Universal Display (OLED) Shares Gap Down Following Insider Selling

Universal Display Co. (NASDAQ:OLED) gapped down before the market opened on Tuesday following insider selling activity. The stock had previously closed at $104.00, but opened at $109.00. Universal Display shares last traded at $115.97, with a volume of 2555626 shares changing hands.

Specifically, Director Richard C. Elias sold 2,250 shares of the firm’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $129.60, for a total value of $291,600.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Chairman Sherwin I. Seligsohn sold 50,000 shares of the firm’s stock in a transaction that occurred on Friday, January 12th. The stock was sold at an average price of $200.00, for a total transaction of $10,000,000.00. Following the completion of the transaction, the chairman now owns 143,119 shares in the company, valued at approximately $28,623,800. The disclosure for this sale can be found here. Insiders have sold 54,750 shares of company stock worth $10,601,775 over the last quarter. Company insiders own 5.20% of the company’s stock.

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Several brokerages have recently issued reports on OLED. Gabelli upgraded shares of Universal Display from a “hold” rating to a “buy” rating in a report on Tuesday. ValuEngine cut shares of Universal Display from a “hold” rating to a “sell” rating in a report on Monday. BidaskClub cut shares of Universal Display from a “sell” rating to a “strong sell” rating in a report on Thursday, March 15th. Zacks Investment Research cut shares of Universal Display from a “hold” rating to a “sell” rating in a report on Wednesday, February 28th. Finally, Deutsche Bank cut their target price on shares of Universal Display from $190.00 to $170.00 and set a “buy” rating on the stock in a report on Friday, February 23rd. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company. Universal Display currently has a consensus rating of “Hold” and an average price target of $167.09.

The stock has a market cap of $5,834.27, a price-to-earnings ratio of 53.20 and a beta of 1.08.

Universal Display (NASDAQ:OLED) last released its quarterly earnings results on Thursday, February 22nd. The semiconductor company reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.82 by $0.11. The business had revenue of $115.87 million for the quarter, compared to analysts’ expectations of $99.55 million. Universal Display had a net margin of 30.95% and a return on equity of 18.80%. The firm’s revenue for the quarter was up 55.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.55 earnings per share. research analysts predict that Universal Display Co. will post 2.66 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, March 30th. Investors of record on Thursday, March 15th will be issued a $0.06 dividend. The ex-dividend date is Wednesday, March 14th. This represents a $0.24 annualized dividend and a yield of 0.21%. This is a boost from Universal Display’s previous quarterly dividend of $0.03. Universal Display’s payout ratio is 11.01%.

A number of large investors have recently added to or reduced their stakes in OLED. Nationwide Fund Advisors boosted its holdings in Universal Display by 1.8% in the third quarter. Nationwide Fund Advisors now owns 129,128 shares of the semiconductor company’s stock valued at $16,638,000 after acquiring an additional 2,256 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its holdings in Universal Display by 73.5% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 25,846 shares of the semiconductor company’s stock valued at $3,330,000 after acquiring an additional 10,952 shares in the last quarter. Prudential Financial Inc. boosted its holdings in Universal Display by 33.9% in the third quarter. Prudential Financial Inc. now owns 3,320 shares of the semiconductor company’s stock valued at $428,000 after acquiring an additional 840 shares in the last quarter. CIBC Asset Management Inc purchased a new position in Universal Display during the third quarter valued at $205,000. Finally, New York State Common Retirement Fund lifted its position in Universal Display by 4.0% during the third quarter. New York State Common Retirement Fund now owns 112,956 shares of the semiconductor company’s stock valued at $14,554,000 after buying an additional 4,356 shares during the period. Institutional investors and hedge funds own 62.99% of the company’s stock.

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About Universal Display

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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