New York State Common Retirement Fund Boosts Stake in Universal Display Corporation (OLED)
New York State Common Retirement Fund grew its holdings in shares of Universal Display Corporation (NASDAQ:OLED) by 4.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 112,956 shares of the semiconductor company’s stock after purchasing an additional 4,356 shares during the period. New York State Common Retirement Fund owned approximately 0.24% of Universal Display worth $14,554,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors have also bought and sold shares of the company. CIBC Asset Management Inc acquired a new position in shares of Universal Display in the third quarter worth about $205,000. Jarislowsky Fraser Ltd acquired a new position in shares of Universal Display in the third quarter worth about $212,000. Ballentine Partners LLC acquired a new position in shares of Universal Display in the third quarter worth about $209,000. Sei Investments Co. boosted its holdings in shares of Universal Display by 0.8% in the third quarter. Sei Investments Co. now owns 88,859 shares of the semiconductor company’s stock worth $11,449,000 after buying an additional 748 shares during the period. Finally, Scout Investments Inc. acquired a new position in shares of Universal Display in the third quarter worth about $12,515,000. Institutional investors own 65.03% of the company’s stock.
Several brokerages have commented on OLED. Evercore ISI began coverage on shares of Universal Display in a report on Thursday, November 30th. They issued an “outperform” rating and a $225.00 target price for the company. Zacks Investment Research upgraded shares of Universal Display from a “hold” rating to a “buy” rating and set a $198.00 target price for the company in a report on Wednesday, November 15th. Cowen reiterated an “outperform” rating and issued a $195.00 target price (up from $155.00) on shares of Universal Display in a report on Friday, November 10th. Deutsche Bank raised their target price on shares of Universal Display to $190.00 and gave the stock a “buy” rating in a report on Friday, December 8th. Finally, BidaskClub cut shares of Universal Display from a “buy” rating to a “hold” rating in a report on Wednesday, December 6th. Eight research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $155.30.
Universal Display (NASDAQ:OLED) last posted its quarterly earnings results on Thursday, November 2nd. The semiconductor company reported $0.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.09 by $0.19. The business had revenue of $61.70 million during the quarter, compared to analyst estimates of $47.35 million. Universal Display had a net margin of 32.92% and a return on equity of 16.67%. The firm’s revenue was up 104.3% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.03) earnings per share. sell-side analysts anticipate that Universal Display Corporation will post 2.33 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 15th will be given a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.07%. The ex-dividend date of this dividend is Thursday, December 14th. Universal Display’s dividend payout ratio (DPR) is 5.88%.
In other news, insider Steven V. Abramson sold 18,744 shares of the stock in a transaction that occurred on Monday, November 6th. The shares were sold at an average price of $158.40, for a total value of $2,969,049.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Sidney D. Rosenblatt sold 50,240 shares of the stock in a transaction that occurred on Monday, September 18th. The stock was sold at an average price of $135.02, for a total transaction of $6,783,404.80. The disclosure for this sale can be found here. Insiders sold 196,974 shares of company stock valued at $30,133,174 over the last three months. 5.20% of the stock is owned by insiders.
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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