Zacks Investment Research Lowers Veeco Instruments (NASDAQ:VECO) to Sell

Veeco Instruments (NASDAQ:VECO) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Friday, Zacks.com reports.

According to Zacks, “Veeco Instruments Inc. is engaged in the design, development, manufacture and support of thin film process equipment, primarily sold to make electronic devices. Veeco’s process equipment solutions enable the manufacture of LEDs, power electronics, hard drives, MEMS and wireless chips. They are the market leader in MOCVD, MBE, Ion Beam and other advanced thin film process technologies. 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. The Company’s System products include Metal Organic Chemical Vapor Deposition Systems, Precision Surface Processing Systems, Ion Beam Etch and Deposition Systems, Molecular Beam Epitaxy Systems, and Other Deposition and Industrial Products. The Company’s original name Veeco stood for Vacuum Electronic Equipment Company. “

A number of other analysts have also issued reports on the company. BidaskClub upgraded Veeco Instruments from a “strong sell” rating to a “sell” rating in a research note on Tuesday. Northland Securities set a $19.00 price objective on Veeco Instruments and gave the company a “buy” rating in a research note on Friday, September 6th. ValuEngine lowered Veeco Instruments from a “hold” rating to a “sell” rating in a research note on Wednesday. Finally, Benchmark reiterated a “buy” rating and set a $15.00 price objective on shares of Veeco Instruments in a research note on Thursday, May 16th. Three analysts have rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $15.50.

Shares of NASDAQ:VECO traded up $0.21 during midday trading on Friday, reaching $11.40. 6,468 shares of the company traded hands, compared to its average volume of 240,726. The company has a quick ratio of 2.36, a current ratio of 3.29 and a debt-to-equity ratio of 0.71. Veeco Instruments has a 12 month low of $6.27 and a 12 month high of $15.00. The firm has a market capitalization of $547.97 million, a price-to-earnings ratio of -285.50 and a beta of 1.31. The firm’s fifty day moving average price is $10.73 and its two-hundred day moving average price is $11.59.

Veeco Instruments (NASDAQ:VECO) last released its quarterly earnings data on Monday, August 5th. The semiconductor company reported ($0.16) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.02). Veeco Instruments had a negative net margin of 44.39% and a negative return on equity of 5.61%. The company had revenue of $97.80 million for the quarter, compared to the consensus estimate of $101.43 million. During the same quarter in the previous year, the firm posted $0.15 earnings per share. The business’s revenue for the quarter was down 38.0% compared to the same quarter last year. Analysts forecast that Veeco Instruments will post -0.44 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of Montreal Can lifted its holdings in Veeco Instruments by 17.4% in the 1st quarter. Bank of Montreal Can now owns 8,998 shares of the semiconductor company’s stock worth $98,000 after buying an additional 1,333 shares during the period. Glen Harbor Capital Management LLC raised its position in shares of Veeco Instruments by 11.2% in the 2nd quarter. Glen Harbor Capital Management LLC now owns 11,374 shares of the semiconductor company’s stock worth $139,000 after acquiring an additional 1,144 shares in the last quarter. Elkfork Partners LLC raised its position in shares of Veeco Instruments by 11.2% in the 2nd quarter. Elkfork Partners LLC now owns 14,476 shares of the semiconductor company’s stock worth $177,000 after acquiring an additional 1,456 shares in the last quarter. Meadow Creek Investment Management LLC raised its position in shares of Veeco Instruments by 11.2% in the 2nd quarter. Meadow Creek Investment Management LLC now owns 17,578 shares of the semiconductor company’s stock worth $215,000 after acquiring an additional 1,768 shares in the last quarter. Finally, Aperio Group LLC raised its position in shares of Veeco Instruments by 7.5% in the 2nd quarter. Aperio Group LLC now owns 18,886 shares of the semiconductor company’s stock worth $231,000 after acquiring an additional 1,310 shares in the last quarter. Institutional investors and hedge funds own 91.56% of the company’s stock.

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 worldwide. It offers metal organic chemical vapor deposition systems; packaging lithography equipment; precision surface processing systems; laser annealing systems; ion beam deposition and etch systems; molecular beam epitaxy systems; 3D wafer inspection systems; and atomic layer deposition and other deposition systems.

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