Universal Display Corporation (OLED) Upgraded by Zacks Investment Research to Buy
Zacks Investment Research upgraded shares of Universal Display Corporation (NASDAQ:OLED) from a hold rating to a buy rating in a research note released on Wednesday. They currently have $198.00 target price on the semiconductor company’s stock.
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. “
OLED has been the subject of several other reports. Cowen and Company reiterated an outperform rating and set a $195.00 price objective (up from $155.00) on shares of Universal Display Corporation in a research note on Friday, November 10th. Needham & Company LLC reiterated a hold rating on shares of Universal Display Corporation in a research note on Friday, November 3rd. Gabelli lowered Universal Display Corporation from a buy rating to a hold rating and set a $134.00 price objective for the company. in a research note on Friday, November 3rd. Deutsche Bank AG boosted their price objective on Universal Display Corporation to $150.00 and gave the stock a buy rating in a research note on Tuesday, October 31st. Finally, Cross Research lowered Universal Display Corporation from a buy rating to a hold rating in a research note on Tuesday, October 31st. Eight research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Universal Display Corporation currently has a consensus rating of Hold and an average target price of $143.11.
Shares of Universal Display Corporation (NASDAQ OLED) traded up $6.40 during trading on Wednesday, hitting $179.25. The company had a trading volume of 772,577 shares, compared to its average volume of 822,659. Universal Display Corporation has a 1 year low of $52.10 and a 1 year high of $179.90. The stock has a market cap of $8,430.00, a price-to-earnings ratio of 86.99 and a beta of 1.03.
Universal Display Corporation (NASDAQ:OLED) last announced its quarterly earnings results on Thursday, November 2nd. The semiconductor company reported $0.28 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.09 by $0.19. Universal Display Corporation had a return on equity of 16.67% and a net margin of 32.92%. The firm had revenue of $61.70 million during the quarter, compared to analyst estimates of $47.35 million. During the same quarter in the previous year, the business earned ($0.03) EPS. Universal Display Corporation’s revenue for the quarter was up 104.3% compared to the same quarter last year. equities research analysts anticipate that Universal Display Corporation will post 2.33 EPS for the current year.
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The business also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 15th will be issued a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a dividend yield of 0.07%. The ex-dividend date is Thursday, December 14th. Universal Display Corporation’s dividend payout ratio is currently 5.74%.
In other news, CFO Sidney D. Rosenblatt sold 50,240 shares of the business’s 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Rosemarie B. Greco sold 1,250 shares of the business’s stock in a transaction that occurred on Thursday, November 9th. The stock was sold at an average price of $168.63, for a total value of $210,787.50. Following the transaction, the director now owns 12,800 shares in the company, valued at $2,158,464. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 196,974 shares of company stock worth $30,133,174. Insiders own 5.20% of the company’s stock.
Several institutional investors have recently modified their holdings of OLED. Principal Financial Group Inc. lifted its holdings in Universal Display Corporation by 48.8% in the first quarter. Principal Financial Group Inc. now owns 8,709 shares of the semiconductor company’s stock valued at $750,000 after acquiring an additional 2,856 shares during the last quarter. Legal & General Group Plc lifted its stake in Universal Display Corporation by 5.9% during the first quarter. Legal & General Group Plc now owns 14,415 shares of the semiconductor company’s stock worth $1,240,000 after purchasing an additional 806 shares in the last quarter. Renaissance Technologies LLC acquired a new position in Universal Display Corporation during the first quarter worth $5,100,000. Bank of America Corp DE lifted its stake in Universal Display Corporation by 33.4% during the first quarter. Bank of America Corp DE now owns 72,951 shares of the semiconductor company’s stock worth $6,281,000 after purchasing an additional 18,272 shares in the last quarter. Finally, State Street Corp lifted its stake in Universal Display Corporation by 3.1% during the first quarter. State Street Corp now owns 788,727 shares of the semiconductor company’s stock worth $67,909,000 after purchasing an additional 23,770 shares in the last quarter. Institutional investors and hedge funds own 64.20% of the company’s stock.
About Universal Display Corporation
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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