Franklin Resources Inc. Reduces Stock Position in Veeco Instruments Inc. (NASDAQ:VECO)

Franklin Resources Inc. trimmed its stake in Veeco Instruments Inc. (NASDAQ:VECO) by 66.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 28,688 shares of the semiconductor company’s stock after selling 57,655 shares during the period. Franklin Resources Inc. owned about 0.05% of Veeco Instruments worth $769,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of Veeco Instruments by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 7,477,260 shares of the semiconductor company’s stock worth $200,391,000 after acquiring an additional 110,825 shares in the last quarter. State Street Corp lifted its position in shares of Veeco Instruments by 1.5% in the third quarter. State Street Corp now owns 2,091,995 shares of the semiconductor company’s stock valued at $69,308,000 after acquiring an additional 30,008 shares in the last quarter. Geode Capital Management LLC lifted its position in Veeco Instruments by 1.7% during the third quarter. Geode Capital Management LLC now owns 1,337,321 shares of the semiconductor company’s stock worth $44,314,000 after buying an additional 22,850 shares in the last quarter. Wealthfront Advisers LLC acquired a new position in Veeco Instruments in the fourth quarter valued at approximately $29,676,000. Finally, Fisher Asset Management LLC increased its holdings in Veeco Instruments by 14.1% in the 4th quarter. Fisher Asset Management LLC now owns 1,106,888 shares of the semiconductor company’s stock valued at $29,665,000 after purchasing an additional 137,194 shares during the last quarter. 98.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Veeco Instruments

In related news, CFO John P. Kiernan sold 2,500 shares of Veeco Instruments stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $24.51, for a total value of $61,275.00. Following the transaction, the chief financial officer now directly owns 72,642 shares of the company’s stock, valued at $1,780,455.42. This trade represents a 3.33 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 2.40% of the stock is currently owned by company insiders.

Veeco Instruments Stock Down 5.1 %

Shares of NASDAQ:VECO opened at $18.34 on Thursday. Veeco Instruments Inc. has a 52 week low of $16.92 and a 52 week high of $49.25. The company’s fifty day moving average is $21.40 and its 200-day moving average is $25.89. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.69 and a current ratio of 3.98. The company has a market capitalization of $1.06 billion, a PE ratio of 14.79 and a beta of 1.12.

Veeco Instruments (NASDAQ:VECO) last released its quarterly earnings results on Wednesday, February 12th. The semiconductor company reported $0.26 EPS for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.14). Veeco Instruments had a return on equity of 9.38% and a net margin of 10.28%. Equities research analysts predict that Veeco Instruments Inc. will post 0.76 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on VECO shares. Oppenheimer reiterated an “outperform” rating and set a $35.00 price target (down previously from $40.00) on shares of Veeco Instruments in a research note on Friday, February 7th. Barclays reduced their target price on Veeco Instruments from $30.00 to $25.00 and set an “equal weight” rating on the stock in a report on Thursday, February 13th. StockNews.com raised shares of Veeco Instruments from a “sell” rating to a “hold” rating in a research report on Friday, February 28th. Needham & Company LLC cut their target price on shares of Veeco Instruments from $35.00 to $29.00 and set a “buy” rating on the stock in a research note on Thursday, February 13th. Finally, Benchmark dropped their target price on Veeco Instruments from $38.00 to $31.00 and set a “buy” rating on the stock in a research report on Thursday, February 13th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $32.43.

Veeco Instruments Profile

Veeco Instruments Inc, together with its subsidiaries, develops, manufactures, sells, and supports semiconductor and thin film process equipment primarily to make electronic devices in the United States, Europe, the Middle East, and Africa, China, Rest of the Asia-Pacific, and internationally. 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, advanced packaging lithography, atomic layer deposition, and other deposition systems.