Veeco Instruments (NASDAQ:VECO) Updates Q2 2022 Earnings Guidance

Veeco Instruments (NASDAQ:VECOGet Rating) updated its second quarter 2022 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of $0.22-$0.34 for the period, compared to the consensus estimate of $0.38. The company issued revenue guidance of $150.00 million-$170.00 million, compared to the consensus revenue estimate of $161.83 million.

A number of analysts recently commented on VECO shares. Oppenheimer decreased their price objective on Veeco Instruments from $40.00 to $35.00 in a research note on Thursday, May 5th. StockNews.com started coverage on shares of Veeco Instruments in a research note on Thursday, March 31st. They set a hold rating on the stock. Finally, Zacks Investment Research lowered shares of Veeco Instruments from a buy rating to a hold rating in a research report on Wednesday, May 18th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of Hold and a consensus target price of $32.14.

Shares of VECO stock opened at $21.14 on Monday. The firm’s 50-day simple moving average is $24.95 and its 200-day simple moving average is $26.61. The company has a debt-to-equity ratio of 0.63, a current ratio of 2.58 and a quick ratio of 1.77. Veeco Instruments has a 1-year low of $18.68 and a 1-year high of $32.40. The firm has a market cap of $1.08 billion, a P/E ratio of 31.09 and a beta of 1.35.

Veeco Instruments (NASDAQ:VECOGet Rating) last issued its earnings results on Monday, May 9th. The semiconductor company reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.02. Veeco Instruments had a return on equity of 15.58% and a net margin of 6.09%. The business had revenue of $156.30 million for the quarter, compared to analyst estimates of $154.95 million. During the same period last year, the company posted $0.19 EPS. The business’s quarterly revenue was up 16.9% on a year-over-year basis. Analysts expect that Veeco Instruments will post 1.25 earnings per share for the current fiscal year.

In other Veeco Instruments news, Director Dennis Thomas St bought 2,500 shares of Veeco Instruments stock in a transaction dated Monday, May 16th. The stock was bought at an average cost of $21.60 per share, for a total transaction of $54,000.00. Following the purchase, the director now owns 52,429 shares in the company, valued at approximately $1,132,466.40. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO John P. Kiernan purchased 5,000 shares of the firm’s stock in a transaction dated Wednesday, May 11th. The shares were bought at an average cost of $20.79 per share, with a total value of $103,950.00. Following the transaction, the chief financial officer now directly owns 89,158 shares of the company’s stock, valued at approximately $1,853,594.82. The disclosure for this purchase can be found here. 2.40% of the stock is owned by corporate insiders.

A number of large investors have recently bought and sold shares of the stock. BlackRock Inc. raised its stake in Veeco Instruments by 0.3% during the first quarter. BlackRock Inc. now owns 7,766,583 shares of the semiconductor company’s stock valued at $211,174,000 after buying an additional 23,434 shares in the last quarter. Invesco Ltd. raised its position in shares of Veeco Instruments by 22.6% during the 1st quarter. Invesco Ltd. now owns 5,364,379 shares of the semiconductor company’s stock valued at $145,858,000 after acquiring an additional 988,143 shares in the last quarter. Wasatch Advisors Inc. lifted its stake in Veeco Instruments by 28.7% during the first quarter. Wasatch Advisors Inc. now owns 3,221,333 shares of the semiconductor company’s stock worth $87,588,000 after purchasing an additional 718,458 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Veeco Instruments by 1.5% in the first quarter. Dimensional Fund Advisors LP now owns 1,787,878 shares of the semiconductor company’s stock worth $48,615,000 after purchasing an additional 27,237 shares during the period. Finally, State Street Corp increased its stake in Veeco Instruments by 3.5% during the first quarter. State Street Corp now owns 1,597,748 shares of the semiconductor company’s stock valued at $43,443,000 after purchasing an additional 53,968 shares during the last quarter. Institutional investors and hedge funds own 97.66% of the company’s stock.

Veeco Instruments Company Profile (Get Rating)

Veeco Instruments Inc, together with its subsidiaries, develops, manufactures, sells, and supports semiconductor and thin film process equipment primarily to make electronic devices worldwide. The company offers laser annealing, ion beam deposition and etch, metal organic chemical vapor deposition, single wafer wet processing and surface preparation, molecular beam epitaxy, and atomic layer deposition and other deposition systems, as well as packaging lithography equipment.

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