Veeco Instruments (NASDAQ:VECO) Rating Lowered to Strong Sell at ValuEngine

Veeco Instruments (NASDAQ:VECO) was downgraded by ValuEngine from a “sell” rating to a “strong sell” rating in a report released on Thursday, ValuEngine reports.

Several other brokerages have also weighed in on VECO. BidaskClub lowered shares of Veeco Instruments from a “buy” rating to a “hold” rating in a research report on Tuesday, October 1st. Northland Securities set a $19.00 target price on shares of Veeco Instruments and gave the stock a “buy” rating in a research report on Monday, September 30th. Finally, Zacks Investment Research lowered shares of Veeco Instruments from a “hold” rating to a “sell” rating in a research report on Saturday, October 5th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $15.50.

Shares of VECO opened at $11.60 on Thursday. The company has a current ratio of 3.29, a quick ratio of 2.36 and a debt-to-equity ratio of 0.71. The firm’s 50-day moving average is $10.78 and its two-hundred day moving average is $11.62. Veeco Instruments has a twelve month low of $6.27 and a twelve month high of $15.00. The firm has a market capitalization of $567.82 million, a P/E ratio of -289.88 and a beta of 1.36.

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

Hedge funds have recently added to or reduced their stakes in the company. Glen Harbor Capital Management LLC grew its position in shares of Veeco Instruments by 11.2% in the second quarter. Glen Harbor Capital Management LLC now owns 11,374 shares of the semiconductor company’s stock valued at $139,000 after purchasing an additional 1,144 shares during the last quarter. Bank of Montreal Can grew its position in shares of Veeco Instruments by 43.9% in the second quarter. Bank of Montreal Can now owns 12,945 shares of the semiconductor company’s stock valued at $158,000 after purchasing an additional 3,947 shares during the last quarter. Elkfork Partners LLC grew its position in shares of Veeco Instruments by 11.2% in the second quarter. Elkfork Partners LLC now owns 14,476 shares of the semiconductor company’s stock valued at $177,000 after purchasing an additional 1,456 shares during the last quarter. Meadow Creek Investment Management LLC grew its position in shares of Veeco Instruments by 11.2% in the second quarter. Meadow Creek Investment Management LLC now owns 17,578 shares of the semiconductor company’s stock valued at $215,000 after purchasing an additional 1,768 shares during the last quarter. Finally, Aperio Group LLC grew its position in shares of Veeco Instruments by 7.5% in the second quarter. Aperio Group LLC now owns 18,886 shares of the semiconductor company’s stock valued at $231,000 after purchasing an additional 1,310 shares during the last quarter. Institutional investors and hedge funds own 88.16% 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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