Pictet Asset Management Ltd. trimmed its holdings in Universal Display Co. (NASDAQ:OLED) by 74.9% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 23,862 shares of the semiconductor company’s stock after selling 71,240 shares during the quarter. Pictet Asset Management Ltd. owned about 0.05% of Universal Display worth $4,487,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also made changes to their positions in the company. Meridian Wealth Management LLC acquired a new stake in shares of Universal Display in the first quarter valued at approximately $31,000. TCI Wealth Advisors Inc. boosted its holdings in shares of Universal Display by 1,458.3% in the second quarter. TCI Wealth Advisors Inc. now owns 187 shares of the semiconductor company’s stock valued at $35,000 after acquiring an additional 175 shares during the period. Weaver Consulting Group acquired a new stake in shares of Universal Display in the first quarter valued at approximately $39,000. Capital Investment Advisory Services LLC boosted its holdings in shares of Universal Display by 94.0% in the second quarter. Capital Investment Advisory Services LLC now owns 194 shares of the semiconductor company’s stock valued at $40,000 after acquiring an additional 94 shares during the period. Finally, Regal Investment Advisors LLC acquired a new stake in shares of Universal Display in the first quarter valued at approximately $50,000. 69.00% of the stock is owned by hedge funds and other institutional investors.
Several equities research analysts have recently weighed in on OLED shares. Roth Capital increased their price objective on Universal Display from $172.00 to $206.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. ValuEngine downgraded Universal Display from a “strong-buy” rating to a “buy” rating in a report on Friday, August 2nd. Oppenheimer downgraded Universal Display from an “outperform” rating to a “market perform” rating and set a $190.50 price target for the company. in a report on Wednesday, July 10th. They noted that the move was a valuation call. Citigroup increased their price target on Universal Display from $180.00 to $223.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Finally, Berenberg Bank initiated coverage on Universal Display in a report on Wednesday, July 24th. They set a “hold” rating and a $192.00 price target for the company. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $183.29.
Shares of NASDAQ OLED traded up $0.39 during mid-day trading on Tuesday, hitting $178.35. 11,771 shares of the company were exchanged, compared to its average volume of 701,788. The stock has a 50 day simple moving average of $206.98 and a 200-day simple moving average of $178.98. Universal Display Co. has a 1-year low of $78.78 and a 1-year high of $230.32. The firm has a market cap of $8.51 billion, a price-to-earnings ratio of 144.09, a price-to-earnings-growth ratio of 2.25 and a beta of 1.53.
Universal Display (NASDAQ:OLED) last issued its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $0.92 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.46 by $0.46. The firm had revenue of $118.17 million during the quarter, compared to the consensus estimate of $79.26 million. Universal Display had a return on equity of 16.52% and a net margin of 33.08%. During the same period last year, the company earned $0.23 earnings per share. The company’s revenue for the quarter was up 110.5% on a year-over-year basis. On average, equities analysts anticipate that Universal Display Co. will post 2.68 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.40 annualized dividend and a dividend yield of 0.22%. Universal Display’s payout ratio is currently 32.26%.
Universal Display Company Profile
Universal Display Corporation engages in the research, development, and commercialization of organic light emitting diode (OLED) technologies and materials for use in flat panel displays and solid-state lighting applications. As of February 21, 2019, it owned or had exclusive and co-exclusive licenses, or had sole license rights with respect to approximately 5,000 issued and pending patents worldwide.
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