Universal Display (NASDAQ:OLED) Trading 11.4% Higher on Earnings Beat

Universal Display Co. (NASDAQ:OLED) shares were up 11.4% on Thursday following a better than expected earnings announcement. The company traded as high as $137.95 and last traded at $139.93. Approximately 839,592 shares changed hands during mid-day trading, an increase of 48% from the average daily volume of 565,619 shares. The stock had previously closed at $125.63.

The semiconductor company reported $1.35 EPS for the quarter, topping analysts’ consensus estimates of $1.07 by $0.28. Universal Display had a net margin of 34.29% and a return on equity of 15.51%. The firm had revenue of $166.28 million during the quarter, compared to analyst estimates of $154.76 million. During the same period in the previous year, the business posted $1.19 earnings per share. The business’s revenue for the quarter was up .6% on a year-over-year basis.

Universal Display Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be given a dividend of $0.45 per share. The ex-dividend date is Monday, June 16th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.25%. Universal Display’s payout ratio is currently 37.42%.

Wall Street Analyst Weigh In

OLED has been the topic of several analyst reports. Needham & Company LLC reaffirmed a “buy” rating and set a $170.00 price target on shares of Universal Display in a report on Friday. Citigroup dropped their target price on shares of Universal Display from $200.00 to $162.00 and set a “neutral” rating for the company in a report on Monday, February 10th. The Goldman Sachs Group lowered their price objective on Universal Display from $234.00 to $203.00 and set a “buy” rating on the stock in a research report on Thursday, February 6th. Susquehanna cut their target price on Universal Display from $165.00 to $160.00 and set a “neutral” rating for the company in a research report on Friday, February 21st. Finally, Roth Mkm lifted their target price on Universal Display from $207.00 to $213.00 and gave the company a “buy” rating in a research note on Friday, February 21st. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $190.43.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Barclays PLC raised its position in shares of Universal Display by 753.8% during the 3rd quarter. Barclays PLC now owns 212,518 shares of the semiconductor company’s stock valued at $44,608,000 after buying an additional 187,627 shares in the last quarter. Wilmington Savings Fund Society FSB raised its position in Universal Display by 2.8% during the third quarter. Wilmington Savings Fund Society FSB now owns 4,272 shares of the semiconductor company’s stock valued at $897,000 after purchasing an additional 118 shares during the period. Tidal Investments LLC lifted its stake in shares of Universal Display by 9.2% in the 3rd quarter. Tidal Investments LLC now owns 7,037 shares of the semiconductor company’s stock valued at $1,477,000 after purchasing an additional 595 shares during the last quarter. Synovus Financial Corp increased its position in shares of Universal Display by 41.3% during the 3rd quarter. Synovus Financial Corp now owns 8,277 shares of the semiconductor company’s stock valued at $1,738,000 after purchasing an additional 2,419 shares during the last quarter. Finally, B. Riley Wealth Advisors Inc. lifted its position in Universal Display by 35.5% in the third quarter. B. Riley Wealth Advisors Inc. now owns 1,759 shares of the semiconductor company’s stock worth $369,000 after buying an additional 461 shares during the last quarter. 78.19% of the stock is owned by hedge funds and other institutional investors.

Universal Display Price Performance

The company has a market capitalization of $6.85 billion, a P/E ratio of 30.97, a P/E/G ratio of 1.61 and a beta of 1.46. The business has a 50-day moving average of $135.55 and a 200-day moving average of $152.60.

Universal Display Company Profile

Universal Display Corporation engages in the research, development, and commercialization of organic light emitting diode (OLED) technologies and materials for use in display and solid-state lighting applications in the United States and internationally. The company offers PHOLED technologies and materials for displays and lighting products under the UniversalPHOLED brand.