Victory Capital Management Inc. Acquires 63,519 Shares of Universal Display Co. (OLED)
Victory Capital Management Inc. increased its holdings in shares of Universal Display Co. (NASDAQ:OLED) by 532.7% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 75,442 shares of the semiconductor company’s stock after acquiring an additional 63,519 shares during the quarter. Victory Capital Management Inc.’s holdings in Universal Display were worth $8,895,000 as of its most recent filing with the SEC.
A number of other large investors have also added to or reduced their stakes in OLED. Millennium Management LLC increased its position 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 acquiring an additional 612,476 shares during the period. KAMES CAPITAL plc bought a new position in Universal Display during the third quarter worth about $46,257,000. Frontier Capital Management Co. LLC increased its position 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 acquiring an additional 278,416 shares during the period. Scout Investments Inc. bought a new position in Universal Display during the third quarter worth about $22,394,000. Finally, Advisors Asset Management Inc. increased its position in Universal Display by 4,030.0% during the second quarter. Advisors Asset Management Inc. now owns 190,683 shares of the semiconductor company’s stock worth $192,000 after acquiring an additional 186,066 shares during the period. 77.53% of the stock is currently owned by institutional investors and hedge funds.
OLED has been the topic of several recent analyst reports. BidaskClub raised shares of Universal Display from a “sell” rating to a “hold” rating in a report on Saturday, July 28th. Needham & Company LLC raised their target price on shares of Universal Display from $130.00 to $145.00 and gave the company a “buy” rating in a report on Friday, August 10th. Zacks Investment Research raised shares of Universal Display from a “sell” rating to a “hold” rating in a report on Saturday, August 11th. ValuEngine raised shares of Universal Display from a “hold” rating to a “buy” rating in a report on Monday, August 13th. Finally, Citigroup initiated coverage on shares of Universal Display in a report on Tuesday, September 4th. They issued a “buy” rating and a $153.00 target price on the stock. One analyst has rated the stock with a sell rating, one has assigned a hold rating and twelve have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $167.82.
Universal Display (NASDAQ:OLED) last announced its quarterly earnings results on Thursday, November 1st. The semiconductor company reported $0.48 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.66 by ($0.18). The company had revenue of $77.55 million for the quarter, compared to the consensus estimate of $92.21 million. Universal Display had a net margin of 24.70% and a return on equity of 12.77%. The company’s revenue for the quarter was up 25.7% compared to the same quarter last year. During the same period last year, the firm posted $0.28 earnings per share. On average, equities research analysts predict that Universal Display Co. will post 1.16 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 28th. Investors of record on Friday, December 14th will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.27%. The ex-dividend date is Thursday, December 13th. Universal Display’s dividend payout ratio (DPR) is presently 9.88%.
In related news, Director Lawrence Lacerte sold 10,000 shares of Universal Display 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 of the company’s stock, valued at approximately $32,016,600. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Mauro Premutico sold 10,044 shares of Universal Display 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 disclosure for this sale can be found here. Insiders own 4.00% of the company’s stock.
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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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