Connor Clark & Lunn Investment Management Ltd. Buys Shares of 119,052 Universal Display Corporation $OLED

Connor Clark & Lunn Investment Management Ltd. bought a new position in Universal Display Corporation (NASDAQ:OLED) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 119,052 shares of the semiconductor company’s stock, valued at approximately $10,309,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in OLED. XXEC Inc. acquired a new stake in shares of Universal Display during the 2nd quarter valued at about $2,508,286,000. BlackRock Inc. bought a new stake in Universal Display in the second quarter worth approximately $373,931,000. Norges Bank bought a new stake in Universal Display in the fourth quarter worth approximately $92,756,000. JPMorgan Chase & Co. increased its stake in shares of Universal Display by 86.4% during the 4th quarter. JPMorgan Chase & Co. now owns 880,678 shares of the semiconductor company’s stock worth $102,846,000 after purchasing an additional 408,315 shares during the last quarter. Finally, Analog Century Management LP acquired a new position in shares of Universal Display during the 4th quarter worth $46,914,000. 78.19% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on OLED. Roth Capital set a $168.00 price objective on shares of Universal Display in a research note on Friday, May 1st. Oppenheimer reissued an “outperform” rating and set a $120.00 target price (down from $130.00) on shares of Universal Display in a research report on Friday, July 31st. BTIG Research lowered Universal Display to a “neutral” rating in a report on Friday, July 31st. Zacks Research raised Universal Display from a “strong sell” rating to a “hold” rating in a research report on Thursday, August 13th. Finally, Susquehanna decreased their price target on Universal Display from $110.00 to $90.00 and set a “neutral” rating for the company in a research note on Friday, July 31st. Three research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Universal Display has a consensus rating of “Hold” and a consensus target price of $116.33.

Universal Display Stock Down 2.8%

NASDAQ:OLED opened at $86.84 on Thursday. Universal Display Corporation has a 12 month low of $76.42 and a 12 month high of $153.38. The firm has a market cap of $3.99 billion, a price-to-earnings ratio of 21.03 and a beta of 1.54. The company’s 50 day moving average is $84.27 and its 200-day moving average is $93.11.

Universal Display (NASDAQ:OLED) last posted its quarterly earnings data on Thursday, July 30th. The semiconductor company reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.03. The business had revenue of $152.16 million during the quarter, compared to the consensus estimate of $157.54 million. Universal Display had a net margin of 32.24% and a return on equity of 11.35%. Universal Display’s quarterly revenue was down 11.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.41 EPS. Research analysts predict that Universal Display Corporation will post 4.17 EPS for the current fiscal year.

Universal Display Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $2.00 dividend on an annualized basis and a yield of 2.3%. Universal Display’s payout ratio is currently 48.43%.

Universal Display Company Profile

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.