Veeco Instruments (NASDAQ:VECO) Sets New 52-Week Low - Here's What Happened

Shares of Veeco Instruments Inc. (NASDAQ:VECO - Get Free Report) hit a new 52-week low during trading on Thursday . The stock traded as low as $22.60 and last traded at $22.73, with a volume of 77716 shares changing hands. The stock had previously closed at $23.54.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Barclays dropped their price target on shares of Veeco Instruments from $30.00 to $25.00 and set an "equal weight" rating for the company in a research note on Thursday, February 13th. StockNews.com raised Veeco Instruments from a "sell" rating to a "hold" rating in a research note on Friday. Citigroup reduced their price target on Veeco Instruments from $33.00 to $30.00 and set a "buy" rating on the stock in a research report on Thursday, February 13th. Oppenheimer reiterated an "outperform" rating and issued a $35.00 price objective (down previously from $40.00) on shares of Veeco Instruments in a research note on Friday, February 7th. Finally, The Goldman Sachs Group cut their target price on shares of Veeco Instruments from $35.00 to $30.00 and set a "neutral" rating on the stock in a research note on Thursday, November 7th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $32.43.

Veeco Instruments Stock Performance

The company has a market capitalization of $1.23 billion, a price-to-earnings ratio of 17.12 and a beta of 1.13. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.98 and a quick ratio of 2.69. The stock has a 50 day simple moving average of $25.69 and a two-hundred day simple moving average of $28.87.

Veeco Instruments (NASDAQ:VECO - Get Free Report) last issued its earnings results 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, analysts anticipate that Veeco Instruments Inc. will post 0.76 earnings per share for the current year.

Insider Activity

In related news, CFO John P. Kiernan sold 2,500 shares of Veeco Instruments stock in a transaction on Monday, February 10th. The shares were sold at an average price of $24.51, for a total transaction of $61,275.00. Following the sale, the chief financial officer now directly owns 72,642 shares in the company, valued at $1,780,455.42. This trade represents a 3.33 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 2.40% of the company's stock.

Hedge Funds Weigh In On Veeco Instruments

Several large investors have recently bought and sold shares of VECO. Wealthfront Advisers LLC acquired a new stake in shares of Veeco Instruments during the fourth quarter worth about $29,676,000. Wasatch Advisors LP grew its stake in Veeco Instruments by 50.3% during the 3rd quarter. Wasatch Advisors LP now owns 2,640,649 shares of the semiconductor company's stock worth $87,485,000 after buying an additional 883,815 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Veeco Instruments during the fourth quarter worth approximately $14,373,000. The Manufacturers Life Insurance Company lifted its stake in Veeco Instruments by 24.0% in the fourth quarter. The Manufacturers Life Insurance Company now owns 2,748,172 shares of the semiconductor company's stock valued at $73,651,000 after buying an additional 531,821 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings in shares of Veeco Instruments by 20.1% in the third quarter. The Manufacturers Life Insurance Company now owns 2,216,351 shares of the semiconductor company's stock valued at $73,428,000 after acquiring an additional 371,221 shares during the period. Institutional investors and hedge funds own 98.46% of the company's stock.

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.