Universal Display (OLED) Lowered to Hold at Zacks Investment Research
Zacks Investment Research cut shares of Universal Display (NASDAQ:OLED) from a buy rating to a hold rating in a report released on Tuesday morning.
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. “
A number of other research analysts have also recently weighed in on OLED. Susquehanna Bancshares lifted their price objective on shares of Universal Display from $195.00 to $215.00 and gave the company a positive rating in a report on Friday, January 5th. Goldman Sachs Group reiterated a buy rating and set a $161.00 price target (up previously from $150.00) on shares of Universal Display in a report on Monday, September 18th. Cowen set a $140.00 price target on shares of Universal Display and gave the stock a buy rating in a report on Wednesday, October 11th. Deutsche Bank boosted their price target on shares of Universal Display to $150.00 and gave the stock a buy rating in a report on Tuesday, October 31st. Finally, Cross Research cut shares of Universal Display from a buy rating to a hold rating in a report on Tuesday, October 31st. Nine investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Universal Display currently has a consensus rating of Hold and a consensus target price of $161.50.
Shares of Universal Display (OLED) traded down $2.25 during mid-day trading on Tuesday, hitting $192.60. 712,391 shares of the company were exchanged, compared to its average volume of 931,247. The firm has a market capitalization of $9,060.00, a PE ratio of 92.15 and a beta of 1.07. Universal Display has a 52-week low of $56.15 and a 52-week high of $198.30.
Universal Display (NASDAQ:OLED) last announced its quarterly earnings data on Thursday, November 2nd. The semiconductor company reported $0.28 earnings per share for the quarter, beating analysts’ consensus estimates of $0.09 by $0.19. The firm had revenue of $61.70 million during the quarter, compared to analysts’ expectations of $47.35 million. Universal Display had a net margin of 32.92% and a return on equity of 16.67%. The business’s quarterly revenue was up 104.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.03) earnings per share. sell-side analysts expect that Universal Display will post 2.33 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, December 29th. Shareholders of record on Friday, December 15th were issued a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a yield of 0.06%. The ex-dividend date was Thursday, December 14th. Universal Display’s dividend payout ratio (DPR) is presently 5.74%.
In other news, insider Julia J. Brown sold 10,000 shares of the company’s stock in a transaction on Friday, November 3rd. The shares were sold at an average price of $150.00, for a total value of $1,500,000.00. Following the completion of the transaction, the insider now owns 152,932 shares in the company, valued at approximately $22,939,800. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Lawrence Lacerte sold 16,500 shares of the company’s stock in a transaction on Tuesday, November 7th. The shares were sold at an average price of $166.04, for a total transaction of $2,739,660.00. Following the completion of the transaction, the director now owns 350,000 shares of the company’s stock, valued at approximately $58,114,000. The disclosure for this sale can be found here. In the last 90 days, insiders sold 146,734 shares of company stock valued at $23,349,769. Company insiders own 5.20% of the company’s stock.
Several institutional investors have recently modified their holdings of the company. Jaffetilchin Investment Partners LLC acquired a new position in shares of Universal Display in the 4th quarter valued at $512,000. GSA Capital Partners LLP purchased a new stake in Universal Display in the 3rd quarter valued at $2,261,000. Belpointe Asset Management LLC purchased a new stake in Universal Display in the 3rd quarter valued at $408,000. Cetera Advisors LLC purchased a new stake in Universal Display in the 3rd quarter valued at $229,000. Finally, Neuberger Berman Group LLC raised its position in Universal Display by 17.8% in the 3rd quarter. Neuberger Berman Group LLC now owns 714,223 shares of the semiconductor company’s stock valued at $92,028,000 after purchasing an additional 107,751 shares during the last quarter. Institutional investors and hedge funds own 64.87% 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.
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