Zacks Investment Research lowered shares of Veeco Instruments Inc. (NASDAQ:VECO) from a buy rating to a hold rating in a research note issued to investors on Thursday.

According to Zacks, “VEECO INSTRUMENTS INC. (DE) designs, manufactures, markets and services a broad line of precision beam etching and surface measurement systems used in the manufacture of microelectronic products. It sells its products worldwide to many of the leading semiconductor and data storage manufacturers. In addition, it sells its products to companies in the flat panel display and high frequency device industries, as well as to other industries, research and development centers and universities. “

A number of other research analysts have also weighed in on the company. Needham & Company LLC reissued a buy rating and set a $30.00 price target on shares of Veeco Instruments in a research note on Monday, February 13th. Benchmark Co. reissued a buy rating and set a $35.00 price target (up previously from $32.50) on shares of Veeco Instruments in a research note on Wednesday, March 22nd. Deutsche Bank AG reissued a buy rating and set a $32.00 price target (up previously from $28.00) on shares of Veeco Instruments in a research note on Thursday, January 12th. Bank of America Corp raised Veeco Instruments from a neutral rating to a buy rating and set a $32.00 price target on the stock in a research note on Friday, February 10th. Finally, Goldman Sachs Group Inc reissued a neutral rating and set a $24.00 price target on shares of Veeco Instruments in a research note on Thursday, January 12th. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average price target of $30.43.

Veeco Instruments (NASDAQ:VECO) traded up 2.220% during mid-day trading on Thursday, reaching $31.075. The company had a trading volume of 446,006 shares. The company’s market capitalization is $1.26 billion. Veeco Instruments has a 12 month low of $15.53 and a 12 month high of $31.10. The firm’s 50 day moving average price is $28.86 and its 200-day moving average price is $26.63.

Veeco Instruments (NASDAQ:VECO) last announced its earnings results on Thursday, February 16th. The semiconductor company reported $0.09 EPS for the quarter, beating analysts’ consensus estimates of $0.07 by $0.02. The firm had revenue of $93.60 million for the quarter, compared to analysts’ expectations of $93.41 million. Veeco Instruments had a negative return on equity of 4.59% and a negative net margin of 36.77%. Veeco Instruments’s quarterly revenue was down 12.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.01 EPS. Equities research analysts anticipate that Veeco Instruments will post $0.71 earnings per share for the current year.

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Hedge funds and other institutional investors have recently modified their holdings of the company. State of Alaska Department of Revenue raised its position in shares of Veeco Instruments by 1.8% in the first quarter. State of Alaska Department of Revenue now owns 4,480 shares of the semiconductor company’s stock valued at $133,000 after buying an additional 80 shares during the period. Columbus Circle Investors purchased a new position in shares of Veeco Instruments during the first quarter valued at $1,006,000. Louisiana State Employees Retirement System raised its position in shares of Veeco Instruments by 1.2% in the first quarter. Louisiana State Employees Retirement System now owns 16,500 shares of the semiconductor company’s stock valued at $493,000 after buying an additional 200 shares during the period. Bank of Montreal Can raised its position in shares of Veeco Instruments by 7.6% in the first quarter. Bank of Montreal Can now owns 5,506 shares of the semiconductor company’s stock valued at $165,000 after buying an additional 391 shares during the period. Finally, Creative Planning raised its position in shares of Veeco Instruments by 3.4% in the first quarter. Creative Planning now owns 3,624 shares of the semiconductor company’s stock valued at $108,000 after buying an additional 120 shares during the period. 95.13% of the stock is currently owned by institutional investors and hedge funds.

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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