Shell Asset Management Co. cut its stake in Veeco Instruments Inc. (NASDAQ:VECO – Get Rating) by 12.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 29,843 shares of the semiconductor company’s stock after selling 4,416 shares during the period. Shell Asset Management Co. owned about 0.06% of Veeco Instruments worth $811,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. Outfitter Financial LLC bought a new stake in Veeco Instruments during the 4th quarter worth approximately $36,000. Private Capital Group LLC bought a new stake in Veeco Instruments during the 1st quarter worth approximately $42,000. FinTrust Capital Advisors LLC bought a new stake in Veeco Instruments during the 1st quarter worth approximately $163,000. Cornerstone Investment Partners LLC bought a new stake in Veeco Instruments during the 4th quarter worth approximately $210,000. Finally, Inspire Investing LLC bought a new stake in Veeco Instruments during the 1st quarter worth approximately $236,000. 97.66% of the stock is owned by institutional investors and hedge funds.
Veeco Instruments Stock Up 2.0 %
Shares of VECO opened at $21.80 on Monday. Veeco Instruments Inc. has a 52 week low of $17.23 and a 52 week high of $32.40. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.77 and a current ratio of 2.58. The firm has a market capitalization of $1.12 billion, a price-to-earnings ratio of 32.06 and a beta of 1.33. The business’s fifty day moving average price is $19.95 and its two-hundred day moving average price is $24.09.
Veeco Instruments (NASDAQ:VECO – Get Rating) last posted its quarterly earnings results on Monday, May 9th. The semiconductor company reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.02. Veeco Instruments had a return on equity of 15.58% and a net margin of 6.09%. The business had revenue of $156.30 million for the quarter, compared to analyst estimates of $154.95 million. During the same period last year, the company earned $0.19 EPS. The firm’s revenue was up 16.9% on a year-over-year basis. On average, analysts predict that Veeco Instruments Inc. will post 1.25 earnings per share for the current year.
Analyst Upgrades and Downgrades
A number of research firms recently commented on VECO. Oppenheimer decreased their price target on Veeco Instruments from $40.00 to $35.00 in a research report on Thursday, May 5th. Barclays decreased their price target on Veeco Instruments from $32.00 to $26.00 and set an “overweight” rating on the stock in a research report on Monday, July 25th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $31.50.
Insider Transactions at Veeco Instruments
In related news, Director Dennis Thomas St purchased 2,500 shares of Veeco Instruments stock in a transaction dated Monday, May 16th. The shares were acquired at an average cost of $21.60 per share, for a total transaction of $54,000.00. Following the transaction, the director now directly owns 52,429 shares of the company’s stock, valued at $1,132,466.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Veeco Instruments news, Director Dennis Thomas St acquired 2,500 shares of the company’s stock in a transaction that occurred on Monday, May 16th. The shares were acquired at an average price of $21.60 per share, with a total value of $54,000.00. Following the purchase, the director now owns 52,429 shares of the company’s stock, valued at approximately $1,132,466.40. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO John P. Kiernan acquired 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 11th. The shares were acquired at an average cost of $20.79 per share, for a total transaction of $103,950.00. Following the purchase, the chief financial officer now directly owns 89,158 shares in the company, valued at approximately $1,853,594.82. The disclosure for this purchase can be found here. 2.40% of the stock is owned by corporate insiders.
Veeco Instruments Company Profile
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Veeco Instruments Inc, together with its subsidiaries, develops, manufactures, sells, and supports semiconductor and thin film process equipment primarily to make electronic devices worldwide. The company offers laser annealing, ion beam deposition and etch, metal organic chemical vapor deposition, single wafer wet processing and surface preparation, molecular beam epitaxy, and atomic layer deposition and other deposition systems, as well as packaging lithography equipment.
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