Russell Investments Group Ltd. Raises Stake in Veeco Instruments Inc. (VECO)

Russell Investments Group Ltd. lifted its position in Veeco Instruments Inc. (NASDAQ:VECO) by 24.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 88,266 shares of the semiconductor company’s stock after acquiring an additional 17,106 shares during the quarter. Russell Investments Group Ltd. owned 0.18% of Veeco Instruments worth $1,888,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of VECO. Vanguard Group Inc. boosted its position in Veeco Instruments by 15.3% during the 2nd quarter. Vanguard Group Inc. now owns 4,167,222 shares of the semiconductor company’s stock valued at $116,057,000 after purchasing an additional 554,206 shares during the period. Dimensional Fund Advisors LP boosted its position in Veeco Instruments by 15.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,860,280 shares of the semiconductor company’s stock valued at $79,659,000 after purchasing an additional 381,884 shares during the period. Baillie Gifford & Co. boosted its position in Veeco Instruments by 58.9% during the 3rd quarter. Baillie Gifford & Co. now owns 927,683 shares of the semiconductor company’s stock valued at $19,853,000 after purchasing an additional 343,839 shares during the period. Renaissance Technologies LLC boosted its position in Veeco Instruments by 17.5% during the 2nd quarter. Renaissance Technologies LLC now owns 1,441,237 shares of the semiconductor company’s stock valued at $40,138,000 after purchasing an additional 214,477 shares during the period. Finally, State Street Corp boosted its position in Veeco Instruments by 20.4% during the 2nd quarter. State Street Corp now owns 1,123,557 shares of the semiconductor company’s stock valued at $31,290,000 after purchasing an additional 190,459 shares during the period. Institutional investors own 98.60% of the company’s stock.

A number of research analysts recently issued reports on the company. Benchmark restated a “buy” rating and set a $33.00 price objective on shares of Veeco Instruments in a research report on Thursday, October 5th. Zacks Investment Research raised Veeco Instruments from a “sell” rating to a “hold” rating in a research note on Thursday, October 5th. Needham & Company LLC cut their target price 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. Deutsche Bank set a $21.00 target price on Veeco Instruments and gave the company a “hold” rating in a research note on Wednesday, August 30th. Finally, ValuEngine downgraded Veeco Instruments from a “hold” rating to a “sell” rating in a research note on Friday, September 1st. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the stock. Veeco Instruments presently has a consensus rating of “Hold” and a consensus target price of $29.22.

Shares of Veeco Instruments Inc. (VECO) opened at $14.65 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. The firm has a market capitalization of $700.38, a price-to-earnings ratio of -14.65 and a beta of 0.72. Veeco Instruments Inc. has a 12 month low of $10.85 and a 12 month high of $34.38.

Veeco Instruments (NASDAQ:VECO) last posted its quarterly earnings data on Thursday, November 2nd. The semiconductor company reported $0.09 EPS for the quarter, topping the Zacks’ consensus estimate of ($0.07) by $0.16. Veeco Instruments had a negative return on equity of 0.73% and a negative net margin of 10.16%. The company had revenue of $131.87 million for the quarter, compared to the consensus estimate of $134.97 million. During the same quarter in the previous year, the business earned ($0.05) EPS. The company’s quarterly revenue was up 54.3% compared to the same quarter last year. equities research analysts expect that Veeco Instruments Inc. will post -0.01 earnings per share for the current fiscal year.

Veeco Instruments announced that its Board of Directors has initiated a share repurchase program on Monday, December 11th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the semiconductor company to repurchase shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

In other news, CEO John R. Peeler acquired 36,200 shares of the company’s stock in a transaction dated Wednesday, December 13th. The shares were bought at an average price of $13.81 per share, with a total value of $499,922.00. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP John P. Kiernan acquired 5,000 shares of the company’s stock in a transaction dated Wednesday, December 13th. The stock was purchased at an average cost of $13.65 per share, for a total transaction of $68,250.00. The disclosure for this purchase can be found here. Insiders bought a total of 63,700 shares of company stock worth $877,472 in the last three months. Company insiders own 2.90% of the company’s stock.

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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.

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

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