Today’s Stock On Watch: Is Buying 52-Week Stock Like Veeco Instruments Inc. a Winning Strategy?

Today's Stock On Watch: Is Buying 52 Week Stock Like Veeco Instruments Inc. a Winning Strategy?

The stock of Veeco Instruments Inc. (NASDAQ:VECO) hit a new 52-week high and has $30.86 target or 39.00% above today’s $22.20 share price. The 8 months bullish chart indicates low risk for the $904.23M company. The 1-year high was reported on Oct, 10 by Barchart.com. If the $30.86 price target is reached, the company will be worth $352.65M more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 81,842 shares traded hands. Veeco Instruments Inc. (NASDAQ:VECO) has risen 13.56% since March 7, 2016 and is uptrending. It has outperformed by 5.97% the S&P500.

Analysts await Veeco Instruments Inc. (NASDAQ:VECO) to report earnings on October, 26. They expect $-0.31 EPS, down 247.62% or $0.52 from last year’s $0.21 per share. After $-0.29 actual EPS reported by Veeco Instruments Inc. for the previous quarter, Wall Street now forecasts 6.90% negative EPS growth.

Veeco Instruments Inc. (NASDAQ:VECO) Ratings Coverage

Out of 10 analysts covering Veeco Instruments (NASDAQ:VECO), 6 rate it a “Buy”, 0 “Sell”, while 4 “Hold”. This means 60% are positive. Veeco Instruments has been the topic of 17 analyst reports since August 5, 2015 according to StockzIntelligence Inc. The stock has “Buy” rating given by Benchmark on Monday, September 12. The stock of Veeco Instruments Inc. (NASDAQ:VECO) earned “Buy” rating by UBS on Thursday, October 6. The stock of Veeco Instruments Inc. (NASDAQ:VECO) earned “Hold” rating by Summit Research on Monday, April 4. On Thursday, October 29 the stock rating was downgraded by JP Morgan to “Neutral”. Pacific Crest initiated the shares of VECO in a report on Friday, May 13 with “Overweight” rating. Summit Research upgraded the stock to “Hold” rating in Friday, December 11 report. The firm earned “Buy” rating on Thursday, October 29 by Benchmark. The stock of Veeco Instruments Inc. (NASDAQ:VECO) has “Buy” rating given on Tuesday, August 2 by Deutsche Bank. The stock has “Hold” rating given by Deutsche Bank on Wednesday, October 14. KeyBanc Capital Markets maintained the stock with “Overweight” rating in Thursday, October 6 report.

According to Zacks Investment Research, “VEECO INSTRUMENTS INC. (DE) designs, manufactures, markets and services a broad line of precision beam etching and surface measurement systems used in the manufacture of microelectronic products. It sells its products worldwide to many of the leading semiconductor and data storage manufacturers. In addition, it sells its products to companies in the flat panel display and high frequency device industries, as well as to other industries, research and development centers and universities.”

Insitutional Activity: The institutional sentiment decreased to 1.09 in Q2 2016. Its down 0.47, from 1.56 in 2016Q1. The ratio is negative, as 16 funds sold all Veeco Instruments Inc. shares owned while 40 reduced positions. 11 funds bought stakes while 50 increased positions. They now own 38.19 million shares or 0.68% more from 37.93 million shares in 2016Q1.
Bnp Paribas Arbitrage, a New York-based fund reported 12,435 shares. Pinebridge Investments Ltd Partnership has 5,018 shares for 0% of their US portfolio. The United Kingdom-based Blackrock Group Limited has invested 0.01% in Veeco Instruments Inc. (NASDAQ:VECO). Umb Comml Bank N A Mo accumulated 13,200 shares or 0.01% of the stock. Allianz Asset Mgmt Ag holds 0% of its portfolio in Veeco Instruments Inc. (NASDAQ:VECO) for 377,090 shares. Glenmede Tru Na last reported 50 shares in the company. Louisiana State Employees Retirement Sys last reported 0.02% of its portfolio in the stock. Moreover, Pinnacle Advisory has 0.33% invested in Veeco Instruments Inc. (NASDAQ:VECO) for 259,927 shares. The Georgia-based Voya Investment Management Ltd Liability Company has invested 0.03% in Veeco Instruments Inc. (NASDAQ:VECO). Westpac Bk, a Australia-based fund reported 39,000 shares. Blackrock Fund Advsr, a California-based fund reported 2.60 million shares. Brown Brothers Harriman & accumulated 280 shares or 0% of the stock. Pdts Prtn Lc has invested 0.05% of its portfolio in Veeco Instruments Inc. (NASDAQ:VECO). Eagle Asset Inc last reported 2.37M shares in the company. Bessemer Inc accumulated 136 shares or 0% of the stock.

More notable recent Veeco Instruments Inc. (NASDAQ:VECO) news were published by: Fool.com which released: “Veeco Instruments, Inc. Stock Jumps on Second-Quarter Results” on August 02, 2016, also Quotes.Wsj.com with their article: “News Veeco Instruments Inc.VECO” published on February 12, 2011, Fool.com published: “Why Veeco Instruments Inc. Stock Slid on Tuesday” on February 23, 2016. More interesting news about Veeco Instruments Inc. (NASDAQ:VECO) were released by: Fool.com and their article: “Veeco Instruments Inc. Tumbles on Weak Outlook” published on October 29, 2015 as well as Fool.com‘s news article titled: “Why Veeco Instruments Inc. Stock Has Been on a Roller Coaster” with publication date: November 11, 2015.

VECO Company Profile

Veeco Instruments Inc., incorporated on August 8, 1989, designs, makes, markets and supports thin film equipment. The Company’s equipment is used to make electronic devices, including light emitting diodes (LED), micro-electromechanical systems (MEMS), wireless devices, power electronics, hard disk drives (HDDs) and semiconductors. The Firm operates in four geographic regions: United States; China; Europe, the Middle East and Africa, and the Rest of World.

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