Universal Display Corp. (OLED) Hits New 1-Year High at $73.24
Universal Display Corp. (NASDAQ:OLED)’s share price reached a new 52-week high on Monday . The stock traded as high as $73.24 and last traded at $71.00, with a volume of 499,289 shares trading hands. The stock had previously closed at $70.69.
OLED has been the topic of several recent research reports. Cowen and Company lifted their target price on shares of Universal Display Corp. from $58.00 to $65.00 in a report on Monday, March 21st. Canaccord Genuity restated a “hold” rating and set a $55.00 target price (up previously from $46.00) on shares of Universal Display Corp. in a report on Monday, April 18th. Zacks Investment Research upgraded shares of Universal Display Corp. from a “strong sell” rating to a “hold” rating in a report on Tuesday, May 3rd. Gabelli lowered shares of Universal Display Corp. from a “buy” rating to a “hold” rating and set a $51.00 target price on the stock. in a report on Friday, May 6th. Finally, Needham & Company LLC lowered shares of Universal Display Corp. to a “buy” rating and lifted their target price for the company from $57.00 to $62.00 in a report on Sunday, May 8th. One research analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $58.50.
The firm has a 50 day moving average of $67.38 and a 200-day moving average of $55.67. The company has a market capitalization of $3.30 billion and a P/E ratio of 220.78.
Universal Display Corp. (NASDAQ:OLED) last released its quarterly earnings data on Thursday, May 5th. The company reported $0.04 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.01) by $0.05. The company earned $29.70 million during the quarter, compared to analyst estimates of $32.05 million. During the same quarter in the prior year, the company posted $0.03 EPS. The firm’s quarterly revenue was down 4.8% compared to the same quarter last year. On average, analysts forecast that Universal Display Corp. will post $1.08 earnings per share for the current fiscal year.
In other Universal Display Corp. news, CFO Sidney D. Rosenblatt sold 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, April 19th. The shares were sold at an average price of $60.35, for a total value of $1,508,750.00. Following the transaction, the chief financial officer now owns 422,232 shares in the company, valued at approximately $25,481,701.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.
A number of hedge funds and institutional investors recently added to or reduced their stakes in the stock. Bradley Foster & Sargent Inc. CT raised its position in Universal Display Corp. by 275.9% in the fourth quarter. Bradley Foster & Sargent Inc. CT now owns 68,810 shares of the company’s stock valued at $3,746,000 after buying an additional 50,505 shares in the last quarter. Systematic Financial Management LP raised its position in Universal Display Corp. by 8.4% in the fourth quarter. Systematic Financial Management LP now owns 353,815 shares of the company’s stock valued at $19,261,000 after buying an additional 27,338 shares in the last quarter. New York State Common Retirement Fund raised its position in 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 in the last quarter. Penserra Capital Management LLC bought a new position in Universal Display Corp. during the fourth quarter valued at $1,290,000. Finally, California Public Employees Retirement System raised its position in 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 in the last quarter.
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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