Paradigm Capital Management, Inc. recently announced the acquisition of new stake in Veeco Instruments Inc. (NASDAQ:VECO). The institutional investor has increased its shareholding in the Technology company by 8,482.38% to 1.8 million shares with purchase of 1.78 million shares. This fresh investment now brings its stake to 3.65% valued currently at $24.37 million. In addition, Invesco Capital Management LLC raised its holdings by 0.67 million to 1.56 million shares. And SSgA Funds Management, Inc. has lifted its position by 2.25% or 32794.0 shares – to 1.49 million shares.
With over 1.28 million Veeco Instruments Inc. (VECO) shares trading Tuesday and a closing price of $12.23 on the day, the dollar volume was approximately $15.68 million. The shares have shown a negative weekly performance of -1.92% and its price on 09/01/20 gained nearly 2.86%. Currently, there are 49.62M common shares owned by the public and among those 48.16M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 5 analysts who have offered their price forecasts for VECO have a consensus price objective of $17.70. The analysts have set the share’s price value over the next 12 months at a high of $20.00 and a low of $13.50 should the stock experience a downside. Incidentally, analysts’ outlook for the Veeco Instruments Inc. stock is 1.80 for the next 12 months. The average price target is 30.9% above its last price level and an upside to the estimated low will see the stock gain 9.41% over that period. But an upside of 38.85% will see the stock hit the forecast high price target while mean target price for the stock is $18.00.
Insiders at the company have transacted a total of 52 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 24 of these insider trades were purchases, accounting for 242,432 shares. Insider sales of the common stock occurred on 28 occasions, with total insider shares sold totaling 48,300 shares.
The top 3 mutual fund holders in Veeco Instruments Inc. are Invesco Oppenheimer Global Opport, iShares Core S&P Small Cap ETF, and American Funds Small Cap World Fu. Invesco Oppenheimer Global Opport owns 4.0 million shares of the company’s stock, all valued at over $54.08 million. iShares Core S&P Small Cap ETF bought 11004.0 shares to see its total holdings expand to 3.08 million shares valued at over $41.6 million and representing 6.23% of the shares outstanding. American Funds Small Cap World Fu now owns shares totaling to 3.01% of the shares outstanding.
Shares of Veeco Instruments Inc. (NASDAQ: VECO) opened at $11.97, up $0.08 from a prior closing price of $11.89. However, the script later closed the day at $12.23, up 2.86%. The company’s stock has a 5-day price change of -1.92% and -0.89% over the past three months. VECO shares are trading -16.72% year to date (YTD), with the 12-month market performance up to 35.89% higher. It has a 12-month low price of $7.42 and touched a high of $19.21 over the same period. Currently, 1.28 million shares have been traded, compared to an average intraday trading volume of 610.15K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -6.63%, -7.70%, and -5.26% respectively.
Institutional ownership of Veeco Instruments Inc. (NASDAQ: VECO) shares accounts for 99.60% of the company’s 49.62M shares outstanding. Mutual fund holders own 38.98%, while other institutional holders and individual stakeholders account for 57.00% and 10.05% respectively.
It has a market capitalization of $601.47M and a beta (3y monthly) value of 1.22. The earnings-per-share (ttm) stands at -$1.12. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.16% over the week and 4.60% over the month.
Analysts forecast that Veeco Instruments Inc. (VECO) will achieve an EPS of $0.2 for the current quarter, $0.26 for the next quarter and $1.03 for 2021. The lowest estimate earnings-per-share for the quarter is $0.16 while analysts give the company a high EPS estimate of $0.24. Comparatively, EPS for the current quarter was $0.05 a year ago. Earnings per share for the fiscal year are expected to increase by 80.90%, and 29.00% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 5 brokerage firm advisors rate Veeco Instruments Inc. (VECO) as a “Strong Buy” at a consensus score of 1.80. Specifically, 4 Wall Street analysts polled rate the stock as a buy, while 1 of the 5 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the VECO, a number of firms have released research notes about the stock. Oppenheimer stated their Outperform rating for the stock in a research note on June 05, 2020, with the firm’s price target at $18. Stifel coverage for the Veeco Instruments Inc. (VECO) stock in a research note released on March 03, 2020 offered a Buy rating with a price target of $18. The Benchmark Company was of a view on November 05, 2019 that the stock is Buy, while Stifel gave the stock Hold rating on March 06, 2019, issuing a price target of $12. The Benchmark Company on their part issued Hold rating on August 03, 2018.