General American Investors Co. Inc. cut its position in Universal Display Corporation (NASDAQ:OLED) by 5.1% during the second quarter, Holdings Channel reports. The firm owned 185,709 shares of the semiconductor company’s stock after selling 10,000 shares during the period. Universal Display Corporation makes up 2.1% of General American Investors Co. Inc.’s portfolio, making the stock its 18th largest position. General American Investors Co. Inc.’s holdings in Universal Display Corporation were worth $20,289,000 at the end of the most recent quarter.
Several other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. boosted its position in Universal Display Corporation by 4.3% in the first quarter. Vanguard Group Inc. now owns 3,403,157 shares of the semiconductor company’s stock worth $293,012,000 after buying an additional 141,268 shares in the last quarter. BlackRock Inc. boosted its position in Universal Display Corporation by 82,293.2% in the first quarter. BlackRock Inc. now owns 2,817,024 shares of the semiconductor company’s stock worth $242,545,000 after buying an additional 2,813,605 shares in the last quarter. Columbus Circle Investors boosted its position in Universal Display Corporation by 41.5% in the first quarter. Columbus Circle Investors now owns 884,208 shares of the semiconductor company’s stock worth $76,130,000 after buying an additional 259,267 shares in the last quarter. State Street Corp boosted its position in Universal Display Corporation by 3.1% in the first quarter. State Street Corp now owns 788,727 shares of the semiconductor company’s stock worth $67,909,000 after buying an additional 23,770 shares in the last quarter. Finally, TimesSquare Capital Management LLC acquired a new position in Universal Display Corporation during the first quarter worth $34,440,000. 69.40% of the stock is owned by institutional investors and hedge funds.
Universal Display Corporation (NASDAQ OLED) opened at 116.05 on Thursday. The company’s 50-day moving average price is $117.33 and its 200-day moving average price is $97.32. Universal Display Corporation has a one year low of $47.88 and a one year high of $130.65. The stock has a market capitalization of $5.46 billion, a PE ratio of 96.79 and a beta of 1.05.
Universal Display Corporation (NASDAQ:OLED) last announced its quarterly earnings results on Thursday, August 3rd. The semiconductor company reported $0.99 earnings per share for the quarter, topping analysts’ consensus estimates of $0.68 by $0.31. The business had revenue of $102.50 million for the quarter, compared to analysts’ expectations of $84.81 million. Universal Display Corporation had a return on equity of 14.90% and a net margin of 31.15%. The business’s quarterly revenue was up 59.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.46 EPS. Equities research analysts predict that Universal Display Corporation will post $2.14 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Saturday, September 30th. Investors of record on Friday, September 15th will be given a $0.03 dividend. This represents a $0.12 annualized dividend and a yield of 0.10%. The ex-dividend date of this dividend is Thursday, September 14th. Universal Display Corporation’s dividend payout ratio is currently 6.94%.
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OLED has been the subject of a number of research analyst reports. Benchmark Co. initiated coverage on Universal Display Corporation in a report on Tuesday, April 25th. They set a “hold” rating for the company. They noted that the move was a valuation call. Cowen and Company lowered their price target on Universal Display Corporation from $105.00 to $90.00 and set an “outperform” rating for the company in a report on Wednesday, May 3rd. Cross Research upgraded Universal Display Corporation from a “hold” rating to a “buy” rating and set a $115.00 price target for the company in a report on Friday, May 5th. Zacks Investment Research upgraded Universal Display Corporation from a “sell” rating to a “hold” rating in a report on Saturday, May 6th. Finally, Susquehanna Bancshares Inc reiterated a “positive” rating and set a $120.00 price target (up from $105.00) on shares of Universal Display Corporation in a report on Friday, May 5th. Six equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $118.00.
In other Universal Display Corporation news, Director Leonard Becker sold 3,750 shares of the stock in a transaction on Wednesday, May 24th. The stock was sold at an average price of $114.24, for a total transaction of $428,400.00. Following the completion of the transaction, the director now directly owns 13,750 shares of the company’s stock, valued at approximately $1,570,800. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Steven V. Abramson sold 18,000 shares of the stock in a transaction on Wednesday, July 19th. The shares were sold at an average price of $124.53, for a total value of $2,241,540.00. Following the transaction, the chief executive officer now directly owns 262,888 shares of the company’s stock, valued at $32,737,442.64. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 31,750 shares of company stock worth $3,919,940. 5.70% of the stock is owned by insiders.
About Universal Display Corporation
Universal Display Corporation is engaged in the research, development and commercialization of organic light emitting diode (OLED), technologies and materials for use in display and solid-state lighting applications. The Company also supplies its OLED materials to manufacturers of OLED displays and lighting products for evaluation and for use in product development and for pre-commercial activities, and it also provides technical assistance and support to these manufacturers.
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