Universal Display Corp. (OLED) Hits New 12-Month High at $73.24
Universal Display Corp. (NASDAQ:OLED)’s share price hit a new 52-week high on Monday . The company traded as high as $73.24 and last traded at $71.00, with a volume of 499,289 shares traded. The stock had previously closed at $70.69.
A number of equities analysts have recently weighed in on the company. Needham & Company LLC upped their target price on Universal Display Corp. from $62.00 to $69.00 and gave the stock a “buy” rating in a research report on Wednesday, May 25th. Zacks Investment Research downgraded Universal Display Corp. from a “hold” rating to a “strong sell” rating in a report on Wednesday. Canaccord Genuity reiterated a “hold” rating on shares of Universal Display Corp. in a report on Tuesday, June 28th. Gabelli downgraded Universal Display Corp. from a “buy” rating to a “hold” rating and set a $51.00 price target for the company. in a report on Friday, May 6th. Finally, Cowen and Company reiterated a “buy” rating on shares of Universal Display Corp. in a report on Wednesday, June 29th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company. Universal Display Corp. currently has a consensus rating of “Hold” and an average target price of $58.50.
The firm has a market capitalization of $3.27 billion and a PE ratio of 218.93. The stock’s 50-day moving average price is $68.03 and its 200 day moving average price is $55.95.
Universal Display Corp. (NASDAQ:OLED) last issued its quarterly earnings data on Thursday, May 5th. The company reported $0.04 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.01) by $0.05. The business earned $29.70 million during the quarter, compared to the consensus estimate of $32.05 million. During the same quarter in the prior year, the business posted $0.03 earnings per share. Universal Display Corp.’s quarterly revenue was down 4.8% compared to the same quarter last year. Analysts expect that Universal Display Corp. will post $1.08 earnings per share for the current fiscal year.
In other news, CFO Sidney D. Rosenblatt sold 25,000 shares of Universal Display Corp. stock in a transaction that occurred on Tuesday, April 19th. The stock was sold at an average price of $60.35, for a total value of $1,508,750.00. Following the sale, the chief financial officer now directly owns 422,232 shares in the company, valued at approximately $25,481,701.20. The sale was disclosed in a filing with the SEC, which is available through this link.
Several hedge funds and institutional investors have recently added to or reduced their stakes in the stock. Systematic Financial Management LP boosted 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 worth $19,261,000 after buying an additional 27,338 shares during the last quarter. Penserra Capital Management LLC purchased a new position in Universal Display Corp. during the fourth quarter worth approximately $1,290,000. New York State Common Retirement Fund boosted 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 worth $3,526,000 after buying an additional 24,235 shares during the last quarter. California Public Employees Retirement System boosted 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 worth $5,406,000 after buying an additional 7,100 shares during the last quarter. Finally, Rhumbline Advisers boosted its position in Universal Display Corp. by 6.0% in the fourth quarter. Rhumbline Advisers now owns 45,413 shares of the company’s stock worth $2,472,000 after buying an additional 2,570 shares during 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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