Universal Display (NASDAQ:OLED) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Friday. The firm presently has a $228.00 price objective on the semiconductor company’s stock. Zacks Investment Research‘s target price points to a potential upside of 11.96% from the company’s previous close.
According to Zacks, “Universal Display Corporation is located in the Princeton Crossroads Corporate Center in Ewing, New Jersey, minutes away from its research partner at Princeton University. Universal Display’s state-of-the-art facility is designed to further technology and materials development, technology transfer to manufacturing partners and work with customers to develop OLED products that meet their needs. “
Several other equities research analysts also recently issued reports on the company. Deutsche Bank boosted their price objective on Universal Display to $190.00 and gave the company a “buy” rating in a report on Friday, December 8th. Cowen set a $140.00 price objective on Universal Display and gave the company a “buy” rating in a report on Wednesday, October 11th. Needham & Company LLC reiterated a “hold” rating on shares of Universal Display in a report on Friday, November 3rd. Gabelli downgraded Universal Display from a “buy” rating to a “hold” rating and set a $134.00 price objective on the stock. in a report on Friday, November 3rd. Finally, Cross Research downgraded Universal Display from a “buy” rating to a “hold” rating in a report on Tuesday, October 31st. Eight analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $164.80.
Universal Display (NASDAQ:OLED) last posted its earnings results on Thursday, November 2nd. The semiconductor company reported $0.28 EPS for the quarter, beating the Zacks’ consensus estimate of $0.09 by $0.19. Universal Display had a return on equity of 16.67% and a net margin of 32.92%. The company had revenue of $61.70 million for the quarter, compared to the consensus estimate of $47.35 million. During the same quarter in the previous year, the business earned ($0.03) earnings per share. The company’s revenue for the quarter was up 104.3% on a year-over-year basis. analysts forecast that Universal Display will post 2.33 earnings per share for the current fiscal year.
In other Universal Display news, CFO Sidney D. Rosenblatt sold 50,240 shares of the company’s stock in a transaction dated Wednesday, November 8th. The stock was sold at an average price of $167.80, for a total transaction of $8,430,272.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Julia J. Brown sold 10,000 shares of the company’s stock in a transaction dated Friday, November 3rd. The stock was sold at an average price of $150.00, for a total value of $1,500,000.00. Following the sale, the insider now owns 152,932 shares in the company, valued at approximately $22,939,800. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 196,734 shares of company stock worth $33,349,769. 5.20% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of OLED. Newbrook Capital Advisors LP increased its holdings in Universal Display by 49.4% during the 2nd quarter. Newbrook Capital Advisors LP now owns 558,174 shares of the semiconductor company’s stock worth $60,981,000 after purchasing an additional 184,683 shares during the period. Columbus Circle Investors increased its holdings in Universal Display by 24.1% during the 3rd quarter. Columbus Circle Investors now owns 843,537 shares of the semiconductor company’s stock worth $108,690,000 after purchasing an additional 163,569 shares during the period. Neuberger Berman Group LLC increased its holdings in Universal Display by 17.8% during the 3rd quarter. Neuberger Berman Group LLC now owns 714,223 shares of the semiconductor company’s stock worth $92,028,000 after purchasing an additional 107,751 shares during the period. Scout Investments Inc. purchased a new stake in Universal Display during the 3rd quarter worth about $12,515,000. Finally, First Trust Advisors LP boosted its position in shares of Universal Display by 118.9% during the 3rd quarter. First Trust Advisors LP now owns 170,358 shares of the semiconductor company’s stock worth $21,951,000 after acquiring an additional 92,546 shares in the last quarter. Institutional investors own 64.87% of the company’s stock.
Universal Display Company Profile
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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