Key Points
- Director Mary Jane Raymond sold 2,000 Veeco shares for $80,000 at an average price of $40 per share, reducing her holdings by 7.7% to 23,967 shares.
- Veeco’s latest quarterly results missed analyst expectations: EPS was $0.36 versus $0.43 forecast, and revenue was $209.38 million versus $213.33 million estimated, despite year-over-year revenue growth of 26.2%.
- The stock opened at $39.56, while analysts’ consensus rating was Hold with an average price target of $50.00.
Veeco Instruments Inc. (NASDAQ:VECO - Get Free Report) Director Mary Jane Raymond sold 2,000 shares of the company's stock in a transaction on Monday, November 9th. The stock was sold at an average price of $40.00, for a total value of $80,000.00. Following the transaction, the director owned 23,967 shares in the company, valued at $958,680. This trade represents a 7.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Veeco Instruments Stock Down 0.1%
Veeco Instruments stock opened at $39.56 on Wednesday. The firm has a market capitalization of $2.42 billion, a P/E ratio of 98.90 and a beta of 1.41. The stock's fifty day simple moving average is $44.84 and its 200-day simple moving average is $46.95. Veeco Instruments Inc. has a twelve month low of $26.00 and a twelve month high of $86.63. The company has a current ratio of 3.87, a quick ratio of 2.69 and a debt-to-equity ratio of 0.25.
Veeco Instruments (NASDAQ:VECO - Get Free Report) last released its quarterly earnings data on Wednesday, November 4th. The semiconductor company reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.07). The business had revenue of $209.38 million for the quarter, compared to analyst estimates of $213.33 million. Veeco Instruments had a return on equity of 3.81% and a net margin of 3.62%. The company's revenue was up 26.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.36 earnings per share. As a group, equities analysts expect that Veeco Instruments Inc. will post 0.95 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
Several large investors have recently bought and sold shares of VECO. BlackRock Inc. acquired a new position in shares of Veeco Instruments in the 2nd quarter valued at about $728,127,000. Dimensional Fund Advisors LP lifted its position in Veeco Instruments by 3.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,374,292 shares of the semiconductor company's stock worth $80,391,000 after acquiring an additional 68,780 shares during the last quarter. Paradigm Capital Management Inc. NY acquired a new position in shares of Veeco Instruments during the 2nd quarter worth about $156,557,000. The Manufacturers Life Insurance Company bought a new stake in shares of Veeco Instruments in the second quarter valued at approximately $134,434,000. Finally, Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in Veeco Instruments in the 2nd quarter worth $65,836,000. Institutional investors own 98.46% of the company's stock.
Analysts Set New Price Targets
A number of equities research analysts have commented on VECO shares. Weiss Ratings cut Veeco Instruments from a "hold (c)" rating to a "hold (c-)" rating in a report on Friday, August 21st. Oppenheimer restated an "outperform" rating and issued a $24.00 target price on shares of Veeco Instruments in a report on Wednesday, October 14th. Northland Securities raised shares of Veeco Instruments from a "market perform" rating to an "outperform" rating and set a $66.00 price objective on the stock in a research note on Monday, September 21st. Citigroup lowered their target price on shares of Veeco Instruments from $63.00 to $55.00 and set a "buy" rating for the company in a research note on Friday, November 6th. Finally, Wall Street Zen downgraded Veeco Instruments from a "strong-buy" rating to a "buy" rating in a research report on Saturday. Three research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $50.00.
Get Our Latest Stock Analysis on VECO
About Veeco Instruments
(
Get Free Report)
Veeco Instruments designs and manufactures process equipment used to make semiconductors and other advanced materials. Its systems support thin-film deposition, etching, lithography and related manufacturing processes. The company's product portfolio includes metal-organic chemical vapor deposition (MOCVD), molecular beam epitaxy (MBE), ion beam and laser-processing systems. These tools serve applications in compound semiconductors, advanced packaging, data storage and scientific research. Veeco serves customers around the world through its sales and service operations.
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