First Mercantile Trust Co. Acquires 819 Shares of Universal Display Co. (OLED)
First Mercantile Trust Co. increased its holdings in Universal Display Co. (NASDAQ:OLED) by 15.8% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,003 shares of the semiconductor company’s stock after purchasing an additional 819 shares during the period. First Mercantile Trust Co.’s holdings in Universal Display were worth $708,000 at the end of the most recent quarter.
A number of other large investors have also bought and sold shares of the stock. Epoch Investment Partners Inc. raised its position in Universal Display by 2.3% in the second quarter. Epoch Investment Partners Inc. now owns 3,518,398 shares of the semiconductor company’s stock worth $302,583,000 after purchasing an additional 78,075 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Universal Display by 29.1% during the third quarter. JPMorgan Chase & Co. now owns 1,023,098 shares of the semiconductor company’s stock worth $120,623,000 after buying an additional 230,534 shares during the last quarter. Frontier Capital Management Co. LLC grew its stake in Universal Display by 40.1% during the third quarter. Frontier Capital Management Co. LLC now owns 972,825 shares of the semiconductor company’s stock worth $114,696,000 after buying an additional 278,416 shares during the last quarter. Millennium Management LLC grew its stake in Universal Display by 479.7% during the second quarter. Millennium Management LLC now owns 740,149 shares of the semiconductor company’s stock worth $63,653,000 after buying an additional 612,476 shares during the last quarter. Finally, Wells Fargo & Company MN grew its stake in Universal Display by 1.6% during the third quarter. Wells Fargo & Company MN now owns 714,929 shares of the semiconductor company’s stock worth $84,291,000 after buying an additional 11,332 shares during the last quarter. 74.27% of the stock is owned by hedge funds and other institutional investors.
In other news, VP Mauro Premutico sold 10,044 shares of the stock in a transaction that occurred on Tuesday, September 4th. The shares were sold at an average price of $123.63, for a total transaction of $1,241,739.72. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Lawrence Lacerte sold 10,000 shares of the stock in a transaction that occurred on Tuesday, November 6th. The shares were sold at an average price of $97.02, for a total transaction of $970,200.00. Following the sale, the director now directly owns 330,000 shares in the company, valued at $32,016,600. The disclosure for this sale can be found here. 4.00% of the stock is owned by corporate insiders.
Universal Display (NASDAQ:OLED) last released its quarterly earnings results on Thursday, November 1st. The semiconductor company reported $0.48 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.66 by ($0.18). Universal Display had a net margin of 24.70% and a return on equity of 12.77%. The company had revenue of $77.55 million for the quarter, compared to the consensus estimate of $92.21 million. During the same period last year, the company earned $0.28 earnings per share. Universal Display’s revenue for the quarter was up 25.7% compared to the same quarter last year. On average, sell-side analysts predict that Universal Display Co. will post 1.31 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 28th. Stockholders of record on Friday, December 14th will be paid a dividend of $0.06 per share. The ex-dividend date is Thursday, December 13th. This represents a $0.24 annualized dividend and a dividend yield of 0.26%. Universal Display’s dividend payout ratio (DPR) is currently 9.88%.
Several brokerages have weighed in on OLED. BidaskClub raised shares of Universal Display from a “sell” rating to a “hold” rating in a research note on Saturday, July 28th. Oppenheimer upped their price objective on shares of Universal Display from $120.00 to $140.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 25th. Citigroup began coverage on shares of Universal Display in a research note on Tuesday, September 4th. They set a “buy” rating and a $153.00 price objective on the stock. Gabelli cut shares of Universal Display from a “buy” rating to a “hold” rating in a research note on Friday, November 2nd. Finally, Cowen set a $175.00 price objective on shares of Universal Display and gave the stock an “outperform” rating in a research note on Thursday, October 4th. One analyst has rated the stock with a sell rating, one has issued a hold rating and twelve have given a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $167.82.
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Universal Display Company Profile
Universal Display Corporation engages in the research, development, and commercialization of organic light emitting diode (OLED) technologies and materials for use in flat panel displays and solid-state lighting applications. As of February 22, 2018, it owned or had exclusive and co-exclusive licenses, or had sole license rights with respect to approximately 4,500 issued and pending patents worldwide.
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