State of New Jersey Common Pension Fund D lowered its stake in Universal Display Corporation (NASDAQ:OLED) by 25.4% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 160,200 shares of the semiconductor company’s stock after selling 54,500 shares during the period. State of New Jersey Common Pension Fund D owned approximately 0.34% of Universal Display Corporation worth $17,502,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Bank of America Corp DE boosted its position in Universal Display Corporation by 33.4% in the first quarter. Bank of America Corp DE now owns 72,951 shares of the semiconductor company’s stock valued at $6,281,000 after buying an additional 18,272 shares in the last quarter. Oppenheimer Asset Management Inc. bought a new position in shares of Universal Display Corporation during the first quarter valued at approximately $792,000. Russell Investments Group Ltd. boosted its position in shares of Universal Display Corporation by 292.4% in the first quarter. Russell Investments Group Ltd. now owns 66,412 shares of the semiconductor company’s stock valued at $5,717,000 after buying an additional 49,488 shares during the period. Strs Ohio boosted its position in shares of Universal Display Corporation by 115.4% in the first quarter. Strs Ohio now owns 5,600 shares of the semiconductor company’s stock valued at $482,000 after buying an additional 3,000 shares during the period. Finally, Westwood Management Corp IL boosted its position in shares of Universal Display Corporation by 70.0% in the second quarter. Westwood Management Corp IL now owns 17,000 shares of the semiconductor company’s stock valued at $1,857,000 after buying an additional 7,000 shares during the period. 67.49% of the stock is owned by institutional investors.
Universal Display Corporation (NASDAQ OLED) traded down 2.10% during mid-day trading on Friday, reaching $109.80. The company’s stock had a trading volume of 745,340 shares. The company has a market cap of $5.16 billion, a price-to-earnings ratio of 63.65 and a beta of 1.05. Universal Display Corporation has a 52-week low of $47.88 and a 52-week high of $130.65. The firm has a 50 day moving average price of $116.49 and a 200 day moving average price of $99.12.
Universal Display Corporation (NASDAQ:OLED) last announced its earnings results on Thursday, August 3rd. The semiconductor company reported $0.99 earnings per share for the quarter, topping analysts’ consensus estimates of $0.68 by $0.31. Universal Display Corporation had a return on equity of 14.90% and a net margin of 31.15%. The firm had revenue of $102.50 million for the quarter, compared to the consensus estimate of $84.81 million. During the same quarter in the previous year, the business earned $0.46 EPS. The company’s revenue was up 59.2% compared to the same quarter last year. Equities research analysts anticipate that Universal Display Corporation will post $2.14 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Saturday, September 30th. Stockholders of record on Friday, September 15th will be paid a $0.03 dividend. The ex-dividend date is Thursday, September 14th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.11%. Universal Display Corporation’s payout ratio is presently 6.94%.
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Several brokerages recently commented on OLED. Zacks Investment Research raised Universal Display Corporation from a “hold” rating to a “strong-buy” rating and set a $134.00 price target for the company in a research report on Wednesday, May 17th. Susquehanna Bancshares Inc reissued a “positive” rating and set a $150.00 price target (up from $120.00) on shares of Universal Display Corporation in a research report on Wednesday, August 9th. BidaskClub cut Universal Display Corporation from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 17th. Goldman Sachs Group, Inc. (The) reissued a “buy” rating and set a $150.00 price target (up from $140.00) on shares of Universal Display Corporation in a research report on Wednesday, August 9th. Finally, Cross Research upgraded Universal Display Corporation from a “hold” rating to a “buy” rating and set a $115.00 price objective on the stock in a research note on Friday, May 5th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $118.00.
In related news, CEO Steven V. Abramson sold 18,000 shares of Universal Display Corporation stock in a transaction that occurred on Wednesday, July 19th. The shares were sold at an average price of $124.53, for a total value of $2,241,540.00. Following the sale, the chief executive officer now owns 262,888 shares of the company’s stock, valued at approximately $32,737,442.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Leonard Becker sold 3,750 shares of Universal Display Corporation stock in a transaction that occurred on Wednesday, May 24th. The stock was sold at an average price of $114.24, for a total transaction of $428,400.00. Following the completion of the sale, the director now directly owns 13,750 shares in the company, valued at approximately $1,570,800. The disclosure for this sale can be found here. Insiders sold a total of 31,750 shares of company stock worth $3,919,940 in the last 90 days. Company insiders own 5.70% of the company’s stock.
Universal Display Corporation Company Profile
Universal Display Corporation is engaged in the research, development and commercialization of organic light emitting diode (OLED), technologies and materials for use in display and solid-state lighting applications. The Company also supplies its OLED materials to manufacturers of OLED displays and lighting products for evaluation and for use in product development and for pre-commercial activities, and it also provides technical assistance and support to these manufacturers.
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