Norges Bank Acquires Shares of 794,277 Universal Display Corporation $OLED

Norges Bank acquired a new stake in Universal Display Corporation (NASDAQ:OLED) during the fourth quarter, Holdings Channel.com reports. The institutional investor acquired 794,277 shares of the semiconductor company’s stock, valued at approximately $92,756,000.

A number of other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Universal Display by 10.0% in the third quarter. Vanguard Group Inc. now owns 5,069,107 shares of the semiconductor company’s stock valued at $728,076,000 after acquiring an additional 460,792 shares during the period. Primecap Management Co. CA increased its position in shares of Universal Display by 1.9% in the third quarter. Primecap Management Co. CA now owns 2,258,378 shares of the semiconductor company’s stock valued at $324,371,000 after acquiring an additional 43,070 shares during the period. Geode Capital Management LLC increased its position in shares of Universal Display by 25.0% in the fourth quarter. Geode Capital Management LLC now owns 1,109,077 shares of the semiconductor company’s stock valued at $129,537,000 after acquiring an additional 222,108 shares during the period. Greenhouse Funds LLLP increased its position in shares of Universal Display by 12.6% in the third quarter. Greenhouse Funds LLLP now owns 725,278 shares of the semiconductor company’s stock valued at $104,172,000 after acquiring an additional 81,132 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in shares of Universal Display by 2.9% in the third quarter. Dimensional Fund Advisors LP now owns 685,707 shares of the semiconductor company’s stock valued at $98,490,000 after acquiring an additional 19,017 shares during the period. Hedge funds and other institutional investors own 78.19% of the company’s stock.

Universal Display Trading Down 4.5%

Shares of OLED opened at $86.11 on Friday. Universal Display Corporation has a 1-year low of $83.64 and a 1-year high of $163.21. The firm’s 50-day moving average price is $93.31 and its 200-day moving average price is $106.93. The firm has a market capitalization of $4.03 billion, a price-to-earnings ratio of 19.22 and a beta of 1.54.

Universal Display (NASDAQ:OLED) last posted its quarterly earnings data on Thursday, April 30th. The semiconductor company reported $0.76 EPS for the quarter, missing the consensus estimate of $1.13 by ($0.37). Universal Display had a return on equity of 12.34% and a net margin of 34.08%.The business had revenue of $142.21 million for the quarter, compared to the consensus estimate of $161.23 million. During the same period in the previous year, the firm earned $1.35 EPS. The company’s revenue was down 14.5% on a year-over-year basis. On average, research analysts forecast that Universal Display Corporation will post 4.23 EPS for the current fiscal year.

Universal Display Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Tuesday, June 16th. This represents a $2.00 annualized dividend and a yield of 2.3%. Universal Display’s payout ratio is presently 44.64%.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Needham & Company LLC decreased their price objective on shares of Universal Display from $145.00 to $120.00 and set a “buy” 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. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Universal Display in a research note on Monday, March 23rd. Zacks Research lowered shares of Universal Display from a “hold” rating to a “strong sell” rating in a research note on Tuesday, April 21st. Finally, Roth Mkm set a $168.00 target price on shares of Universal Display in a research note on Friday, May 1st. Three research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Universal Display presently has a consensus rating of “Hold” and an average price target of $130.60.

Universal Display 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.