Veeco Instruments (VECO) Stock Rating Reaffirmed by Northland Securities

Veeco Instruments (NASDAQ:VECO)‘s stock had its “buy” rating reiterated by Northland Securities in a note issued to investors on Monday, May 6th, AnalystRatings.com reports. They presently have a $14.00 target price on the semiconductor company’s stock. Northland Securities’ target price points to a potential upside of 21.85% from the company’s current price.

The analysts wrote, “We expect VECO to report revenue in the upper half of guidance of $85M to $105M and above the mid point of non- GAAP EPS guidance of ($0.30) to ($0.10). This is above our estimate of ($0.23) on $100M and consensus of ($0.21) on $96M. More importantly we expect numbers to move higher on a mix shift to higher margin sales going forward. In particular, we believe demand for Ion Beam deposition for HDD and EUV mask blanks will be strong for the foreseeable future. We believe these product gross margins is significantly higher than mid 30% and likely in the high 40% or low 50% range. In addition, we expect higher volumes should also help to expand gross margins moving throughout the year.””

A number of other equities analysts have also recently commented on the stock. Zacks Investment Research raised shares of Veeco Instruments from a “sell” rating to a “hold” rating in a research note on Wednesday, April 17th. BidaskClub raised shares of Veeco Instruments from a “hold” rating to a “buy” rating in a research note on Friday, April 5th. ValuEngine raised shares of Veeco Instruments from a “sell” rating to a “hold” rating in a research note on Thursday, April 4th. Stifel Nicolaus cut shares of Veeco Instruments from a “buy” rating to a “hold” rating and set a $12.00 price target for the company. in a research note on Wednesday, March 6th. Finally, Benchmark reaffirmed a “hold” rating on shares of Veeco Instruments in a research note on Tuesday, February 12th. Two research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $14.25.

Shares of VECO stock traded down $0.53 on Monday, hitting $11.49. 232,700 shares of the stock traded hands, compared to its average volume of 320,404. The company has a debt-to-equity ratio of 0.69, a current ratio of 3.32 and a quick ratio of 2.34. The company has a market capitalization of $585.01 million, a price-to-earnings ratio of -287.25 and a beta of 1.31. Veeco Instruments has a 52 week low of $6.27 and a 52 week high of $18.70.

Veeco Instruments (NASDAQ:VECO) last announced its quarterly earnings results on Monday, May 6th. The semiconductor company reported ($0.21) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.09. The company had revenue of $99.37 million for the quarter, compared to the consensus estimate of $96.75 million. Veeco Instruments had a negative net margin of 84.86% and a negative return on equity of 3.17%. Veeco Instruments’s revenue for the quarter was down 37.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.20 EPS. Equities research analysts expect that Veeco Instruments will post -0.41 earnings per share for the current fiscal year.

Several large investors have recently bought and sold shares of the company. BlueMountain Capital Management LLC bought a new stake in shares of Veeco Instruments in the 1st quarter valued at about $138,000. SEI Investments Co raised its stake in shares of Veeco Instruments by 94.8% during the 1st quarter. SEI Investments Co now owns 7,888 shares of the semiconductor company’s stock worth $86,000 after acquiring an additional 3,839 shares in the last quarter. Pinebridge Investments L.P. bought a new position in shares of Veeco Instruments during the 1st quarter worth approximately $655,000. Geode Capital Management LLC raised its stake in shares of Veeco Instruments by 3.9% during the 1st quarter. Geode Capital Management LLC now owns 587,919 shares of the semiconductor company’s stock worth $6,373,000 after acquiring an additional 22,259 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Veeco Instruments by 6.4% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 274,895 shares of the semiconductor company’s stock worth $2,980,000 after acquiring an additional 16,448 shares in the last quarter. Institutional investors and hedge funds own 91.30% of the company’s stock.

About Veeco Instruments

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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