Jennison Associates LLC Has $12.89 Million Holdings in Universal Display Corporation $OLED

Jennison Associates LLC trimmed its position in shares of Universal Display Corporation (NASDAQ:OLED) by 65.7% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 140,591 shares of the semiconductor company’s stock after selling 269,087 shares during the quarter. Jennison Associates LLC’s holdings in Universal Display were worth $12,887,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Focus Partners Wealth increased its holdings in Universal Display by 6.4% during the 1st quarter. Focus Partners Wealth now owns 3,680 shares of the semiconductor company’s stock valued at $513,000 after purchasing an additional 221 shares in the last quarter. American Century Companies Inc. grew its holdings in shares of Universal Display by 2.3% during the second quarter. American Century Companies Inc. now owns 12,766 shares of the semiconductor company’s stock worth $1,972,000 after purchasing an additional 285 shares during the last quarter. Invesco Ltd. increased its stake in shares of Universal Display by 1.8% in the second quarter. Invesco Ltd. now owns 112,982 shares of the semiconductor company’s stock valued at $17,451,000 after buying an additional 2,040 shares in the last quarter. Marshall Wace LLP acquired a new stake in shares of Universal Display in the second quarter valued at $2,220,000. Finally, Cresset Asset Management LLC raised its holdings in shares of Universal Display by 64.2% in the second quarter. Cresset Asset Management LLC now owns 2,512 shares of the semiconductor company’s stock valued at $388,000 after buying an additional 982 shares during the last quarter. Institutional investors and hedge funds own 78.19% of the company’s stock.

Universal Display Stock Performance

OLED opened at $82.18 on Wednesday. The company has a fifty day moving average price of $87.14 and a two-hundred day moving average price of $99.36. The firm has a market capitalization of $3.84 billion, a PE ratio of 18.34 and a beta of 1.54. Universal Display Corporation has a 52 week low of $77.15 and a 52 week high of $153.38.

Universal Display (NASDAQ:OLED) last posted its quarterly earnings results on Thursday, April 30th. The semiconductor company reported $0.76 earnings per share for the quarter, missing analysts’ consensus estimates of $1.13 by ($0.37). Universal Display had a net margin of 34.08% and a return on equity of 12.34%. The company had revenue of $142.21 million during the quarter, compared to analyst estimates of $161.23 million. During the same period last year, the company earned $1.35 EPS. The business’s revenue for the quarter was down 14.5% compared to the same quarter last year. Equities analysts forecast that Universal Display Corporation will post 4.23 EPS for the current year.

Universal Display Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th were issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date was Tuesday, June 16th. Universal Display’s dividend payout ratio is currently 44.64%.

Analysts Set New Price Targets

Several research analysts recently issued reports on OLED shares. Oppenheimer reduced their price target on shares of Universal Display from $160.00 to $130.00 and set an “outperform” rating on the stock in a research report on Friday, May 1st. The Goldman Sachs Group set a $135.00 target price on shares of Universal Display in a research note on Tuesday, April 21st. Zacks Research lowered shares of Universal Display from a “hold” rating to a “strong sell” rating in a research report on Tuesday, April 21st. Roth Capital set a $168.00 price target on shares of Universal Display in a research note on Friday, May 1st. Finally, Citigroup lowered their price target on shares of Universal Display from $105.00 to $100.00 and set a “neutral” rating for the company in a report on Monday, May 4th. Three analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Universal Display presently has a consensus rating of “Hold” and an average price target of $130.60.

About Universal Display

Universal Display Corporation (NASDAQ: OLED) is a technology company specializing in organic light-emitting diode (OLED) solutions. The company develops and commercializes materials, technologies and software used in the creation of OLED displays and lighting. Its offerings include proprietary phosphorescent OLED (PHOLED) materials, display driver integrated circuits and process technologies that enable higher efficiency, longer lifetimes and improved color performance for a range of display and lighting applications.

Universal Display’s core business is licensing its extensive OLED patent portfolio to display manufacturers and providing them with the key organic materials needed for device fabrication.