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PDT Partners LLC Takes Position in Veeco Instruments Inc. (NASDAQ:VECO)

Veeco Instruments logo with Computer and Technology background

PDT Partners LLC acquired a new position in Veeco Instruments Inc. (NASDAQ:VECO - Free Report) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 63,657 shares of the semiconductor company's stock, valued at approximately $2,109,000. PDT Partners LLC owned 0.11% of Veeco Instruments at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Tidal Investments LLC lifted its stake in Veeco Instruments by 280.7% in the first quarter. Tidal Investments LLC now owns 38,949 shares of the semiconductor company's stock valued at $1,370,000 after buying an additional 28,719 shares during the period. Assenagon Asset Management S.A. lifted its stake in Veeco Instruments by 5.6% in the second quarter. Assenagon Asset Management S.A. now owns 598,014 shares of the semiconductor company's stock valued at $27,933,000 after buying an additional 31,482 shares during the period. Great Lakes Advisors LLC acquired a new position in shares of Veeco Instruments during the second quarter worth approximately $4,219,000. Janus Henderson Group PLC raised its position in shares of Veeco Instruments by 122.9% during the first quarter. Janus Henderson Group PLC now owns 63,325 shares of the semiconductor company's stock worth $2,226,000 after purchasing an additional 34,921 shares during the period. Finally, Driehaus Capital Management LLC raised its position in shares of Veeco Instruments by 119.3% during the second quarter. Driehaus Capital Management LLC now owns 1,458,288 shares of the semiconductor company's stock worth $68,117,000 after purchasing an additional 793,429 shares during the period. 98.46% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CFO John P. Kiernan sold 2,500 shares of Veeco Instruments stock in a transaction on Monday, November 11th. The stock was sold at an average price of $28.67, for a total value of $71,675.00. Following the completion of the sale, the chief financial officer now owns 80,142 shares of the company's stock, valued at $2,297,671.14. The trade was a 3.03 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In the last quarter, insiders sold 7,500 shares of company stock valued at $225,850. Corporate insiders own 2.40% of the company's stock.

Veeco Instruments Price Performance

VECO traded up $0.24 during trading on Friday, reaching $27.87. 490,422 shares of the company were exchanged, compared to its average volume of 620,303. The company's 50-day moving average is $29.91 and its two-hundred day moving average is $36.47. The company has a market cap of $1.58 billion, a price-to-earnings ratio of 20.64 and a beta of 1.17. Veeco Instruments Inc. has a 12-month low of $25.52 and a 12-month high of $49.25. The company has a quick ratio of 2.41, a current ratio of 3.54 and a debt-to-equity ratio of 0.33.

Veeco Instruments (NASDAQ:VECO - Get Free Report) last announced its quarterly earnings data on Wednesday, November 6th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.45 by $0.01. The business had revenue of $184.80 million during the quarter, compared to analysts' expectations of $180.57 million. Veeco Instruments had a return on equity of 10.92% and a net margin of 11.34%. The firm's quarterly revenue was up 4.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.41 earnings per share. Research analysts forecast that Veeco Instruments Inc. will post 1.12 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Oppenheimer lowered their target price on Veeco Instruments from $45.00 to $40.00 and set an "outperform" rating on the stock in a research report on Thursday, November 7th. The Goldman Sachs Group decreased their price target on Veeco Instruments from $35.00 to $30.00 and set a "neutral" rating for the company in a report on Thursday, November 7th. Needham & Company LLC restated a "buy" rating and issued a $55.00 price objective on shares of Veeco Instruments in a research note on Wednesday, August 7th. Benchmark reduced their price objective on Veeco Instruments from $42.00 to $38.00 and set a "buy" rating for the company in a research note on Thursday, November 7th. Finally, Northland Securities reduced their price objective on Veeco Instruments from $53.00 to $47.00 and set an "outperform" rating for the company in a research note on Wednesday, August 7th. One analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $42.14.

Read Our Latest Stock Report on Veeco Instruments

Veeco Instruments Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Veeco Instruments (NASDAQ:VECO)

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