Universal Display Corporation (OLED) Rating Lowered to Hold at Zacks Investment Research
Zacks Investment Research cut shares of Universal Display Corporation (NASDAQ:OLED) from a buy rating to a hold rating in a research note published on Tuesday morning.
According to Zacks, “Universal Display Corporation is located in the Princeton Crossroads Corporate Center in Ewing, New Jersey, minutes away from its research partner at Princeton University. Universal Display’s state-of-the-art facility is designed to further technology and materials development, technology transfer to manufacturing partners and work with customers to develop OLED products that meet their needs. “
A number of other brokerages also recently issued reports on OLED. Cowen and Company restated an outperform rating and set a $195.00 price objective (up from $155.00) on shares of Universal Display Corporation in a research report on Friday, November 10th. Needham & Company LLC restated a hold rating on shares of Universal Display Corporation in a research report on Friday, November 3rd. Gabelli downgraded Universal Display Corporation from a buy rating to a hold rating and set a $134.00 price objective on the stock. in a research report on Friday, November 3rd. Deutsche Bank AG upped their price objective on Universal Display Corporation to $150.00 and gave the company a buy rating in a research report on Tuesday, October 31st. Finally, Cross Research downgraded Universal Display Corporation from a buy rating to a hold rating in a research report on Tuesday, October 31st. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The stock has a consensus rating of Hold and an average target price of $143.11.
Shares of Universal Display Corporation (OLED) traded up $1.75 during mid-day trading on Tuesday, reaching $181.00. The company’s stock had a trading volume of 684,361 shares, compared to its average volume of 822,172. Universal Display Corporation has a fifty-two week low of $52.10 and a fifty-two week high of $182.65. The stock has a market capitalization of $8,510.00, a P/E ratio of 86.99 and a beta of 1.03.
Universal Display Corporation (NASDAQ:OLED) last issued its quarterly earnings data on Thursday, November 2nd. The semiconductor company reported $0.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.09 by $0.19. Universal Display Corporation had a return on equity of 16.67% and a net margin of 32.92%. The business had revenue of $61.70 million for the quarter, compared to the consensus estimate of $47.35 million. During the same period in the prior year, the business posted ($0.03) earnings per share. The company’s quarterly revenue was up 104.3% compared to the same quarter last year. research analysts expect that Universal Display Corporation will post 2.33 earnings per share for the current year.
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The firm also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 15th will be paid a dividend of $0.03 per share. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.07%. Universal Display Corporation’s dividend payout ratio is 5.74%.
In other news, Director Rosemarie B. Greco sold 1,250 shares of the company’s stock in a transaction that occurred on Thursday, November 9th. The stock was sold at an average price of $168.63, for a total transaction of $210,787.50. Following the transaction, the director now owns 12,800 shares of the company’s stock, valued at $2,158,464. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Lawrence Lacerte sold 16,500 shares of the company’s stock in a transaction that occurred on Tuesday, November 7th. The shares were sold at an average price of $166.04, for a total value of $2,739,660.00. Following the transaction, the director now directly owns 350,000 shares in the company, valued at approximately $58,114,000. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 196,974 shares of company stock worth $30,133,174. Insiders own 5.20% of the company’s stock.
Large investors have recently made changes to their positions in the stock. Bank of America Corp DE grew its stake in Universal Display Corporation by 33.4% in the first quarter. Bank of America Corp DE now owns 72,951 shares of the semiconductor company’s stock worth $6,281,000 after purchasing an additional 18,272 shares in the last quarter. BKS Advisors LLC bought a new position in Universal Display Corporation in the second quarter worth approximately $2,318,000. Westwood Management Corp IL grew its stake in Universal Display Corporation by 70.0% in the second quarter. Westwood Management Corp IL now owns 17,000 shares of the semiconductor company’s stock worth $1,857,000 after purchasing an additional 7,000 shares in the last quarter. Balyasny Asset Management LLC bought a new position in Universal Display Corporation in the second quarter worth approximately $3,673,000. Finally, Neuberger Berman Group LLC grew its stake in Universal Display Corporation by 18.2% in the second quarter. Neuberger Berman Group LLC now owns 606,472 shares of the semiconductor company’s stock worth $66,257,000 after purchasing an additional 93,223 shares in the last quarter. 64.20% of the stock is currently owned by institutional investors.
About Universal Display Corporation
Universal Display Corporation is engaged in the research, development and commercialization of organic light emitting diode (OLED), technologies and materials for use in display and solid-state lighting applications. The Company also supplies its OLED materials to manufacturers of OLED displays and lighting products for evaluation and for use in product development and for pre-commercial activities, and it also provides technical assistance and support to these manufacturers.
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