Veeco Instruments (NASDAQ:VECO) Sets New 12-Month Low - Here's What Happened

Shares of Veeco Instruments Inc. (NASDAQ:VECO - Get Free Report) reached a new 52-week low during mid-day trading on Friday . The stock traded as low as $19.96 and last traded at $20.07, with a volume of 128576 shares changing hands. The stock had previously closed at $20.91.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on VECO. Barclays cut their price target on shares of Veeco Instruments from $30.00 to $25.00 and set an "equal weight" rating on the stock in a research report on Thursday, February 13th. Oppenheimer restated an "outperform" rating and set a $35.00 target price (down previously from $40.00) on shares of Veeco Instruments in a research report on Friday, February 7th. StockNews.com upgraded Veeco Instruments from a "sell" rating to a "hold" rating in a report on Friday, February 28th. Citigroup dropped their price target on Veeco Instruments from $33.00 to $30.00 and set a "buy" rating on the stock in a research note on Thursday, February 13th. Finally, Needham & Company LLC lowered their price objective on shares of Veeco Instruments from $35.00 to $29.00 and set a "buy" rating for the company in a research note on Thursday, February 13th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $32.43.

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Veeco Instruments Price Performance

The business has a 50-day moving average price of $23.10 and a two-hundred day moving average price of $26.97. The company has a quick ratio of 2.69, a current ratio of 3.98 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $1.18 billion, a price-to-earnings ratio of 16.37 and a beta of 1.24.

Veeco Instruments (NASDAQ:VECO - Get Free Report) last released its quarterly earnings data on Wednesday, February 12th. The semiconductor company reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.40 by ($0.14). Veeco Instruments had a return on equity of 9.38% and a net margin of 10.28%. As a group, research analysts anticipate that Veeco Instruments Inc. will post 0.76 EPS for the current year.

Insiders Place Their Bets

In other news, CFO John P. Kiernan sold 2,500 shares of the firm's stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $24.51, for a total value of $61,275.00. Following the transaction, the chief financial officer now owns 72,642 shares in the company, valued at $1,780,455.42. This trade represents a 3.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 2.40% of the company's stock.

Institutional Investors Weigh In On Veeco Instruments

Institutional investors and hedge funds have recently bought and sold shares of the stock. Mackenzie Financial Corp boosted its holdings in Veeco Instruments by 6.1% during the 4th quarter. Mackenzie Financial Corp now owns 9,391 shares of the semiconductor company's stock worth $252,000 after acquiring an additional 538 shares during the last quarter. Public Employees Retirement System of Ohio boosted its holdings in Veeco Instruments by 86.9% during the fourth quarter. Public Employees Retirement System of Ohio now owns 110,838 shares of the semiconductor company's stock worth $2,970,000 after purchasing an additional 51,526 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Veeco Instruments by 17.2% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 164,871 shares of the semiconductor company's stock worth $4,419,000 after purchasing an additional 24,154 shares in the last quarter. Voloridge Investment Management LLC increased its stake in Veeco Instruments by 125.2% in the 4th quarter. Voloridge Investment Management LLC now owns 349,785 shares of the semiconductor company's stock valued at $9,374,000 after buying an additional 194,495 shares during the last quarter. Finally, Sherbrooke Park Advisers LLC bought a new position in shares of Veeco Instruments during the 4th quarter worth approximately $377,000. 98.46% of the stock is owned by hedge funds and other institutional investors.

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 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.