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.
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.
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.
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.
Receive News & Ratings for Universal Display Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Universal Display and related companies with MarketBeat.com's FREE daily email newsletter.