Veeco Instruments Inc. (NASDAQ:VECO - Get Free Report)'s share price hit a new 52-week low during mid-day trading on Wednesday following insider selling activity. The company traded as low as $27.34 and last traded at $27.38, with a volume of 49046 shares. The stock had previously closed at $27.97.
Specifically, CFO John P. Kiernan sold 2,500 shares of the firm's stock in a transaction dated 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 transaction, the chief financial officer now directly owns 80,142 shares in the company, valued at $2,297,671.14. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website.
Analyst Ratings Changes
Several research analysts have recently issued reports on the company. 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. Oppenheimer reduced their price objective on Veeco Instruments from $45.00 to $40.00 and set an "outperform" rating for the company in a research note on Thursday, November 7th. Benchmark reduced their price target on Veeco Instruments from $42.00 to $38.00 and set a "buy" rating for the company in a research report on Thursday, November 7th. StockNews.com upgraded Veeco Instruments from a "sell" rating to a "hold" rating in a research report on Monday. Finally, The Goldman Sachs Group reduced their price target on Veeco Instruments from $35.00 to $30.00 and set a "neutral" rating for the company in a research report on Thursday, November 7th. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, Veeco Instruments currently has a consensus rating of "Moderate Buy" and an average target price of $42.14.
Read Our Latest Stock Report on Veeco Instruments
Veeco Instruments Stock Performance
The company has a debt-to-equity ratio of 0.33, a current ratio of 3.54 and a quick ratio of 2.41. The firm has a fifty day simple moving average of $30.76 and a 200 day simple moving average of $37.31. The company has a market capitalization of $1.55 billion, a price-to-earnings ratio of 20.22 and a beta of 1.17.
Veeco Instruments (NASDAQ:VECO - Get Free Report) last issued its quarterly earnings data on Wednesday, November 6th. The semiconductor company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.45 by $0.01. Veeco Instruments had a return on equity of 10.92% and a net margin of 11.34%. The company had revenue of $184.80 million for the quarter, compared to analyst estimates of $180.57 million. During the same period last year, the company earned $0.41 earnings per share. Veeco Instruments's quarterly revenue was up 4.2% compared to the same quarter last year. On average, analysts anticipate that Veeco Instruments Inc. will post 1.2 earnings per share for the current fiscal year.
Institutional Trading of Veeco Instruments
Institutional investors have recently bought and sold shares of the business. Texas Permanent School Fund Corp boosted its stake in shares of Veeco Instruments by 1.3% in the first quarter. Texas Permanent School Fund Corp now owns 49,310 shares of the semiconductor company's stock worth $1,734,000 after acquiring an additional 639 shares during the last quarter. Quantbot Technologies LP boosted its stake in shares of Veeco Instruments by 45.4% in the first quarter. Quantbot Technologies LP now owns 12,818 shares of the semiconductor company's stock worth $451,000 after acquiring an additional 4,000 shares during the last quarter. SG Americas Securities LLC acquired a new stake in shares of Veeco Instruments in the first quarter worth approximately $217,000. Sei Investments Co. boosted its stake in shares of Veeco Instruments by 130.7% in the first quarter. Sei Investments Co. now owns 48,075 shares of the semiconductor company's stock worth $1,691,000 after acquiring an additional 27,234 shares during the last quarter. Finally, ProShare Advisors LLC boosted its stake in shares of Veeco Instruments by 13.7% in the first quarter. ProShare Advisors LLC now owns 14,592 shares of the semiconductor company's stock worth $513,000 after acquiring an additional 1,755 shares during the last quarter. 98.46% of the stock is owned by institutional investors and hedge funds.
About Veeco Instruments
(
Get 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.
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