Veeco Instruments (NASDAQ:VECO) Issues Q2 Earnings Guidance

Veeco Instruments (NASDAQ:VECO – Get Rating) issued an update on its second quarter earnings guidance on Monday morning. The company provided EPS guidance of $0.22-0.34 for the period, compared to the consensus EPS estimate of $0.38. The company issued revenue guidance of $150-170 million, compared to the consensus revenue estimate of $161.57 million.Veeco Instruments also updated its Q2 2022 guidance to $0.22-$0.34 EPS.

Shares of VECO stock traded up $0.21 during trading hours on Thursday, reaching $21.24. 733,866 shares of the stock were exchanged, compared to its average volume of 512,289. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.90 and a quick ratio of 2.00. The firm has a market capitalization of $1.08 billion, a P/E ratio of 43.35 and a beta of 1.35. The business’s fifty day moving average is $25.83 and its two-hundred day moving average is $26.73. Veeco Instruments has a 12-month low of $18.68 and a 12-month high of $32.40.

Veeco Instruments (NASDAQ:VECO – Get Rating) last released its quarterly earnings results on Monday, May 9th. The semiconductor company reported $0.31 EPS for the quarter, topping the consensus estimate of $0.29 by $0.02. The firm had revenue of $156.30 million for the quarter, compared to analyst estimates of $154.95 million. Veeco Instruments had a return on equity of 13.67% and a net margin of 4.46%. Veeco Instruments’s revenue for the quarter was up 16.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.19 EPS. As a group, equities research analysts predict that Veeco Instruments will post 1.38 earnings per share for the current fiscal year.

VECO has been the topic of a number of research analyst reports. StockNews.com initiated coverage on Veeco Instruments in a report on Thursday, March 31st. They issued a hold rating on the stock. Zacks Investment Research upgraded shares of Veeco Instruments from a hold rating to a buy rating and set a $27.00 price target on the stock in a report on Wednesday, April 20th. Barclays upped their price objective on shares of Veeco Instruments from $27.00 to $35.00 in a report on Wednesday, January 12th. Oppenheimer decreased their price target on shares of Veeco Instruments from $40.00 to $35.00 in a research note on Thursday, May 5th. Finally, Benchmark boosted their target price on shares of Veeco Instruments from $28.00 to $35.00 in a research report on Wednesday, January 12th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of Buy and an average target price of $32.14.

In related news, CFO John P. Kiernan bought 5,000 shares of the company’s stock in a transaction dated Wednesday, May 11th. The shares were bought at an average price of $20.79 per share, for a total transaction of $103,950.00. Following the completion of the acquisition, the chief financial officer now directly owns 89,158 shares of the company’s stock, valued at $1,853,594.82. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 2.40% of the company’s stock.

Several large investors have recently bought and sold shares of the company. BlackRock Inc. lifted its stake in shares of Veeco Instruments by 0.3% in the first quarter. BlackRock Inc. now owns 7,766,583 shares of the semiconductor company’s stock valued at $211,174,000 after purchasing an additional 23,434 shares during the period. Geode Capital Management LLC boosted its stake in shares of Veeco Instruments by 2.3% during the 4th quarter. Geode Capital Management LLC now owns 915,205 shares of the semiconductor company’s stock valued at $26,055,000 after buying an additional 20,350 shares during the period. Bank of New York Mellon Corp grew its position in Veeco Instruments by 5.9% in the 1st quarter. Bank of New York Mellon Corp now owns 520,086 shares of the semiconductor company’s stock worth $14,139,000 after purchasing an additional 29,035 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Veeco Instruments by 2.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 356,403 shares of the semiconductor company’s stock valued at $10,147,000 after acquiring an additional 7,499 shares in the last quarter. Finally, Millennium Management LLC grew its position in Veeco Instruments by 57.2% during the 4th quarter. Millennium Management LLC now owns 213,683 shares of the semiconductor company’s stock worth $6,084,000 after acquiring an additional 77,750 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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