PNC Financial Services Group Inc. Buys 831 Shares of Universal Display Corp. (OLED)
PNC Financial Services Group Inc. increased its position in shares of Universal Display Corp. (NASDAQ:OLED) by 10.8% during the second quarter, Holdings Channel reports. The fund owned 8,560 shares of the company’s stock after buying an additional 831 shares during the period. PNC Financial Services Group Inc.’s holdings in Universal Display Corp. were worth $580,000 as of its most recent filing with the SEC.
A number of other large investors also recently modified their holdings of the stock. BNP Paribas Arbitrage SA boosted its stake in Universal Display Corp. by 5,356.7% in the second quarter. BNP Paribas Arbitrage SA now owns 1,637 shares of the company’s stock worth $111,000 after buying an additional 1,607 shares during the period. Societe Generale acquired a new stake in Universal Display Corp. during the second quarter worth approximately $117,000. BlackRock Inc. boosted its stake in Universal Display Corp. by 66.6% in the first quarter. BlackRock Inc. now owns 2,993 shares of the company’s stock worth $162,000 after buying an additional 1,197 shares during the period. Pictet Asset Management Ltd. acquired a new stake in Universal Display Corp. during the first quarter worth approximately $171,000. Finally, Carnick & Kubik LLC acquired a new stake in Universal Display Corp. during the first quarter worth approximately $189,000. 67.54% of the stock is currently owned by institutional investors.
Shares of Universal Display Corp. (NASDAQ:OLED) traded up 1.49% on Thursday, reaching $61.95. The company had a trading volume of 378,997 shares. The firm has a market capitalization of $2.91 billion, a P/E ratio of 60.50 and a beta of 0.99. Universal Display Corp. has a 52 week low of $32.47 and a 52 week high of $74.39. The company’s 50-day moving average price is $60.64 and its 200 day moving average price is $61.31.
Universal Display Corp. (NASDAQ:OLED) last released its earnings results on Thursday, August 4th. The company reported $0.46 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.50 by $0.04. Universal Display Corp. had a return on equity of 10.15% and a net margin of 24.96%. The company had revenue of $64.40 million for the quarter, compared to analyst estimates of $68.68 million. During the same period in the previous year, the firm earned $0.41 earnings per share. The company’s revenue for the quarter was up 10.8% compared to the same quarter last year. On average, analysts expect that Universal Display Corp. will post $0.89 EPS for the current year.
OLED has been the subject of a number of research analyst reports. TheStreet upgraded Universal Display Corp. from a “hold” rating to a “buy” rating in a research note on Wednesday, August 10th. Canaccord Genuity reiterated a “hold” rating and issued a $52.00 price target on shares of Universal Display Corp. in a research note on Sunday, August 7th. Oppenheimer Holdings Inc. restated a “market perform” rating on shares of Universal Display Corp. in a research note on Monday, August 8th. Needham & Company LLC cut Universal Display Corp. from a “buy” rating to a “hold” rating in a research note on Friday, August 5th. Finally, Zacks Investment Research cut Universal Display Corp. from a “hold” rating to a “strong sell” rating in a research note on Wednesday, July 13th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $58.00.
In related news, Director Leonard Becker sold 5,000 shares of the business’s stock in a transaction on Monday, September 19th. The stock was sold at an average price of $61.11, for a total transaction of $305,550.00. Following the completion of the transaction, the director now directly owns 19,650 shares of the company’s stock, valued at approximately $1,200,811.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 5.70% of the company’s stock.
About Universal Display Corp.
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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