Shares of Universal Display Corp. (NASDAQ:OLED) traded down 2.7% during mid-day trading on Friday . The company traded as low as $58.82 and last traded at $60.03, with a volume of 1,374,000 shares changing hands. The stock had previously closed at $61.72.

A number of analysts have recently issued reports on the stock. Needham & Company LLC lifted their price objective on shares of Universal Display Corp. from $62.00 to $69.00 and gave the company a “buy” rating in a research note on Wednesday, May 25th. Gabelli downgraded shares of Universal Display Corp. from a “buy” rating to a “hold” rating and set a $51.00 price target for the company. in a research report on Friday, May 6th. Oppenheimer Holdings Inc. reissued a “market perform” rating on shares of Universal Display Corp. in a research report on Monday. Zacks Investment Research raised shares of Universal Display Corp. from a “strong sell” rating to a “hold” rating in a research report on Tuesday, May 3rd. Finally, Canaccord Genuity reissued a “hold” rating on shares of Universal Display Corp. in a research report on Tuesday, June 28th. One research analyst has rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $58.00.

The firm has a market capitalization of $2.80 billion and a PE ratio of 58.26. The company has a 50-day moving average price of $68.02 and a 200-day moving average price of $58.69.

Universal Display Corp. (NASDAQ:OLED) last announced its quarterly earnings results on Thursday, August 4th. The company reported $0.46 earnings per share for the quarter, missing analysts’ consensus estimates of $0.50 by $0.04. The company had revenue of $64.40 million for the quarter, compared to analyst estimates of $68.68 million. During the same quarter last year, the company earned $0.41 EPS. Universal Display Corp.’s revenue for the quarter was up 10.8% compared to the same quarter last year. On average, analysts forecast that Universal Display Corp. will post $0.89 EPS for the current year.

Other hedge funds recently made changes to their positions in the company. Rhumbline Advisers increased its stake in shares of Universal Display Corp. by 6.0% in the fourth quarter. Rhumbline Advisers now owns 45,413 shares of the company’s stock valued at $2,472,000 after buying an additional 2,570 shares during the period. California Public Employees Retirement System increased its stake in shares of Universal Display Corp. by 7.7% in the fourth quarter. California Public Employees Retirement System now owns 99,300 shares of the company’s stock valued at $5,406,000 after buying an additional 7,100 shares during the period. Finally, New York State Common Retirement Fund increased its stake in shares of Universal Display Corp. by 59.8% in the fourth quarter. New York State Common Retirement Fund now owns 64,774 shares of the company’s stock valued at $3,526,000 after buying an additional 24,235 shares during the period.

Universal Display Corporation is engaged in the research, development and commercialization of organic light emitting diode (OLED), technologies and materials for use in displays for wearables, smartphones, tablets and televisions, as well as solid-state lighting applications. The Company’s flat panel displays are used for various portable consumer electronics products, such as mobile phones, wearables, portable media devices, digital cameras, tablets and notebook computers.

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