Paradigm Capital Management Inc. NY Has $90.28 Million Stock Position in Veeco Instruments Inc. (NASDAQ:VECO)

Paradigm Capital Management Inc. NY decreased its position in shares of Veeco Instruments Inc. (NASDAQ:VECO) by 2.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,932,700 shares of the semiconductor company’s stock after selling 44,000 shares during the period. Veeco Instruments makes up 4.1% of Paradigm Capital Management Inc. NY’s holdings, making the stock its 6th biggest position. Paradigm Capital Management Inc. NY owned 3.40% of Veeco Instruments worth $90,276,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the company. Ulland Investment Advisors LLC acquired a new position in shares of Veeco Instruments in the first quarter valued at about $33,000. GAMMA Investing LLC grew its position in shares of Veeco Instruments by 237.4% during the 2nd quarter. GAMMA Investing LLC now owns 1,677 shares of the semiconductor company’s stock worth $78,000 after purchasing an additional 1,180 shares in the last quarter. nVerses Capital LLC increased its holdings in shares of Veeco Instruments by 733.3% during the second quarter. nVerses Capital LLC now owns 2,500 shares of the semiconductor company’s stock worth $117,000 after purchasing an additional 2,200 shares during the period. Montag A & Associates Inc. acquired a new stake in shares of Veeco Instruments in the first quarter valued at approximately $99,000. Finally, Ausbil Investment Management Ltd bought a new stake in shares of Veeco Instruments in the second quarter valued at approximately $200,000. Institutional investors own 98.46% of the company’s stock.

Veeco Instruments Price Performance

VECO stock opened at $31.78 on Tuesday. The stock has a market cap of $1.80 billion, a price-to-earnings ratio of -70.62 and a beta of 1.17. The company has a debt-to-equity ratio of 0.35, a current ratio of 3.52 and a quick ratio of 2.32. The company has a 50 day simple moving average of $35.91 and a 200 day simple moving average of $38.39. Veeco Instruments Inc. has a 1 year low of $23.63 and a 1 year high of $49.25.

Veeco Instruments (NASDAQ:VECO) last announced its quarterly earnings results on Tuesday, August 6th. The semiconductor company reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.01). Veeco Instruments had a return on equity of 12.03% and a net margin of 11.83%. The company had revenue of $175.88 million for the quarter, compared to analyst estimates of $176.03 million. During the same quarter last year, the company posted $0.21 earnings per share. The firm’s quarterly revenue was up 8.8% on a year-over-year basis. Research analysts anticipate that Veeco Instruments Inc. will post 1.2 EPS for the current fiscal year.

Insider Activity

In other news, CFO John P. Kiernan sold 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $29.04, for a total value of $72,600.00. Following the completion of the transaction, the chief financial officer now owns 85,142 shares of the company’s stock, valued at $2,472,523.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.40% of the company’s stock.

Wall Street Analyst Weigh In

VECO has been the topic of a number of recent research reports. Benchmark restated a “buy” rating and set a $42.00 price objective on shares of Veeco Instruments in a research note on Wednesday, August 7th. The Goldman Sachs Group dropped their price target on Veeco Instruments from $39.00 to $35.00 and set a “neutral” rating for the company in a research note on Thursday, August 8th. Citigroup cut shares of Veeco Instruments from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $45.00 to $50.00 in a research report on Monday, July 15th. Oppenheimer raised their target price on shares of Veeco Instruments from $45.00 to $55.00 and gave the company an “outperform” rating in a report on Thursday, June 27th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $55.00 price target on shares of Veeco Instruments in a research report on Wednesday, August 7th. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, Veeco Instruments has a consensus rating of “Moderate Buy” and a consensus price target of $45.57.

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 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.