Universal Display (OLED) Lowered to “Hold” at Zacks Investment Research
Universal Display (NASDAQ:OLED) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Saturday.
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 topic of several other research reports. Cowen set a $140.00 price objective on Universal Display and gave the company a “buy” rating in a report on Wednesday, October 11th. Cross Research cut Universal Display from a “buy” rating to a “hold” rating in a report on Tuesday, October 31st. Deutsche Bank reiterated a “buy” rating and set a $190.00 price objective on shares of Universal Display in a report on Thursday. Evercore ISI started coverage on Universal Display in a report on Thursday, November 30th. They set an “outperform” rating and a $225.00 price objective on the stock. Finally, Gabelli cut Universal Display from a “buy” rating to a “hold” rating and set a $134.00 price objective on the stock. in a report on Friday, November 3rd. One analyst has rated the stock with a sell rating, eight have given a hold rating and six have given a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $164.80.
Universal Display (NASDAQ:OLED) last released its quarterly earnings data 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 had a return on equity of 16.67% and a net margin of 32.92%. The business had revenue of $61.70 million for the quarter, compared to analysts’ expectations of $47.35 million. During the same quarter in the previous year, the business posted ($0.03) EPS. Universal Display’s revenue for the quarter was up 104.3% on a year-over-year basis. equities analysts expect that Universal Display will post 2.33 earnings per share for the current year.
In related news, Chairman Sherwin I. Seligsohn sold 50,000 shares of Universal Display stock in a transaction that occurred on Friday, January 12th. The stock was sold at an average price of $200.00, for a total value of $10,000,000.00. Following the sale, the chairman now owns 143,119 shares of the company’s stock, valued at approximately $28,623,800. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Steven V. Abramson sold 18,744 shares of Universal Display 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 disclosure for this sale can be found here. In the last three months, insiders sold 196,734 shares of company stock worth $33,349,769. 5.20% of the stock is owned by insiders.
Institutional investors have recently made changes to their positions in the stock. Cerebellum GP LLC acquired a new stake in Universal Display in the 4th quarter valued at approximately $129,000. Mitra Capital LLC acquired a new stake in Universal Display in the 2nd quarter valued at approximately $109,000. First Manhattan Co. raised its position in Universal Display by 182.0% in the 4th quarter. First Manhattan Co. now owns 1,410 shares of the semiconductor company’s stock valued at $243,000 after buying an additional 910 shares during the last quarter. Beech Hill Advisors Inc. acquired a new stake in Universal Display in the 4th quarter valued at approximately $259,000. Finally, Cobiz Wealth LLC acquired a new stake in Universal Display in the 4th quarter valued at approximately $263,000. 64.91% of the stock is currently owned by institutional investors and hedge funds.
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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