BlackRock Inc. trimmed its stake in shares of Universal Display Co. (NASDAQ:OLED – Get Rating) by 8.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,887,392 shares of the semiconductor company’s stock after selling 381,533 shares during the period. BlackRock Inc. owned about 8.23% of Universal Display worth $366,776,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Sigma Planning Corp grew its stake in shares of Universal Display by 9.1% during the 2nd quarter. Sigma Planning Corp now owns 8,185 shares of the semiconductor company’s stock worth $828,000 after purchasing an additional 686 shares during the period. Renaissance Technologies LLC boosted its stake in shares of Universal Display by 40.3% during the 3rd quarter. Renaissance Technologies LLC now owns 485,639 shares of the semiconductor company’s stock worth $45,820,000 after acquiring an additional 139,566 shares in the last quarter. Trexquant Investment LP grew its position in shares of Universal Display by 716.2% during the 2nd quarter. Trexquant Investment LP now owns 13,476 shares of the semiconductor company’s stock valued at $1,363,000 after acquiring an additional 11,825 shares during the period. Macquarie Group Ltd. increased its stake in shares of Universal Display by 1.3% in the 3rd quarter. Macquarie Group Ltd. now owns 887,666 shares of the semiconductor company’s stock valued at $83,824,000 after purchasing an additional 11,070 shares in the last quarter. Finally, Endurance Wealth Management Inc. raised its holdings in Universal Display by 1.7% in the 3rd quarter. Endurance Wealth Management Inc. now owns 134,671 shares of the semiconductor company’s stock worth $12,707,000 after purchasing an additional 2,263 shares during the period. 73.43% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
OLED has been the subject of a number of recent analyst reports. Citigroup boosted their price objective on Universal Display from $135.00 to $150.00 and gave the company a “buy” rating in a research report on Monday, February 27th. Oppenheimer lifted their target price on shares of Universal Display from $150.00 to $160.00 and gave the company an “outperform” rating in a research report on Friday, February 24th. Needham & Company LLC restated a “buy” rating and set a $148.00 price target on shares of Universal Display in a research report on Friday, February 24th. Deutsche Bank Aktiengesellschaft boosted their price objective on Universal Display from $130.00 to $150.00 in a research note on Thursday, February 16th. Finally, Susquehanna upgraded Universal Display from a “negative” rating to a “neutral” rating and boosted their price target for the stock from $82.00 to $135.00 in a research report on Thursday, January 19th. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $146.90.
Universal Display Stock Performance
Universal Display (NASDAQ:OLED – Get Rating) last posted its quarterly earnings data on Thursday, February 23rd. The semiconductor company reported $1.36 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.43. Universal Display had a net margin of 34.07% and a return on equity of 17.56%. The firm had revenue of $169.00 million during the quarter, compared to analysts’ expectations of $148.97 million. During the same quarter last year, the company posted $0.96 EPS. The firm’s quarterly revenue was up 15.6% on a year-over-year basis. As a group, equities research analysts forecast that Universal Display Co. will post 3.76 earnings per share for the current fiscal year.
Universal Display Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 31st. Stockholders of record on Friday, March 17th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Thursday, March 16th. This is an increase from Universal Display’s previous quarterly dividend of $0.30. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.99%. Universal Display’s payout ratio is currently 27.27%.
About Universal Display
Universal Display Corp. engages in the research, development, and commercialization of organic light emitting diode (OLED) technologies and materials. It also develops and licenses proprietary OLED technologies to manufacturers of products for display applications, such as cell phones, portable media devices, tablets, laptop computers and televisions, and specialty and general lighting products.
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