Zacks: Brokerages Expect Veeco Instruments Inc. (VECO) Will Post Quarterly Sales of $134.65 Million

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Wall Street analysts expect Veeco Instruments Inc. (NASDAQ:VECO) to announce $134.65 million in sales for the current fiscal quarter, Zacks Investment Research reports. Two analysts have issued estimates for Veeco Instruments’ earnings, with estimates ranging from $134.30 million to $135.00 million. Veeco Instruments reported sales of $131.87 million during the same quarter last year, which would suggest a positive year over year growth rate of 2.1%. The firm is expected to issue its next quarterly earnings report on Thursday, November 1st.

On average, analysts expect that Veeco Instruments will report full year sales of $583.70 million for the current fiscal year, with estimates ranging from $581.40 million to $586.00 million. For the next fiscal year, analysts forecast that the firm will post sales of $587.50 million per share, with estimates ranging from $560.00 million to $615.00 million. Zacks Investment Research’s sales averages are an average based on a survey of research firms that follow Veeco Instruments.

Veeco Instruments (NASDAQ:VECO) last announced its quarterly earnings results on Thursday, August 2nd. The semiconductor company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.02. Veeco Instruments had a negative net margin of 47.49% and a positive return on equity of 1.26%. The company had revenue of $157.78 million for the quarter, compared to analysts’ expectations of $160.35 million. During the same quarter in the previous year, the company earned $0.15 earnings per share. Veeco Instruments’s quarterly revenue was up 40.6% on a year-over-year basis.

Several brokerages recently issued reports on VECO. Benchmark reiterated a “hold” rating on shares of Veeco Instruments in a research report on Wednesday. BidaskClub upgraded shares of Veeco Instruments from a “strong sell” rating to a “sell” rating in a research report on Saturday, September 1st. ValuEngine cut shares of Veeco Instruments from a “sell” rating to a “strong sell” rating in a research report on Friday, May 18th. Finally, Zacks Investment Research upgraded shares of Veeco Instruments from a “hold” rating to a “strong-buy” rating and set a $19.00 price target on the stock in a research report on Saturday, May 12th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $26.33.

Shares of NASDAQ VECO traded up $0.15 during midday trading on Thursday, hitting $11.80. 501,364 shares of the company traded hands, compared to its average volume of 674,893. Veeco Instruments has a 12-month low of $10.00 and a 12-month high of $22.35. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.94 and a quick ratio of 2.20. The stock has a market capitalization of $575.73 million, a P/E ratio of 56.19 and a beta of 0.51.

In other Veeco Instruments news, CFO Shubham Maheshwari acquired 5,000 shares of the business’s stock in a transaction on Thursday, August 23rd. The shares were acquired at an average price of $10.05 per share, for a total transaction of $50,250.00. Following the completion of the acquisition, the chief financial officer now owns 93,323 shares in the company, valued at $937,896.15. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, President William John Miller acquired 10,000 shares of the business’s stock in a transaction on Tuesday, August 7th. The stock was acquired at an average price of $11.80 per share, for a total transaction of $118,000.00. Following the acquisition, the president now owns 115,997 shares of the company’s stock, valued at approximately $1,368,764.60. The disclosure for this purchase can be found here. Insiders have purchased 33,900 shares of company stock worth $385,990 in the last quarter. 2.60% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Millennium Management LLC grew its holdings in Veeco Instruments by 506.8% in the second quarter. Millennium Management LLC now owns 145,186 shares of the semiconductor company’s stock worth $2,069,000 after purchasing an additional 121,258 shares during the period. Dynamic Technology Lab Private Ltd grew its holdings in Veeco Instruments by 136.7% in the second quarter. Dynamic Technology Lab Private Ltd now owns 31,035 shares of the semiconductor company’s stock worth $442,000 after purchasing an additional 17,922 shares during the period. Alambic Investment Management L.P. purchased a new stake in Veeco Instruments in the second quarter worth about $272,000. Dimensional Fund Advisors LP grew its holdings in Veeco Instruments by 5.4% in the second quarter. Dimensional Fund Advisors LP now owns 3,317,366 shares of the semiconductor company’s stock worth $47,273,000 after purchasing an additional 169,886 shares during the period. Finally, Legal & General Group Plc grew its holdings in Veeco Instruments by 5.9% in the second quarter. Legal & General Group Plc now owns 109,547 shares of the semiconductor company’s stock worth $1,564,000 after purchasing an additional 6,124 shares during the period. Institutional investors and hedge funds own 94.93% of the company’s stock.

About Veeco Instruments

Veeco Instruments Inc, together with its subsidiaries, develops, manufactures, sells, and supports semiconductor process equipment worldwide. It offers metal organic chemical vapor deposition systems; packaging lithography equipment; precision surface processing systems; laser annealing systems; ion beam etch and deposition systems; molecular beam epitaxy systems; 3D wafer inspection systems; and atomic layer deposition and other deposition systems.

Further Reading: What Factors Can Affect Return on Equity?

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