Neuberger Berman Group LLC grew its stake in shares of Veeco Instruments Inc. (NASDAQ:VECO) by 7.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,266,600 shares of the semiconductor company’s stock after buying an additional 83,135 shares during the quarter. Neuberger Berman Group LLC owned 2.62% of Veeco Instruments worth $27,105,000 at the end of the most recent quarter.
Several other large investors also recently made changes to their positions in VECO. Ameritas Investment Partners Inc. grew its stake in shares of Veeco Instruments by 32.9% during the second quarter. Ameritas Investment Partners Inc. now owns 4,143 shares of the semiconductor company’s stock valued at $115,000 after buying an additional 1,026 shares during the last quarter. Bank of Montreal Can grew its stake in shares of Veeco Instruments by 4.8% during the second quarter. Bank of Montreal Can now owns 5,771 shares of the semiconductor company’s stock valued at $161,000 after buying an additional 265 shares during the last quarter. Stifel Financial Corp bought a new position in shares of Veeco Instruments during the second quarter valued at about $202,000. Aperio Group LLC bought a new position in shares of Veeco Instruments during the third quarter valued at about $218,000. Finally, Laurion Capital Management LP bought a new position in shares of Veeco Instruments during the second quarter valued at about $237,000. 98.60% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Veeco Instruments Inc. (NASDAQ:VECO) opened at $14.50 on Friday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.11 and a current ratio of 2.61. Veeco Instruments Inc. has a 1-year low of $10.85 and a 1-year high of $34.38.
Veeco Instruments announced that its Board of Directors has approved a stock buyback program on Monday, December 11th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the semiconductor company to repurchase shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.
In other news, CEO John R. Peeler bought 36,200 shares of the company’s stock in a transaction dated Wednesday, December 13th. The stock was bought at an average cost of $13.81 per share, for a total transaction of $499,922.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP John P. Kiernan bought 5,000 shares of the company’s stock in a transaction dated Wednesday, December 13th. The shares were purchased at an average price of $13.65 per share, with a total value of $68,250.00. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 63,700 shares of company stock valued at $877,472. 2.90% of the stock is currently owned by company insiders.
VECO has been the topic of a number of recent research reports. Benchmark reaffirmed a “buy” rating and set a $33.00 price objective on shares of Veeco Instruments in a research note on Thursday, October 5th. Needham & Company LLC reduced their price objective on Veeco Instruments from $36.00 to $27.00 and set a “buy” rating on the stock in a research note on Wednesday, August 30th. KeyCorp cut Veeco Instruments to a “hold” rating in a research note on Wednesday, October 25th. Deutsche Bank set a $21.00 price objective on Veeco Instruments and gave the company a “hold” rating in a research note on Wednesday, August 30th. Finally, Zacks Investment Research raised Veeco Instruments from a “sell” rating to a “hold” rating in a research note on Thursday, October 5th. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $29.22.
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Veeco Instruments Company Profile
Veeco Instruments Inc is engaged in the design, development, manufacture and support of thin film process equipment, primarily sold to make electronic devices. The Company’s geographical segments include the United States; China; Europe, Middle East and Africa (EMEA), and Rest of World (ROW). The Company’s portfolio of technology solutions focus on market areas, including Lighting, Display & Power Electronics; Advanced Packaging, micro-electromechanical systems (MEMS) & radio frequency (RF); Scientific & Industrial, and Data Storage.
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