negative net margin of 44.39% and a negative return on equity of 5.61%. The business’s quarterly revenue was down 38.0% compared to the same quarter last year. During the same period last year, the business earned $0.15 EPS. As a group, analysts anticipate that Veeco Instruments will post -0.44 earnings per share for the current year.

Large investors have recently made changes to their positions in the company. Bank of Montreal Can grew its holdings in shares of Veeco Instruments by 17.4% during the 1st quarter. Bank of Montreal Can now owns 8,998 shares of the semiconductor company’s stock worth $98,000 after purchasing an additional 1,333 shares in the last quarter. Glen Harbor Capital Management LLC grew its holdings in shares of Veeco Instruments by 11.2% during the 2nd quarter. Glen Harbor Capital Management LLC now owns 11,374 shares of the semiconductor company’s stock worth $139,000 after purchasing an additional 1,144 shares in the last quarter. Elkfork Partners LLC grew its holdings in shares of Veeco Instruments by 11.2% during the 2nd quarter. Elkfork Partners LLC now owns 14,476 shares of the semiconductor company’s stock worth $177,000 after purchasing an additional 1,456 shares in the last quarter. Meadow Creek Investment Management LLC grew its holdings in shares of Veeco Instruments by 11.2% during the 2nd quarter. Meadow Creek Investment Management LLC now owns 17,578 shares of the semiconductor company’s stock worth $215,000 after purchasing an additional 1,768 shares in the last quarter. Finally, Aperio Group LLC grew its holdings in shares of Veeco Instruments by 7.5% during the 2nd quarter. Aperio Group LLC now owns 18,886 shares of the semiconductor company’s stock worth $231,000 after purchasing an additional 1,310 shares in the last quarter. 88.87% of the stock is currently owned by institutional investors.

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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