Griffin Asset Management Inc. lifted its holdings in shares of Universal Display Co. (NASDAQ:OLED) by 8.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 56,238 shares of the semiconductor company’s stock after purchasing an additional 4,191 shares during the quarter. Griffin Asset Management Inc. owned 0.12% of Universal Display worth $4,836,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also modified their holdings of OLED. Epoch Investment Partners Inc. lifted its position in Universal Display by 2.3% in the 2nd quarter. Epoch Investment Partners Inc. now owns 3,518,398 shares of the semiconductor company’s stock worth $302,583,000 after buying an additional 78,075 shares during the last quarter. BlackRock Inc. lifted its position in Universal Display by 17.6% in the 1st quarter. BlackRock Inc. now owns 1,985,898 shares of the semiconductor company’s stock worth $200,576,000 after buying an additional 297,565 shares during the last quarter. Millennium Management LLC lifted its position in Universal Display by 479.7% in the 2nd quarter. Millennium Management LLC now owns 740,149 shares of the semiconductor company’s stock worth $63,653,000 after buying an additional 612,476 shares during the last quarter. Wells Fargo & Company MN lifted its position in Universal Display by 8.0% in the 2nd quarter. Wells Fargo & Company MN now owns 703,597 shares of the semiconductor company’s stock worth $60,509,000 after buying an additional 52,030 shares during the last quarter. Finally, Frontier Capital Management Co. LLC lifted its position in Universal Display by 18.7% in the 2nd quarter. Frontier Capital Management Co. LLC now owns 694,409 shares of the semiconductor company’s stock worth $59,719,000 after buying an additional 109,468 shares during the last quarter. 72.63% of the stock is owned by institutional investors.
OLED stock traded down $5.21 during midday trading on Friday, hitting $116.95. The company had a trading volume of 909,064 shares, compared to its average volume of 1,327,349. Universal Display Co. has a 52 week low of $78.75 and a 52 week high of $209.00. The company has a market capitalization of $5.55 billion, a P/E ratio of 48.13 and a beta of 1.81.
Universal Display (NASDAQ:OLED) last announced its quarterly earnings data on Thursday, August 9th. The semiconductor company reported $0.23 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.15 by $0.08. Universal Display had a return on equity of 11.59% and a net margin of 22.76%. The firm had revenue of $56.15 million during the quarter, compared to the consensus estimate of $49.64 million. During the same quarter in the previous year, the company posted $0.99 earnings per share. The business’s revenue was down 45.2% on a year-over-year basis. On average, equities analysts forecast that Universal Display Co. will post 1.83 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 28th. Investors of record on Saturday, September 15th were issued a dividend of $0.06 per share. The ex-dividend date of this dividend was Thursday, September 13th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.21%. Universal Display’s dividend payout ratio is presently 9.88%.
A number of research firms recently weighed in on OLED. Zacks Investment Research upgraded Universal Display from a “sell” rating to a “hold” rating in a research report on Saturday, August 11th. CIBC boosted their target price on Universal Display from $120.00 to $140.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 25th. BidaskClub upgraded Universal Display from a “hold” rating to a “buy” rating in a research report on Thursday, August 30th. ValuEngine upgraded Universal Display from a “sell” rating to a “hold” rating in a research report on Tuesday, July 10th. Finally, Needham & Company LLC boosted their price objective on Universal Display from $130.00 to $145.00 and gave the company a “buy” rating in a research report on Friday, August 10th. Three equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Universal Display presently has a consensus rating of “Buy” and a consensus target price of $167.58.
In related news, VP Mauro Premutico sold 10,044 shares of the company’s stock in a transaction that occurred on Tuesday, September 4th. The stock was sold at an average price of $123.63, for a total transaction of $1,241,739.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Lawrence Lacerte sold 15,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 14th. The shares were sold at an average price of $119.51, for a total value of $1,792,650.00. Following the transaction, the director now owns 348,950 shares of the company’s stock, valued at approximately $41,703,014.50. The disclosure for this sale can be found here. 4.00% of the stock is owned by corporate insiders.
About Universal Display
Universal Display Corporation engages in the research, development, and commercialization of organic light emitting diode (OLED) technologies and materials for use in flat panel displays and solid-state lighting applications. As of February 22, 2018, it owned or had exclusive and co-exclusive licenses, or had sole license rights with respect to approximately 4,500 issued and pending patents worldwide.
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