Universal Display (NASDAQ:OLED) Reaches New 1-Year High After Analyst Upgrade

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Universal Display Co. (NASDAQ:OLED)’s share price hit a new 52-week high during mid-day trading on Friday after Citigroup raised their price target on the stock from $140.00 to $180.00. Citigroup currently has a neutral rating on the stock. Universal Display traded as high as $199.48 and last traded at $199.13, with a volume of 19794 shares traded. The stock had previously closed at $195.15.

A number of other research analysts also recently issued reports on the company. Roth Capital set a $194.00 price objective on Universal Display and gave the stock a “buy” rating in a report on Friday, May 3rd. Oppenheimer decreased their price objective on Universal Display from $120.00 to $115.00 and set an “outperform” rating for the company in a report on Wednesday, January 23rd. Susquehanna Bancshares reiterated a “neutral” rating and set a $180.00 price objective on shares of Universal Display in a report on Monday, April 29th. Deutsche Bank increased their price objective on Keysight Technologies to $100.00 and gave the stock a “buy” rating in a report on Friday, February 22nd. Finally, ValuEngine upgraded Zynerba Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Tuesday, March 5th. Five equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $168.22.

In related news, VP Janice K. Mahon sold 20,819 shares of the stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $170.24, for a total transaction of $3,544,226.56. Following the completion of the transaction, the vice president now directly owns 37,039 shares of the company’s stock, valued at $6,305,519.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Lawrence Lacerte sold 7,500 shares of the stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $165.57, for a total value of $1,241,775.00. Following the transaction, the director now directly owns 320,518 shares of the company’s stock, valued at $53,068,165.26. The disclosure for this sale can be found here. Insiders have sold 110,750 shares of company stock valued at $19,581,068 over the last three months. Insiders own 3.70% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Xact Kapitalforvaltning AB increased its stake in shares of Universal Display by 13.8% during the second quarter. Xact Kapitalforvaltning AB now owns 6,600 shares of the semiconductor company’s stock worth $1,241,000 after purchasing an additional 800 shares during the period. Empowered Funds LLC bought a new position in shares of Universal Display during the second quarter worth approximately $1,426,000. Dorsey Wright & Associates bought a new position in shares of Universal Display during the second quarter worth approximately $2,144,000. Weaver Consulting Group bought a new position in shares of Universal Display during the first quarter worth approximately $39,000. Finally, FMR LLC increased its stake in shares of Universal Display by 156,745.0% during the first quarter. FMR LLC now owns 202,330 shares of the semiconductor company’s stock worth $30,926,000 after purchasing an additional 202,201 shares during the period. 75.96% of the stock is owned by hedge funds and other institutional investors.

The stock has a market cap of $9.21 billion, a P/E ratio of 160.98, a P/E/G ratio of 2.66 and a beta of 1.55. The company has a 50 day moving average of $173.39.

Universal Display (NASDAQ:OLED) last announced its earnings results on Thursday, May 2nd. The semiconductor company reported $0.66 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.26 by $0.40. The company had revenue of $87.80 million for the quarter, compared to analyst estimates of $64.59 million. Universal Display had a return on equity of 12.35% and a net margin of 28.93%. The firm’s quarterly revenue was up 101.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.13 earnings per share. On average, sell-side analysts forecast that Universal Display Co. will post 2.44 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, June 13th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.20%. Universal Display’s dividend payout ratio (DPR) is currently 32.26%.

Universal Display Company Profile (NASDAQ:OLED)

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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