Primecap Management Co. CA Invests $190.14 Million in Universal Display Corporation $OLED

Primecap Management Co. CA acquired a new position in Universal Display Corporation (NASDAQ:OLED) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 2,195,818 shares of the semiconductor company’s stock, valued at approximately $190,136,000.

A number of other hedge funds have also added to or reduced their stakes in OLED. Measured Wealth Private Client Group LLC acquired a new stake in Universal Display in the 3rd quarter valued at $33,000. RHL Group LLC bought a new position in shares of Universal Display in the 4th quarter valued at about $60,000. Canada Pension Plan Investment Board acquired a new stake in shares of Universal Display in the second quarter valued at about $62,000. UMB Bank n.a. raised its holdings in Universal Display by 28.3% during the fourth quarter. UMB Bank n.a. now owns 549 shares of the semiconductor company’s stock worth $64,000 after acquiring an additional 121 shares in the last quarter. Finally, Eurizon Capital SGR S.p.A. bought a new stake in Universal Display during the fourth quarter worth about $75,000. Institutional investors own 78.19% of the company’s stock.

Universal Display Stock Up 5.5%

OLED opened at $89.38 on Wednesday. Universal Display Corporation has a 12-month low of $76.42 and a 12-month high of $153.38. The business has a 50 day moving average of $84.23 and a 200-day moving average of $93.29. The stock has a market cap of $4.11 billion, a price-to-earnings ratio of 21.64 and a beta of 1.54.

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

Universal Display Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Wednesday, September 16th. Universal Display’s payout ratio is currently 48.43%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on OLED shares. Zacks Research upgraded Universal Display from a “strong sell” rating to a “hold” rating in a research note on Thursday, August 13th. Weiss Ratings downgraded Universal Display from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday, July 28th. Citigroup decreased their target price on shares of Universal Display from $100.00 to $85.00 and set a “neutral” rating for the company in a research note on Monday, August 3rd. Susquehanna lowered their target price on shares of Universal Display from $110.00 to $90.00 and set a “neutral” rating on the stock in a report on Friday, July 31st. Finally, Roth Capital set a $168.00 price target on shares of Universal Display in a research report on Friday, May 1st. Three investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Universal Display has an average rating of “Hold” and an average price target of $116.33.

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.