State of Alaska Department of Revenue raised its stake in Veeco Instruments Inc. (NASDAQ:VECO) by 111.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 9,469 shares of the semiconductor company’s stock after buying an additional 4,989 shares during the period. State of Alaska Department of Revenue’s holdings in Veeco Instruments were worth $263,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of Veeco Instruments by 5.2% in the first quarter. Vanguard Group Inc. now owns 3,613,016 shares of the semiconductor company’s stock worth $107,848,000 after buying an additional 179,949 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Veeco Instruments by 11.7% in the first quarter. Dimensional Fund Advisors LP now owns 2,478,396 shares of the semiconductor company’s stock worth $73,980,000 after buying an additional 259,648 shares in the last quarter. Neuberger Berman Group LLC boosted its position in shares of Veeco Instruments by 0.8% in the first quarter. Neuberger Berman Group LLC now owns 1,212,761 shares of the semiconductor company’s stock worth $36,201,000 after buying an additional 9,959 shares in the last quarter. State Street Corp raised its stake in Veeco Instruments by 7.1% in the first quarter. State Street Corp now owns 933,098 shares of the semiconductor company’s stock worth $27,860,000 after buying an additional 61,555 shares during the last quarter. Finally, Point72 Asset Management L.P. bought a new stake in Veeco Instruments during the first quarter worth approximately $13,116,000. Hedge funds and other institutional investors own 88.62% of the company’s stock.
Shares of Veeco Instruments Inc. (VECO) opened at 18.60 on Friday. The firm’s 50-day moving average price is $27.30 and its 200 day moving average price is $29.02. The stock’s market capitalization is $900.61 million. Veeco Instruments Inc. has a 12-month low of $18.35 and a 12-month high of $34.38.
Veeco Instruments (NASDAQ:VECO) last issued its earnings results on Thursday, August 3rd. The semiconductor company reported ($0.07) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.10) by $0.03. Veeco Instruments had a negative return on equity of 1.33% and a negative net margin of 23.65%. The business had revenue of $115.07 million during the quarter, compared to analysts’ expectations of $110.87 million. During the same period in the prior year, the firm posted ($0.19) EPS. Veeco Instruments’s quarterly revenue was up 52.7% compared to the same quarter last year. Analysts predict that Veeco Instruments Inc. will post $0.50 EPS for the current fiscal year.
A number of analysts recently commented on the company. KeyCorp decreased their price objective on Veeco Instruments from $34.00 to $31.00 and set an “overweight” rating on the stock in a research note on Friday. BidaskClub lowered Veeco Instruments from a “sell” rating to a “strong sell” rating in a research note on Thursday. Stifel Nicolaus reaffirmed a “buy” rating and set a $36.00 price objective (down previously from $38.00) on shares of Veeco Instruments in a research note on Wednesday, August 9th. Deutsche Bank AG lowered Veeco Instruments from a “buy” rating to a “hold” rating and decreased their price target for the stock from $35.00 to $30.00 in a research note on Friday, August 4th. Finally, Zacks Investment Research lowered Veeco Instruments from a “hold” rating to a “sell” rating in a research note on Saturday, July 22nd. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $33.50.
In related news, Director Peter J. Simone sold 4,257 shares of the stock in a transaction that occurred on Tuesday, May 30th. The stock was sold at an average price of $31.91, for a total transaction of $135,840.87. Following the sale, the director now directly owns 24,332 shares in the company, valued at approximately $776,434.12. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 2.90% of the stock is owned by corporate insiders.
About Veeco Instruments
Veeco Instruments Inc is engaged in the design, development, manufacture and support of thin film process equipment, primarily sold to make electronic devices. The Company’s geographical segments include the United States; China; Europe, Middle East and Africa (EMEA), and Rest of World (ROW). The Company’s portfolio of technology solutions focus on market areas, including Lighting, Display & Power Electronics; Advanced Packaging, micro-electromechanical systems (MEMS) & radio frequency (RF); Scientific & Industrial, and Data Storage.
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