Veeco Instruments Inc. (NASDAQ:VECO) Expected to Announce Quarterly Sales of $101.03 Million

Wall Street brokerages forecast that Veeco Instruments Inc. (NASDAQ:VECO) will report sales of $101.03 million for the current quarter, according to Zacks Investment Research. Three analysts have provided estimates for Veeco Instruments’ earnings. The lowest sales estimate is $100.30 million and the highest is $102.50 million. Veeco Instruments reported sales of $97.82 million during the same quarter last year, which indicates a positive year over year growth rate of 3.3%. The business is scheduled to report its next earnings report on Monday, August 3rd.

On average, analysts expect that Veeco Instruments will report full year sales of $427.73 million for the current year, with estimates ranging from $425.00 million to $433.20 million. For the next year, analysts forecast that the company will report sales of $493.40 million, with estimates ranging from $488.00 million to $500.20 million. Zacks Investment Research’s sales averages are an average based on a survey of research firms that follow Veeco Instruments.

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

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

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

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Swiss National Bank raised its holdings in shares of Veeco Instruments by 1.2% in the first quarter. Swiss National Bank now owns 94,821 shares of the semiconductor company’s stock worth $907,000 after buying an additional 1,100 shares during the last quarter. Comerica Bank raised its holdings in shares of Veeco Instruments by 3.0% in the first quarter. Comerica Bank now owns 47,435 shares of the semiconductor company’s stock worth $475,000 after buying an additional 1,380 shares during the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of Veeco Instruments by 60.7% in the first quarter. PNC Financial Services Group Inc. now owns 3,721 shares of the semiconductor company’s stock worth $35,000 after buying an additional 1,405 shares during the last quarter. Prudential Financial Inc. raised its holdings in shares of Veeco Instruments by 2.3% in the fourth quarter. Prudential Financial Inc. now owns 77,665 shares of the semiconductor company’s stock worth $1,140,000 after buying an additional 1,761 shares during the last quarter. Finally, First Trust Advisors LP raised its holdings in shares of Veeco Instruments by 4.3% in the first quarter. First Trust Advisors LP now owns 46,775 shares of the semiconductor company’s stock worth $507,000 after buying an additional 1,945 shares during the last quarter. 85.91% of the stock is owned by institutional investors and hedge funds.

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.

Further Reading: Total Return

Get a free copy of the Zacks research report on Veeco Instruments (VECO)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Veeco Instruments Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Veeco Instruments and related companies with MarketBeat.com's FREE daily email newsletter.