XXEC Inc. Takes $63.72 Million Position in Universal Display Corporation $OLED

XXEC Inc. bought a new position in shares of Universal Display Corporation (NASDAQ:OLED) during the 2nd quarter, HoldingsChannel.com reports. The fund bought 703,521 shares of the semiconductor company’s stock, valued at approximately $63,716,000. Universal Display makes up 0.1% of XXEC Inc.’s investment portfolio, making the stock its 4th largest position.

A number of other hedge funds also recently added to or reduced their stakes in the business. Quantinno Capital Management LP raised its stake in shares of Universal Display by 776.6% in the first quarter. Quantinno Capital Management LP now owns 251,218 shares of the semiconductor company’s stock valued at $23,027,000 after acquiring an additional 222,561 shares in the last quarter. NewEdge Wealth LLC acquired a new position in Universal Display during the 2nd quarter worth $2,032,000. GSA Capital Partners LLP acquired a new position in Universal Display during the 2nd quarter worth $2,025,000. Caxton Associates LLP increased its holdings in Universal Display by 132.6% during the 1st quarter. Caxton Associates LLP now owns 43,818 shares of the semiconductor company’s stock worth $4,016,000 after purchasing an additional 24,977 shares during the period. Finally, Systematic Financial Management LP increased its holdings in Universal Display by 40.2% during the 4th quarter. Systematic Financial Management LP now owns 196,515 shares of the semiconductor company’s stock worth $22,949,000 after purchasing an additional 56,320 shares during the period. 78.19% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

OLED has been the subject of several recent research reports. BTIG Research cut Universal Display to a “neutral” rating in a research note on Friday, July 31st. Oppenheimer restated an “outperform” rating and set a $120.00 target price (down from $130.00) on shares of Universal Display in a research note on Friday, July 31st. Needham & Company LLC reduced their target price on shares of Universal Display from $120.00 to $100.00 and set a “buy” rating on the stock in a report on Friday, July 31st. Susquehanna reduced their target price on shares of Universal Display from $110.00 to $90.00 and set a “neutral” rating on the stock in a report on Friday, July 31st. Finally, Citigroup decreased their price target on shares of Universal Display from $100.00 to $85.00 and set a “neutral” rating for the company in a research note on Monday, August 3rd. Three equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $116.33.

Universal Display Price Performance

NASDAQ OLED opened at $84.85 on Friday. The firm’s fifty day moving average price is $84.19 and its 200 day moving average price is $92.85. Universal Display Corporation has a 12 month low of $76.42 and a 12 month high of $153.38. The company has a market capitalization of $3.90 billion, a price-to-earnings ratio of 20.54 and a beta of 1.54.

Universal Display (NASDAQ:OLED) last announced its quarterly earnings results on Thursday, July 30th. The semiconductor company reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $1.03 by $0.03. Universal Display had a net margin of 32.24% and a return on equity of 11.35%. The firm had revenue of $152.16 million during the quarter, compared to analysts’ expectations of $157.54 million. During the same period in the previous year, the company earned $1.41 earnings per share. Universal Display’s quarterly revenue was down 11.4% compared to the same quarter last year. As a group, sell-side analysts forecast that Universal Display Corporation will post 4.17 earnings per share for the current year.

Universal Display Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be given a dividend of $0.50 per share. The ex-dividend date is Wednesday, September 16th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.4%. Universal Display’s payout ratio is 48.43%.

About Universal Display

Universal Display Corporation (NASDAQ: OLED) is a technology company specializing in organic light-emitting diode (OLED) solutions. The company develops and commercializes materials, technologies and software used in the creation of OLED displays and lighting. Its offerings include proprietary phosphorescent OLED (PHOLED) materials, display driver integrated circuits and process technologies that enable higher efficiency, longer lifetimes and improved color performance for a range of display and lighting applications.

Universal Display’s core business is licensing its extensive OLED patent portfolio to display manufacturers and providing them with the key organic materials needed for device fabrication.