Corebridge Financial Inc. Reduces Stock Position in Veeco Instruments Inc. $VECO

Corebridge Financial Inc. lowered its position in shares of Veeco Instruments Inc. (NASDAQ:VECO) by 1.8% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 29,101 shares of the semiconductor company’s stock after selling 536 shares during the period. Corebridge Financial Inc.’s holdings in Veeco Instruments were worth $584,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Versant Capital Management Inc boosted its position in Veeco Instruments by 396.2% during the 1st quarter. Versant Capital Management Inc now owns 1,295 shares of the semiconductor company’s stock valued at $26,000 after buying an additional 1,034 shares during the period. Brooklyn Investment Group bought a new position in Veeco Instruments in the 1st quarter worth $37,000. Signaturefd LLC raised its holdings in Veeco Instruments by 213.9% in the 1st quarter. Signaturefd LLC now owns 3,139 shares of the semiconductor company’s stock worth $63,000 after purchasing an additional 2,139 shares in the last quarter. US Bancorp DE raised its holdings in Veeco Instruments by 33.6% in the 1st quarter. US Bancorp DE now owns 3,366 shares of the semiconductor company’s stock worth $68,000 after purchasing an additional 847 shares in the last quarter. Finally, KBC Group NV raised its holdings in Veeco Instruments by 75.9% in the 1st quarter. KBC Group NV now owns 3,672 shares of the semiconductor company’s stock worth $74,000 after purchasing an additional 1,584 shares in the last quarter. Hedge funds and other institutional investors own 98.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on VECO. Benchmark decreased their price objective on shares of Veeco Instruments from $31.00 to $28.00 and set a “buy” rating for the company in a report on Thursday, August 7th. Needham & Company LLC upped their price objective on shares of Veeco Instruments from $29.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, August 7th. Four research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $27.33.

Veeco Instruments Stock Up 2.6%

Shares of Veeco Instruments stock opened at $24.51 on Monday. The company has a debt-to-equity ratio of 0.26, a current ratio of 5.10 and a quick ratio of 3.43. The company has a 50-day moving average of $22.38 and a 200 day moving average of $20.99. The firm has a market cap of $1.47 billion, a price-to-earnings ratio of 24.03 and a beta of 1.23. Veeco Instruments Inc. has a 1 year low of $16.92 and a 1 year high of $34.34.

Veeco Instruments (NASDAQ:VECO) last issued its quarterly earnings results on Wednesday, August 6th. The semiconductor company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.14. The company had revenue of $166.10 million during the quarter, compared to analyst estimates of $151.31 million. Veeco Instruments had a net margin of 8.65% and a return on equity of 7.38%. Veeco Instruments’s quarterly revenue was down 5.6% compared to the same quarter last year. During the same period last year, the business earned $0.42 EPS. As a group, sell-side analysts anticipate that Veeco Instruments Inc. will post 0.76 earnings per share for the current fiscal year.

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.