Parsons Capital Management Inc. RI raised its position in Universal Display Co. (NASDAQ:OLED) by 0.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,728 shares of the semiconductor company’s stock after purchasing an additional 105 shares during the quarter. Parsons Capital Management Inc. RI’s holdings in Universal Display were worth $2,394,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Meridian Wealth Management LLC acquired a new stake in shares of Universal Display in the 1st quarter valued at about $31,000. TCI Wealth Advisors Inc. raised its stake in shares of Universal Display by 1,458.3% in the 2nd quarter. TCI Wealth Advisors Inc. now owns 187 shares of the semiconductor company’s stock valued at $35,000 after purchasing an additional 175 shares during the period. Weaver Consulting Group acquired a new stake in shares of Universal Display in the 1st quarter valued at about $39,000. Regal Investment Advisors LLC acquired a new stake in shares of Universal Display in the 1st quarter valued at about $50,000. Finally, Pearl River Capital LLC raised its stake in shares of Universal Display by 251.4% in the 1st quarter. Pearl River Capital LLC now owns 390 shares of the semiconductor company’s stock valued at $60,000 after purchasing an additional 279 shares during the period. 75.79% of the stock is currently owned by hedge funds and other institutional investors.
In related news, Director C Keith Hartley sold 10,528 shares of Universal Display stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $214.27, for a total transaction of $2,255,834.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Sidney D. Rosenblatt sold 33,790 shares of Universal Display stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $209.59, for a total value of $7,082,046.10. Following the transaction, the chief financial officer now owns 209,838 shares of the company’s stock, valued at approximately $43,979,946.42. The disclosure for this sale can be found here. Insiders have sold 177,801 shares of company stock valued at $34,646,297 in the last quarter. 3.70% of the stock is currently owned by corporate insiders.
Universal Display (NASDAQ:OLED) last announced its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $0.92 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.46 by $0.46. The company had revenue of $118.17 million during the quarter, compared to analysts’ expectations of $79.26 million. Universal Display had a return on equity of 16.52% and a net margin of 33.08%. Universal Display’s revenue for the quarter was up 110.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.23 EPS. Analysts predict that Universal Display Co. will post 2.68 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.19%. The ex-dividend date is Friday, September 13th. Universal Display’s payout ratio is currently 32.26%.
OLED has been the topic of several recent research reports. Zacks Investment Research downgraded Universal Display from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, April 24th. BidaskClub raised Universal Display from a “buy” rating to a “strong-buy” rating in a research note on Monday. Oppenheimer downgraded Universal Display from an “outperform” rating to a “market perform” rating and set a $190.50 price target on the stock. in a research note on Wednesday, July 10th. They noted that the move was a valuation call. ValuEngine cut Universal Display from a “strong-buy” rating to a “buy” rating in a report on Friday, August 2nd. Finally, Needham & Company LLC cut Universal Display from a “buy” rating to a “hold” rating in a report on Friday, August 2nd. Eight equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $182.46.
Universal Display 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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