Zacks: Analysts Expect Veeco Instruments Inc. (NASDAQ:VECO) Will Announce Quarterly Sales of $101.03 Million

Wall Street brokerages forecast that Veeco Instruments Inc. (NASDAQ:VECO) will announce sales of $101.03 million for the current quarter, Zacks reports. Three analysts have issued estimates for Veeco Instruments’ earnings, with the highest sales estimate coming in at $102.50 million and the lowest estimate coming in at $100.30 million. Veeco Instruments posted sales of $97.82 million in the same quarter last year, which suggests a positive year-over-year growth rate of 3.3%. The firm is expected to report its next earnings report on Monday, August 3rd.

According to Zacks, analysts expect that Veeco Instruments will report full year sales of $427.73 million for the current financial year, with estimates ranging from $425.00 million to $433.20 million. For the next fiscal year, analysts expect that the company will post sales of $493.40 million, with estimates ranging from $488.00 million to $500.20 million. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that cover Veeco Instruments.

Veeco Instruments (NASDAQ:VECO) last released its earnings results on Thursday, May 7th. The semiconductor company reported $0.22 EPS for the quarter, beating the Zacks’ consensus estimate of $0.06 by $0.16. The business had revenue of $104.50 million for the quarter, compared to analysts’ expectations of $103.41 million. Veeco Instruments had a positive return on equity of 0.05% and a negative net margin of 14.32%. The firm’s revenue was up 5.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.14) earnings per share.

A number of research analysts recently commented on the company. Stifel Nicolaus raised Veeco Instruments from a “hold” rating to a “buy” rating and increased their target price for the company from $14.00 to $18.00 in a research note on Tuesday, March 3rd. Oppenheimer assumed coverage on Veeco Instruments in a research note on Thursday, June 4th. They issued an “outperform” rating and a $18.00 target price on the stock. Northland Securities reissued a “buy” rating and issued a $20.00 target price on shares of Veeco Instruments in a research note on Friday, May 29th. ValuEngine upgraded shares of Veeco Instruments from a “sell” rating to a “hold” rating in a research report on Thursday, April 2nd. Finally, Zacks Investment Research upgraded shares of Veeco Instruments from a “sell” rating to a “hold” rating in a research report on Thursday, March 12th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $18.40.

VECO traded down $0.37 during trading on Friday, reaching $12.57. The stock had a trading volume of 637,341 shares, compared to its average volume of 815,792. The company has a quick ratio of 2.89, a current ratio of 3.89 and a debt-to-equity ratio of 0.83. Veeco Instruments has a one year low of $7.42 and a one year high of $19.21. The business has a 50-day moving average of $12.41 and a 200-day moving average of $12.75.

A number of hedge funds and other institutional investors have recently bought and sold shares of VECO. State Street Corp boosted its holdings in shares of Veeco Instruments by 3.8% during the first quarter. State Street Corp now owns 1,454,702 shares of the semiconductor company’s stock worth $13,921,000 after purchasing an additional 53,668 shares during the period. Royal Bank of Canada boosted its holdings in shares of Veeco Instruments by 181.6% during the first quarter. Royal Bank of Canada now owns 18,820 shares of the semiconductor company’s stock worth $180,000 after purchasing an additional 12,136 shares during the period. Public Employees Retirement Association of Colorado boosted its holdings in shares of Veeco Instruments by 309.5% during the first quarter. Public Employees Retirement Association of Colorado now owns 10,754 shares of the semiconductor company’s stock worth $103,000 after purchasing an additional 8,128 shares during the period. Engineers Gate Manager LP purchased a new stake in shares of Veeco Instruments during the first quarter worth about $129,000. Finally, Squarepoint Ops LLC boosted its holdings in shares of Veeco Instruments by 13.1% during the first quarter. Squarepoint Ops LLC now owns 91,080 shares of the semiconductor company’s stock worth $872,000 after purchasing an additional 10,564 shares during the period. Institutional investors and hedge funds own 85.91% of the company’s stock.

Veeco Instruments Company Profile

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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