Veeco Instruments (NASDAQ:VECO) Sets New 1-Year High After Earnings Beat

Veeco Instruments Inc. (NASDAQ:VECO) shares reached a new 52-week high during trading on Friday following a stronger than expected earnings report. The company traded as high as $17.79 and last traded at $17.50, with a volume of 55756 shares. The stock had previously closed at $16.37.

The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.12. Veeco Instruments had a negative return on equity of 6.97% and a negative net margin of 47.03%. The business had revenue of $113.20 million during the quarter, compared to analyst estimates of $109.90 million.

VECO has been the subject of a number of recent analyst reports. BidaskClub lowered Veeco Instruments from a “strong-buy” rating to a “buy” rating in a report on Saturday, February 1st. Northland Securities reissued a “buy” rating and issued a $19.00 price objective on shares of Veeco Instruments in a report on Friday, November 29th. ValuEngine raised Veeco Instruments from a “sell” rating to a “hold” rating in a report on Tuesday, February 4th. Benchmark reissued a “buy” rating and issued a $20.00 price objective on shares of Veeco Instruments in a report on Friday. Finally, Zacks Investment Research lowered Veeco Instruments from a “strong-buy” rating to a “hold” rating in a report on Saturday, January 11th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $17.25.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in VECO. Banque Cantonale Vaudoise acquired a new stake in Veeco Instruments in the fourth quarter worth approximately $85,000. Victory Capital Management Inc. lifted its position in Veeco Instruments by 35.8% in the fourth quarter. Victory Capital Management Inc. now owns 9,283 shares of the semiconductor company’s stock worth $136,000 after purchasing an additional 2,447 shares during the period. Cornerstone Investment Partners LLC acquired a new stake in Veeco Instruments in the fourth quarter worth approximately $151,000. Marshall Wace LLP acquired a new stake in Veeco Instruments in the fourth quarter worth approximately $166,000. Finally, Jane Street Group LLC acquired a new stake in Veeco Instruments in the fourth quarter worth approximately $185,000. Hedge funds and other institutional investors own 85.75% of the company’s stock.

The stock has a market capitalization of $800.54 million, a price-to-earnings ratio of -4.42 and a beta of 1.33. The company has a quick ratio of 2.47, a current ratio of 3.42 and a debt-to-equity ratio of 0.75. The business has a 50-day simple moving average of $14.91 and a two-hundred day simple moving average of $13.06.

Veeco Instruments Company Profile (NASDAQ:VECO)

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.

Recommended Story: Gross Domestic Product (GDP)

Receive News & Ratings for Veeco Instruments Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Veeco Instruments and related companies with MarketBeat.com's FREE daily email newsletter.