Veeco Instruments Inc. (NASDAQ:VECO) is Paradigm Capital Management Inc. NY's 6th Largest Position

Paradigm Capital Management Inc. NY lowered its position in shares of Veeco Instruments Inc. (NASDAQ:VECO - Free Report) by 2.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,932,700 shares of the semiconductor company's stock after selling 44,000 shares during the period. Veeco Instruments accounts for approximately 4.1% of Paradigm Capital Management Inc. NY's portfolio, making the stock its 6th largest position. Paradigm Capital Management Inc. NY owned 3.40% of Veeco Instruments worth $90,276,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Public Sector Pension Investment Board raised its holdings in Veeco Instruments by 7.9% during the second quarter. Public Sector Pension Investment Board now owns 124,628 shares of the semiconductor company's stock worth $5,821,000 after purchasing an additional 9,140 shares in the last quarter. Sei Investments Co. raised its stake in Veeco Instruments by 57.2% during the 2nd quarter. Sei Investments Co. now owns 75,551 shares of the semiconductor company's stock worth $3,529,000 after acquiring an additional 27,476 shares in the last quarter. Inspire Investing LLC lifted its position in Veeco Instruments by 88.2% in the second quarter. Inspire Investing LLC now owns 19,180 shares of the semiconductor company's stock valued at $896,000 after acquiring an additional 8,988 shares during the last quarter. First Eagle Investment Management LLC boosted its stake in Veeco Instruments by 11.2% in the second quarter. First Eagle Investment Management LLC now owns 325,698 shares of the semiconductor company's stock valued at $15,213,000 after acquiring an additional 32,850 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV acquired a new position in Veeco Instruments in the second quarter valued at $320,000. 98.46% of the stock is currently owned by institutional investors and hedge funds.

Veeco Instruments Stock Performance

Veeco Instruments stock traded up $0.16 during trading hours on Tuesday, reaching $31.94. 467,913 shares of the stock were exchanged, compared to its average volume of 661,863. The stock has a market cap of $1.81 billion, a P/E ratio of -70.98 and a beta of 1.17. The firm's 50 day moving average is $35.91 and its 200 day moving average is $38.39. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.32 and a current ratio of 3.52. Veeco Instruments Inc. has a 52-week low of $23.63 and a 52-week high of $49.25.

Veeco Instruments (NASDAQ:VECO - Get Free Report) last issued its earnings results on Tuesday, August 6th. The semiconductor company reported $0.42 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.43 by ($0.01). Veeco Instruments had a return on equity of 12.03% and a net margin of 11.83%. The business had revenue of $175.88 million for the quarter, compared to analysts' expectations of $176.03 million. During the same period last year, the company posted $0.21 earnings per share. The business's quarterly revenue was up 8.8% on a year-over-year basis. Analysts predict that Veeco Instruments Inc. will post 1.2 EPS for the current fiscal year.

Insider Activity

In other Veeco Instruments news, CFO John P. Kiernan sold 2,500 shares of the business's stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $29.04, for a total transaction of $72,600.00. Following the sale, the chief financial officer now directly owns 85,142 shares in the company, valued at $2,472,523.68. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 2.40% of the company's stock.

Wall Street Analysts Forecast Growth

VECO has been the subject of several research reports. Benchmark reissued a "buy" rating and issued a $42.00 target price on shares of Veeco Instruments in a report on Wednesday, August 7th. Needham & Company LLC restated a "buy" rating and set a $55.00 target price on shares of Veeco Instruments in a research report on Wednesday, August 7th. Citigroup downgraded shares of Veeco Instruments from a "buy" rating to a "neutral" rating and upped their price target for the company from $45.00 to $50.00 in a research report on Monday, July 15th. Oppenheimer increased their price target on shares of Veeco Instruments from $45.00 to $55.00 and gave the stock an "outperform" rating in a research note on Thursday, June 27th. Finally, Northland Securities dropped their price objective on shares of Veeco Instruments from $53.00 to $47.00 and set an "outperform" rating on the stock in a research note on Wednesday, August 7th. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $45.57.

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 in the United States, Europe, the Middle East, and Africa, China, Rest of the Asia-Pacific, and internationally. 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, advanced packaging lithography, atomic layer deposition, and other deposition systems.